Crypto Firm Integrates ChatGPT To Enhance Risk Detection, How AI Can Help Prevent Fraud?

‘Chat GPT’ has taken the internet by storm ever since its inception in November 2022. The artificial intelligence chatbot attracted over a million users with its ability to attend to a variety of tasks with almost 97% accuracy.

Last week, the global leader in crypto asset risk management ‘Elliptic‘ announced that it is integrating ChatGPT, the AI chatbot into their off-chain intelligence and research gathering efforts in order to improve efficiency.

The company also claimed that researchers and investigators will be able to synthesize and organize intelligence on new risk factors in higher volumes and at a quicker speed than ever before with the usage of ChatGPT.

“This new technology will augment our team’s efforts, allowing them to double down on accuracy and scalability, while the LLM takes care of organizing the data,” an article tilted “Elliptic Brings ChatGPT to Crypto to Power Deeper, Faster Risk Detection” published by the company further claimed.

Crypto Fraud Detection With ChatGPT

ChatGPT, the artificial intelligence chatbot developed by OpenAI as an NLP tool can analyze emails for suspicious language patterns and detect anomalies that may indicate fraud.

ChatGPT and similar AI chatbots can even improve the security mechanism of crypto exchanges and platforms by verifying investor identities. It can even prevent phishing or hacking attempts by blocking smart contracts that havent’t passed implementation veridiction, according to various reports.

How AI Can Help Crypto Business?

As reported by Livemint, Kumar Gaurav, the founder and CEO of Cashaa stated that ChatGPT’s analysis and its automation capabilities can help in transforming the crypto market. Pearl Agarwal, the founder and managing director, Eximius Ventures too spoke in support of integration of ChatGPT. He said that the large language model (LLM) can help drive the growth and adoption of Web3 and blockchain technology. He further added that the AI chatbot can be integrated into blockchain-based platforms and dApps to provide a user-friendly experience that can drive business growth.

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