Uppsala Security launches the “Global Crypto Incident Response Center” in South Korean Office
Outsourced Customer Support Services for Virtual Asset Service Providers (VASPs)
Singapore, 24 June 2020 — Uppsala Security, a global blockchain security company, officially announced today that it plans to establish the Global Crypto Incident Response Center (CIRC) within its South Korean office as its affiliated institution in order to provide customer support services to Virtual Asset Service Providers (VASPs) for the purpose of analyzing virtual asset crimes and responding accordingly to the related damage.
Although methods of cryptocurrency fraud and hacking are becoming more sophisticated day by day, as for example the theft of virtual assets from a crypto wallet through personal information hacking, planting malicious code that changes the recipients wallet address to the hacker’s wallet address and fraud of malicious money transfer through social media, the reality is that both businesses and end users are having difficulties finding solutions to these threats due to the lack of regulations.
According to industry sources, in fact, various inquiries coming from customers affected by fraud/hacking of cryptocurrency are being received through their customer service teams, but it is difficult to take action as there are no internal investigative customer service experts who are able to identify and resolve cases such as money laundering or fraud. Moreover, there is no governmental legal mechanism to relieve virtual asset damage. In the existing financial sector, if a voice phishing damage case is received, there is an applicable legal process of contacting the relevant financial companies to request a suspension of payment, which can also be recovered. However, since there is no certain protocol set in the virtual assets field yet, it is to be expected that VASPs are struggling with their customer service solutions.
In response to the market demand, Uppsala Security established the „Global Crypto Incident Response Center” (CIRC) to identify the difficulties in the market and provide specialized solutions as a response. The company also announced its intend and action plan to operate the CIRC by mobilizing all of Uppsala Security’s unique technology capabilities and know-how, which until now helped track crypto-related funds that were associated with significant social issues such as the “Nth Room” case, major exchange hacks and multi-level crypto investment fraud.
“From the perspective of VASPs, it is not easy to handle VOC (Voice of Customer) that experienced virtual assets damage due to hacking or fraud, since they must operate their own service centers with relevant experience and know-how, which is realistically difficult.” said Patrick Kim, Founder & CEO, Uppsala Security. He also mentioned that “It is of utmost importance that the Global Crypto Incident Response Center is established in a timely manner. This will fall into place in situations where a professional customer service operation agency is needed to ensure the safety of virtual asset transactions and guidance in the absence of relevant legislation with the ultimate goal of protecting and helping end users. We look forward to growing into a global research center that can address the virtual asset damage faced by individuals, businesses, and government agencies in the future.“
So far, Uppsala Security has accumulated more than 50 Million crypto security indicators in its blockchain based Threat Intelligence Database (as of June 2020), and has received more than 100 cases from individuals and companies through the recently launched ‘Digital Asset Tracking Services’ conducted together with Barun, a leading law firm based in South Korea. In addition, Uppsala Security recently won the “2020 Asia-Pacific Blockchain and Cryptocurrency Security Technology Innovation Award“ by Frost & Sullivan, one of the most reputable global research and consulting companies world-wide.