Going Beyond KYC: What’s the Risk of Your Wallets, Assets, and Transactions?
When it comes to safeguarding digital assets, understanding risk is the best defense: you proactively know your exposure and risk vectors, and can take measures to safeguard against them. At Webacy, we’ve been iterating and building awareness around risk to help users live out a digitally free (read: safe) life; as per our tagline: “do web3 safely.”
We’re excited to showcase our latest upgrade: Webacy’s augmented Risk Score. In addition to being able to view risk scores on historical transactions, this upgrade provides users with an overall Wallet Vulnerability Score, token risk designed specifically for NFTs, the ability to “scan” your wallet for associated risk, and lots more!
Keep reading to see the power and utility of Webacy’s new features. If you’d rather dive in right away, check your wallet’s new augmented Risk Score by starting here!
Why Risk?
“Risk” is a broad term. In Web3, risk can involve results from a security audit done on a smart contract, counterparty risk, protocol risk, and much more. For clarity, Webacy’s risk analysis is currently specialized on individual wallets, transactions, and assets. So why should you care about risk?
Understanding your interaction and transaction history, and the risk of your actions in real time gives us the ability to expose attack vectors you may (many times unknowingly) be vulnerable to. Knowing this risk lets you take action: should I get a new wallet? Should I revoke some approvals? Should I stop interacting with this project or dApp? In the future, having different risk profiles could make you eligible to use certain products; DeFi, lending, gaming/tournaments, minting tools, on-chain messaging, and more. If we know your behavior is safe, the products you interact with should too.
Today, we’re announcing various risk-mitigation-related upgrades to our overall Security Suite. Here’s what we’re rolling out:
Historical Transaction Risk Through Wallet Scanning
While many of you have noticed an overall wallet Risk Score on the Webacy dashboard, we’ve upgraded to introduce an assessment for historical transactions. A “scan” of your wallet initiates a pullback on your entire wallet’s history, which is fully analyzed against our risk engine. The screenshot below demonstrates this powerful feature in action, highlighting a risk assessment and issues (if applicable) for individual transactions dating back to the origin of the wallet itself. Users can now view any stale, potentially malicious transactions that may have exposed your wallets to old smart contracts, malicious upgrades and/or lingering approvals. These insights are essential for risk assessment, allowing you to make informed decisions about your holdings, and take action in reducing risk.
Risk Score will continue to evolve as we integrate more data sets, insights, and improve our algorithms. Today, we integrate 6+ data sources with our own blockchain data and algorithms for understanding risk.
The Webacy dashboard helps users make sense of it all and breaks down the reasons why something is risky. We also raise recommendations for next steps and mitigations to improve the overall safety of the user’s assets.
Token risk, for NFT’s and Fungibles
In addition to transaction history, you can now assess risk (low, medium, or high) for individual tokens that exist in your wallet.
Every asset you own will have a risk analysis. Higher risk will be explained; it could be downright fraudulent, or the governing smart contract could have governance issues. Understanding the risk of an individual asset is crucial for protecting your wallet at large. The more insights Webacy offers, the better equipped you become at lowering your risk threshold by taking preventative measures on the blockchain.
Finally: An Overall Wallet Risk Score
Many of you wanted insights beyond ‘low,’ ‘medium,’ and ‘high’ risk designations. In response, we created a comprehensive Wallet Risk Score which delivers each user a visual representation of their risk, along with explanations as to which flagged transactions, assets, and smart contracts are in your wallet’s history that you should be aware of. Our proprietary Overall Wallet Risk score is informed by Risk Scores of individual transactions and assets, heuristics across behavioral data, and our own algorithmic intelligence. We expose these risk findings and endpoints to users and our API partners in our ecosystem.
This overall risk is designed to show your activity and behavior overall - but our behavior can change overtime. Is your behavior getting safer? Are you less likely to interact with risky projects moving forward? Should you feel comfortable storing more valuable assets in this wallet? This overall risk should help you inform these decisions.
Today’s release marks yet another step towards creating an industry-leading Risk Mitigation and Management framework. By exposing wallet risk, transaction risk, and asset risk, Webacy educates its users, helping them to become prepared security Pros in the event of the dreaded “Oh shit…” moment.
Rest easy knowing Webacy has your back.
Do Web3 Safely with us.