Developing innovative fraud and money laundering prevention solutions
Cube Security (CUBE3.AI) is an innovative cybersecurity solutions company established in 2022, aiming to ensure the security of financial transactions on the blockchain. The company’s mission is to combat financial crimes using the most advanced artificial intelligence (AI) technologies. This market is huge and rapidly growing, so the solutions developed by the company are not only relevant, but also necessary.
UAB “Cube Security Europe” is implementing the European Union-funded project “Developing Innovative Fraud and Money Laundering Prevention Solutions” No. 02-048-K-0004. The cryptocurrency ecosystem is attractive to criminals due to its decentralized nature and lack of security protocols. The traditional financial system has developed strict security standards and regulatory mechanisms over the years. However, these measures have not yet been widely implemented in the blockchain, which makes it a favourable environment for fraudsters, hackers and money launderers. Cryptocurrency-related fraud and illegal activities bring huge losses, reaching about $50 billion annually. According to a Moody’s report, the global cost of fraud prevention now reaches $3.7 trillion per year. Current fraud prevention and transaction security solutions simply do not work effectively in this context.
CUBE3.AI is developing an innovative solution that uses artificial intelligence to detect and prevent criminal activity on the blockchain in real time. The technology being developed is unique because it not only reacts to crimes that have already occurred, but also predicts and prevents them before they occur. The artificial intelligence algorithms being developed are designed to be able to quickly and accurately detect a variety of illegal activities, from hacking to money laundering.
Project is financed according to the 2022-2030 economic transformation and competitiveness development program progress measure No. 05-001-01-05-07 “Create a consistent system for promoting innovative activities” in the description of the activity "Promote the attraction of foreign direct investment in scientific research and experimental development" and the conditions and procedures set out in the project administration and financing rules.
The project is funded by the European Union Funds Investment Programme (European Regional Development Fund) for the period of 2021-2027.
The total value of the project is EUR 2 490 563.56.
EU funds - EUR 1 494 338.14.
The project promoter's own funds - EUR 996 225.42.
The project will run from 17th December 2024 to 17th December 2027.
