Vageesh Potnis, a renowned data scientist, has developed a predictive AI model to prevent fraud in cryptocurrency exchanges.
The model uses advanced machine learning to detect suspicious patterns in real-time.
Initial tests show the AI model can identify fraudulent transactions with 98% accuracy.
This technology could reshape how crypto exchanges secure their platforms and protect user assets.
October 16, 2024 – Bengaluru — In a major achievement for the crypto currency-related activities, it has emerged that a data scientist by the name of Vageesh Potnis is well on course with the development of an anticipated predictive AI model that is expected to prevent any form of fraudulent activity within cryptocurrency exchanges. The adoption of this model is expected to be a relief for exchanges that are overwhelmed by growing cases of fraudulent activities and other security concerns.
The system is installed with AI components that make it possible to analyze huge transaction volumes in a fraction of the time and intermarry certain activities with the aim of forecasting fraud with time. Vageesh Potnis’s model has been already used in the stand-alone part of the embodiment of horrible exchanges. There is already been estimated a considerable reduction of unlawful transactions from the intermediaries’ side.
“Fraud schemes perpetrated using cryptocurrency exchanges are common phenomena and traditional security risks have hit their limitations,” from Potnis’s words in a press release. “This AI model fills in the void as exchanges are able to act proactively in facing newly emerged threats.”
The new model operates effectively on the principle of behavioral analysis so as to detect extreme changes in a party’s activity like abnormal increases in transactional activities, the allocation of funds from and to non-existing accounts, or nonstandard activities in the stock markets. Grants the exchanges the permission to mark and intercept the suspicious actions while they still have the chance to do so.
Interest in the Technology in All Countries
Exchanges worldwide are indeed showing intention in practical application of Potnis’s solution. This new model is of great importance to the industry as it fights the rapidly growing problem of cryptocurrency fraud with billions of losses every year.
As also noted, the model goes a step further to develop as the criminals do causing it to be effective and long-term for the reserves. Potnis’s work will apply to all aspects of the digital economy and set forth a new paradigm regarding the problem of cross-border crime in the financial industry.
Cryptocurrency Security Repercussions
Such accomplishments of the crypto-currency industry are being described by industry experts as a significant step toward preventing cybercrime trends in this area. ‘This may change the way we look at security in cryptocurrency exchanges,’ said an official from a leading international exchange house that is currently evaluating the model.
Such Potnis’s predictive AI model is expected to be live across the top exchanges by early 2025. This will add a new layer of protection in the industry and also build the confidence of the investors over the industry and its participants.
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