pixel metricool
Home » Blog » CryptoWorld » Robust security for crypto payments from Chainalysis

Robust security for crypto payments from Chainalysis

215

Cryptocurrency is well on the way to becoming a mainstream form of payment, aided by solutions such as ForumPay. But crypto’s long-term success will only prosper if everyone involved can ensure and trust the safety of the network. This is where Chainalysis comes in. ForumPay’s partnership with Chainalysis is a proactive measure to make our crypto payment gateway safer for everyone to move digital funds and pay for goods and services. Working behind the scenes in a matter of milliseconds, Chainalysis’ screening tools verify the consumer’s wallet and the availability of funds and flag any potential security concerns.

In this article, we take a closer look at who Chainalysis is, what they do, and how they support ForumPay in ensuring the security of cryptocurrency payments

Who is Chainalysis?

In essence, Chainalysis is a leading blockchain data platform offering security solutions for large entities such as government agencies, exchanges and financial institutions, crypto companies, and cyber security companies. Chainalysis develops proprietary tools and services built upon its own research, data, and software to help clients navigate the complex infrastructure surrounding digital currencies. 

Having identified a need for greater trust and transparency within the cryptocurrency space, Chainalysis advocates for clearer regulations, standardized audit practices, and robust compliance controls to promote the growth and incorporation of cryptocurrency into the global financial system. 

How does Chainalysis support ForumPay?

As a crypto payments processor, we are fully aware of our responsibility to contribute to the safe, secure, and transparent management of crypto transactions. For this reason, we partnered with Chainalysis from day one to ensure that all funds passing through our payment rail originate from sources unaffiliated with sanctioned activities. As soon as a payment is initiated through ForumPay, our Chainalysis screening tools allow us to verify the consumer’s wallet and the availability of funds. Should any security concerns be detected, they are immediately flagged for further investigation.

Cryptocurrency and Know Your Customer (KYC)

Cryptocurrency KYC, or “know your customer,” involves identity verification procedures mandated by law for virtual asset service providers (VASPs), such as ForumPay. These procedures are crucial as they allow businesses to link pseudonymous cryptocurrency addresses to real-world entities following suspicions of criminal activity. While traditional finance relies on ID card validation, face verification, and proof of address, the crypto industry’s KYC requirements are less standardized. Most crypto exchanges require customers to provide their full legal name, government-issued ID, and current legal address. 

Crypto KYC typically involves three main components: Customer identification, which verifies individuals’ or businesses’ identity through documentation such as IDs or business licenses; customer due diligence, which assesses the risk associated with new clients through background checks and transaction history analysis; and continuous monitoring, involving ongoing transaction review for detecting suspicious activity, with obligations to report to the relevant authorities. 

Through the application of KYC measures and our partnership with Chainalysis, ForumPay can confidently invite merchants from around the world to enable safe and secure crypto-to-FIAT transactions. All funds used to pay through ForumPay are confirmed as originating from verified sources, creating a safer and more secure ecosystem of global merchants and consumers. 

If you are a business or merchant and have yet to start accepting crypto payments, book a meeting with one of our crypto payment experts to find out more. Alternatively, visit forumpay.com for more information.

215

ForumPay does not disclose financial advice. Anything shared is strictly to inform, entertain, or share thoughts and ideas. Please seek a registered financial advisor if you are looking for financial advice.

YOU MIGHT ALSO BE INTERESTED

How Crypto Wallets Work
Cryptocurrencies have made waves in finance, offering new opportunities and revolutionizing how we handle transactions. At the heart of this digital revolution are crypto

THE FUTURE IS INEVITABLE. GET YOUR SHARE OF THE MARKET BEFORE IT’S TOO LATE.

FOLLOW US ON SOCIAL MEDIA