New to Webacy Wallet Watch: Risk Scoring & Why Continuous Security is the Next Big Thing

New to Webacy Wallet Watch: Risk Scoring & Why Continuous Security is the Next Big Thing

When it comes to keeping your digital assets safe, continuous security is key.

At Webacy, we constantly strive to stay ahead of security threats in the crypto space. As a result, our team is always working on new security features to help our clients protect their assets long-term.

In this article, we are discussing our latest product — Webacy’s Wallet Watch — as well as its additional powerful risk-scoring capabilities. We cover everything you need to know about how Wallet Watch works and dive into the topic of why continuous security is so important.

Keep reading to find out how you can get started with Webacy Wallet Watch.

Wallet Watch Risk Scoring: A Look at Webacy’s Latest Security Innovation

Here at Webacy, we strive to offer the Web3 world the latest in innovative wallet security solutions.

With Wallet Watch, you can monitor your digital assets more precisely in real-time with capabilities like:

  • Live notifications for any inbound and outbound transactions, including approvals
  • SMS and email alerts for all wallet activity
  • Unlimited wallet connections to be monitored

Additionally, we have recently added our Wallet Risk Score feature, revealed at ETHDenver, which allows us to assess the risk level of your wallet and transactional activities. To use the Risk Score feature, all you need to do is enter your ETH address, ENS, or UNS to receive a personalized score. A wallet connection is not required.

When paired together, the Wallet Watch product and Wallet Risk Score feature make it possible to greatly enhance the security and monitoring capabilities of your wallet.

How Does Webacy Wallet Watch & Risk Score Work?

Webacy’s Wallet Watch’s risk scoring component is powered by a proprietary algorithm. This algorithm looks at several key factors that impact the security of your wallet, such as:

  • Wallet age
  • Transactional activity
  • Use of smart contracts
  • Details of smart contracts
  • Associated wallet risk (for example, if another wallet you interact with regularly becomes compromised, the system may flag those transactions as risky moving forward)

Suspicious activity, transactions, or interactions will result in an elevated Wallet Risk Score.

Why Enabling Continuous Security is Important

Though the mainstream financial world is growing more accepting of blockchain technologies, we are still a ways away from any kind of standardized security regulation.

As such, it falls on the shoulders of each individual investor to ensure the safety of their assets.

At Webacy, we believe that the concept of “continuous security” is the key to keeping your risk level low and avoiding critical compromises that could result in a partial or total loss of assets. By staying on top of your wallet security, you can rest easier knowing your assets are protected against hacks, malware, and other malicious activities.

With our monitoring and risk-scoring capabilities, we can help you keep a close eye on your high-risk wallets and maintain the security of your low-risk wallets – all while getting real-time notifications in one place. What’s more, seeing approvals also gives visibility into things that control your wallet that you may not even need anymore.

Continuous security is crucial not just on the individual level but on the business level as well. That’s why we currently have a Risk Scoring feature designed specifically for enterprises under development (more news on this feature to come in the near future!)

Final Thoughts: See How Risky Your Wallets Are

Here at Webacy, we are committed to helping our clients securely manage their digital assets.

We also believe that access to security resources is essential for building a safer blockchain industry and community — that’s why we are currently offering free access to Wallet Watch. All you need to do is connect your wallet to begin monitoring your wallet activity with our product.

Plus, you can also easily access our Wallet Risk Score feature for free online as well. To use this feature, you will need either an ETH address, ENS, or UNS to receive a personalized score.

Webacy also offers paid subscriptions with additional features, such as our Backup Wallet product and Panic Button feature that allows you to transfer your assets immediately into the Backup Wallet if suspicious activity is detected or if your main wallet becomes compromised.

For enterprises, Webacy is currently hard at work developing a full suite of features for Enterprise Wallet Watch, including webhook integrations and onboarding support for teams that want to monitor many wallets at once. Get started with Webacy Wallet Watch today for free. If you are an enterprise looking for the right wallet security product, contact our team today to learn more about our enterprise-tailored solutions.

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