Chainalysis Expands Fraud Prevention with Acquisition of Alterya

Chainalysis, a leader in blockchain analytics, has announced the acquisition of Alterya, an AI-powered fraud detection company known for its ability to identify scammers before they reach their victims, according to Chainalysis. This strategic move aims to strengthen Chainalysis’ efforts in preventing illicit activities in the cryptocurrency space.

Increase fraud detection capabilities

Since its inception, Alterya has collaborated with prominent cryptocurrency exchanges and financial institutions, including industry giants such as Binance, Coinbase and Block. The firm monitors more than $8 billion in monthly transactions, protecting 100 million users from the growing threat of authorized fraud. Only in 2024, Alterya detected $10 billion sent to scams, working proactively to mitigate losses and foster trust among its customers.

Meeting the Challenge of Modern Fraud

The rise of generative AI has facilitated the proliferation of fraud, allowing scammers to create fake content and convincing identities. Alterya research indicates that 85% of scams involve fully verified accounts, making traditional identity-based solutions insufficient. By integrating Alterya’s technology with the Chainalysis blockchain data platform, the effectiveness of detecting fraudulent activity is expected to be significantly enhanced.

Real-time fraud protection

The acquisition enables Chainalysis to offer real-time fraud protection for payments and improved fraud detection during Know Your Customer (KYC) processes for exchanges, blockchain and wallet providers. Alterya has already demonstrated success in reducing fraud by 60% for large crypto exchanges, as well as decreasing scam-related disputes and optimizing manual operations.

Industry and government collaboration

Alterya’s tools are not only valuable for the private sector, but also for government agencies trying to combat emerging fraud trends such as pig slaughter scams. Chainalysis plans to leverage Alterya’s insights to warn financial services companies about potential fraud risks on fiat payment binaries before transitioning funds into cryptocurrencies.

This acquisition marks a significant advancement in Chainalysis’ mission to provide a comprehensive risk management solution that includes prevention, compliance and remediation. Welcoming Alterya into its fold, Chainalysis is poised to strengthen trust in blockchain technology as it expands its operations in Tel Aviv to safeguard billions around the world.

For more information on the acquisition of Alterya by Chainalysis, visit the official announcement Chainalysis.

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