KEY POINTS
- In Q2 2024, phishing was the 'most costly attack vector' as Web3 losses from the attacks hit $497M in the first half of the year
- MatterFi brings change with its Send-to-Name solution for seamless and secure transactions
- The platform makes payments 'as intuitive and easy to use as legacy systems': MatterFi Founder Michael Pospieszalski
MatterFi, the foundational layer for financial services to build into the cryptocurrency ecosystem, has officially launched its enterprise-ready platform after completing a six-month beta phase with much success.
The platform ensures seamless and secure digital finance transactions not just for humans, but also for AI, redefining the future of financial transactions in the digital economy.
The Unnerving Impact of Phishing in Web3
In 2023, phishing scams resulted in approximately $238 million in losses to the Web3 industry, as per blockchain security leader Beosin's research. By 2024, phishing attackers evolved with time, improving their tactics to put crypto users at unprecedented risk.
Phishing attacks were at an all-time high this year. In the first half of 2024 alone, more than $497 million was lost to such exploits in the Web3 space, as per data from blockchain protocol monitoring firm CertiK. It was the "most costly attack vector" in the second quarter.
With MatterFi, the situation is set to change. The platform's AI-powered Send-to-Name solution allows users to transact seamlessly without the need for complex wallet addresses.
The said system prevents hacking, phishing, money laundering, SIM swaps, and custody and exchange-related thefts with end-to-end cryptographic proofs. Users don't need passwords and logins, further reducing the risk of exploits.
The MatterFi system enables full transparency between transacting parties while keeping the transactions private from third parties. The Send-to-Name system associates addresses with identities and is fully AML/KYC (anti-money laundering and know-your-customer) compliant on every chain, asset, and token.
"Enterprise adoption of newer DeFi technologies is not what it should be because of perceived risks and vulnerabilities surrounding these technologies. Not only that, the complexity of these technologies and reliance on complicated addresses has stalled adoption. MatterFi completely eliminates this by providing enterprise-grade security while making payments as intuitive and easy to use as legacy systems," MatterFi Founder Michael "Mehow" Pospieszalski said in a press release shared with International Business Times.
AI's Rise in the Blockchain Ecosystem
Artificial intelligence has rapidly become a central topic in the Web3 space. Its popularity, though, has also accelerated the potential for hacking the kind of legacy payment systems in the enterprise.
Wallet agents could potentially expose sensitive data or cyberattack vulnerabilities, putting at risk the information of users that they'd rather keep private.
In the 2023 BBB Scam Tracker Risk Report, it was revealed that 80 percent of people targeted by such scams have lost their money. Enter MatterFi, whose security is "AI-proof," and can defend against such attacks.
MatterFi's infrastructure offers enterprise-grade security and an infrastructure that integrates with software wallets, AI agents, and hardware wallets.
With a universal and chain-agnostic financial rail inspired by the seamless features found in traditional finance apps like PayPal and Revolut, MatterFi is redefining the digital finance experience by combining cutting-edge technology with ease of use for the best user experience.
