Uppsala Security, selected for the ‘AI Data Processing Support Project’ hosted by the Ministry of Science and ICT of South Korea
AI Digital Financial Security Solutions in line with the government’s ‘Digital New Deal’ policy will support law enforcement and regulatory agencies.
Singapore, 2 September 2020 — Uppsala Security, a blockchain based cybersecurity company, officially announced on September 2nd that it has been selected as a “Demand Company“ for the “AI Data Processing Voucher Project” in the second half of 2020.
“Artificial Intelligence (AI) Data Processing Voucher Support Project” is a government-funded project (in the form of vouchers) hosted by the Ministry of Science and ICT and organized by the Korea Data Agency, a government-affiliated organization that supports AI processing services for small and medium-sized companies interested in developing products and services using machine learning generated data.
Through this program, Uppsala Security will receive access to dark web Threat Intelligence from NSHC, which was selected as a “Data Supplier Company”, and will step up efforts to upgrade its AI machine learning-based RegTech solution, the Crypto Analysis Risk Assessment (CARA) tool.
Through AI and Machine Learning Uppsala Security’s CARA acquires various transaction patterns of wallets associated with a certain level of risk, that are accumulated in its Threat Intelligence Database (TRDB). Based on various indicators of abnormal transaction patterns, such as malicious activity (scam/malware/darkweb, etc.), industrial risk activity (gambling/porn/criminal organization) or Money Laundering, it automatically identifies the ‘Risk Score’ for unknown cryptocurrency wallets and prevents transactions with the risk associated wallets in advance. This is compliant with the Risk-Based Approach (RBA) System recommended by the Financial Action Task Force (FATF).
NSHC, an AI data processing supplier for Uppsala Security, has accumulated tens of billions of dark web data since 2016 through its Dark Web Intelligence platform “DarkTrace”, and has developed its own profiling and intelligence solutions that identify, track and prevent cyber threat information, drawing global attention as a leading security company related to combating dark web crimes. In South Korea, the company provides solutions and security consulting services to a variety of partners, including 180 smartphone app security solutions, investigative agencies and counties in the financial sector.
“The key factor that determines the raise in standard of AI and Machine Learning solutions is the high-quality learned data. In this regard, it is significant that NSHC’s dark web threat data has been integrated into Uppsala Security’s database. By strengthening the link between dark web crimes and cryptocurrency transactions through artificial intelligence, the company’s security services are enhanced, enabling more accurate detection and prediction of risk transactions.” said an official at Uppsala Security.
Minwoo Ku, South Korea representative of Uppsala Security (The corporate name: Uppsalaxen) said, “Due to the lack of relevant technology, cybercrime investigation on the dark web such as illegal pornography or drug trafficking and the criminal revenue investigation were treated as separate cases, so it has been time-consuming or difficult to follow up. However, our AI solution is essential to cybercrime investigations as it can analyze common patterns of cybercrime between the dark web and virtual assets through Machine Learning and Artificial Intelligence, identify unknown cybercrime threats in advance, and promptly respond to them.” He also mentioned “Through this national funded project, the business feasibility of our AI solutions has been recognized by the government. Starting with next year, it will be applied to upgrade the AML compliance of financial companies, crypto payment solutions and wallet companies. In addition, it will be used in order to provide information security for law enforcement and regulatory agencies.”
About Uppsala Security Pte Ltd.
Uppsala Security built Sentinel Protocol, the first crowdsourced Threat Intelligence Platform powered by blockchain technology and A.I. Supporting the framework is a team of experienced cyber security professionals who provide an award-winning suite of advanced tools and services for Crypto AML, KYC Intelligence, Transaction Tracking, and Regulatory Compliance Analytics enabling organizations to protect their crypto assets from malicious attacks and scams while meeting regulatory compliance standards. Today Uppsala Security has over one thousand users including government organizations and leading enterprises providing crypto exchanges, payment services, wallets, gaming, and FinTech solutions.
Uppsala Security is headquartered in Singapore and has branch offices in Seoul, South Korea and Tokyo, Japan. Follow Uppsala Security on Telegram, LinkedIn, Twitter, Facebook and Medium.
