Coinbase has Launched a New Range of Products to Combat Fraud

Coinbase Intelligence is a new endeavor from Coinbase that includes Coinbase Know Your Transaction (KYT) and an upgrade to Coinbase Analytics.

The company announced "Coinbase Intelligence" on April 28, claiming that it would deliver crypto compliance at scale.

The company went on to say that it was particularly familiar with the difficulty of keeping up with worldwide standards and that it wanted to ensure that everyone could safely engage in the crypto business.

According to the announcement, the tools will handle the compliance needs of "financial institutions, crypto firms, law enforcement agencies, and organizations new to crypto," according to the announcement.

Intelligent Compliance

Coinbase Know Your Transaction (KYT), a transaction screening tool, is included in the new set of technologies. According to the company, financial institutions and crypto enterprises would be able to "proactively manage risk based on our patented risk assessment algorithm," according to the company.

The KYT service can be used as an API (application programming interface) to automate real-time transaction monitoring. The idea is to keep bad actors and bogus transactions at bay.

Users can also receive warnings to enable proactive risk management if their risk profiles change and scan transactions for anti-money laundering flags.

Coinbase Tracer

The company's analytics software has been renamed "Coinbase Tracer." The technology, which governments and law enforcement organizations have previously utilized, now connects the activity to real-world entities to depict crypto-asset flow.

Risk scores and warnings may also be used to reduce fraud, explain counterparty risk, and help highlight AML problems. The organization concluded that it is on a quest to meet future compliance challenges.