Eleos Labs Brings its Suite of Anti-theft and Fraud Detection Systems to Polygon

Web3 cybersecurity startup, Eleos Labs, is integrating its FailSafe suite of anti-theft and fraud detection systems into the Polygon network. 

Collaborating with GrabDefence – a proprietary anti-fraud SaaS solution from Southeast Asian multipurpose app Grab – to power Eleos Labs wallet risk-scoring capabilities, a new pilot program will be launched to oversee the integration.

According to Chainalysis’ 2023 Crypto Crime Report, $3.8 billion of crypto were lost to theft and another $5.9 billion to scams last year. Backed by a team of web2 cybersecurity advisors from Brave Browser, Microsoft, Google, and Ethlas, Eleos Labs is deploying battle-tested services that protect users from stolen private keys, smart contract hacks, and exploited unlimited ERC-20 approvals. 

FailSafe secures assets through multiple layers of security such as real-time detection of security risks, reduction of attack surface area and interception of malicious transactions. These services are inspired by the team’s experience dealing with cyber criminals and money laundering syndicates in Web2.

Considering that Polygon is the fastest-growing Dapps network for Ethereum, Eleos Labs decided to partner with the network as the startup sees the opportunity to generate impact at scale by working with its ecosystem of developers and partners. The partnership was forged through a series of in-depth discussions and product showcases detailing use cases for FailSafe.

“Web3 is at an inflection point as it evolves from an experimental frontier for the early adopters to a space that welcomes anyone, regardless of their level of experience or technical skill,” Urvit Goel, VP, Head of Global Business Development at Polygon Labs, said in a statement. “Security is an indispensable component of the kind of user experience that gets us to mass adoptions, with tools like FailSafe paving the way forward.”

The startup told Metaverse Post in an email that it resonates with Polygon’s aim to bring the benefits of web3 to the masses. This is evidenced by Polygon’s strong record of Web2 enterprise adoption across multiple industries, including partnerships with Starbucks, Reddit, South Korea’s Lotte Group, Square Enix, and more.

“The lack of practical and effective security solutions is one of the greatest obstacles to the mass adoption of Web3,” said Foo Wui Ngiap, Eleos Labs’ Group Advisor. “Just like how the Internet evolved into becoming a safer place over the last three decades, Web3 too has to go through that journey.”