TRM Labs Expands Wallet Screening Solution to Combat $11 Billion Crypto Fraud Epidemic

Fraud prevention teams at cryptocurrency exchanges, banks, and fintechs gain real-time protection against authorized push payment (APP) scams

SAN FRANCISCO, Feb. 25, 2025 (GLOBE NEWSWIRE) -- TRM Labs, the leader in blockchain intelligence solutions, today announced an expanded use case for its Wallet Screening solution, enabling fraud prevention teams at financial institutions

and crypto exchanges to proactively block fraudulent crypto transfers before funds leave customer accounts. With fraudsters stealing at least USD 10.7 billion from crypto users in 2024 alone — representing 24% of total illicit crypto volume — Wallet Screening provides timely and critical intelligence to protect institutions and their customers.

Commonly used by compliance teams, TRM Wallet Screening leverages exclusive scam intelligence, including nearly one million firsthand victim reports from Chainabuse, AI-driven "scam bots" that detect malicious sites instantly, and expert human threat hunting to identify scam-related wallet addresses in real-time. This enables fraud teams to stop authorized push payment (APP) fraud — one of the most difficult types of scams to detect — and empowers institutions to intervene at the critical moment before irreversible losses occur.

"Crypto scams continue to pose a significant threat, with APP fraud among the most damaging due to the trust element involved," said Esteban Castaño, CEO of TRM Labs. "By extending Wallet Screening’s capabilities to fraud teams, we empower institutions to intervene at the critical moment before irreversible losses occur, enhancing customer protection and trust."

Key benefits for fraud prevention teams:

• Real-time scam prevention: Instantly detect and block transactions to known scam addresses, preventing customer losses.
• Enhanced customer protection: Alert customers before transactions are finalized, demonstrating proactive commitment to security.
• Reduced fraud liability: Aligns with regulations, minimizing institutional liability from user-authorized fraud losses.
• Ongoing transaction monitoring: Optional post-transaction monitoring identifies if previously cleared addresses later become linked to scams, enabling rapid response.
• Dedicated victim support via Chainabuse: Customized support portals provide victim resources, education, and direct pathways to law enforcement and recovery efforts.
  

Unique intelligence and AI-driven insights:

• Chainabuse data: Exclusive access to the world’s largest crypto scam-reporting platform with nearly one million reports.
• AI scam detection: TRM’s AI bots continuously detect emerging scams in real-time, providing early intervention capabilities.
• Expert human analysis: TRM’s team uncovers and continuously updates intelligence on international fraud networks.
• Law enforcement collaboration: Coordination with over 150 global agencies and major exchanges through TRM Beacon Network enables asset freezes and victim restitution.

TRM Wallet Screening for Fraud Prevention is immediately available to existing and new customers via an easy-to-integrate API, allowing institutions to rapidly bolster their fraud prevention measures.

For more information, click here or contact press@trmlabs.com.

About TRM Labs

TRM Labs provides blockchain intelligence solutions trusted by financial institutions, crypto businesses, and law enforcement to detect, investigate, and prevent crypto-related financial crime. TRM combines advanced analytics with human expertise to build a safer financial system for everyone. Learn more at www.trmlabs.com.