NewTech Friday: Bilic – Investigating and preventing digital asset fraud

17/03/2023 Interview
profile picture of Saminu Salisu

Saminu Salisu

Bilic Co-Founder & CTO

British startup Bilic is one of the selected startups of the fourth edition of the LHOFT Catapult: Kickstarter program. Its Co-Founder & CTO, Saminu Salisu, tells us about the firm and his simple yet powerful solution that provides actionable intelligence on digital assets.

What led to the creation of Bilic? 

As co-founders we ourselves became victims of scams and hacks in the crypto and NFT space, and felt lonely, betrayed, but in equal measure intrigued. Why was this happening so frequently? How were perpetrators being held to account?  Why was there so little support for victims at an institutional level? Blockchain security risks increasingly became the main deterrent for people entering the crypto space, with many customers choosing to leave the space entirely after either falling victim to blockchain fraud, or losing trust. 

As blockchain and crypto enthusiasts we saw obvious gaps in the market that our experience and skillsets could help fill. The current thresholds for cases is above $100,000, however with the median reported loss being $2,600 we realized many victims were not able to access support, and more importantly critical intelligence was being lost by simply not being valued.

Therefore we are aiming to create a market-driven approach, via the creation of an investigation marketplace that will pool resources and intelligence, allowing for both higher rates of crime identification, wallet seizure, asset recovery and, importantly, intelligence sharing.

Subscribe to keep reading

Try the 30-day free content subscription and get full access

Related news & insights

08/06/2023 News

Crédit Mutuel Alliance Fédérale launches a 0% bicycle loan

In France, Crédit Mutuel Alliance Fédérale is facilitating access to active mobility for all by launching an exclusive financing offer...

Open Finance
07/06/2023 Interview

Pazapa: Developing the rent-to-own market in France

Basma El Aboudi is the Co-Founder of Pazapa, a French proptech startup specialized in real estate leasing. We spoke with...

06/06/2023 Article

How Aon is becoming an insurance-focused mobility services integrator

London-headquartered global insurance broker Aon sought to provide policyholders with insured transportation choices through an all-in-one mobility platform that moves...

SME Banking
05/06/2023 Article

Financial services for the gig economy: Catering to the unique needs of independent workers

A recent Qorus report discusses the rise of the gig economy and its impact on the future of work and...

Sustainability & Regulation
05/06/2023 News

Helios launches a simulator to calculate the carbon footprint of your money in the bank

1000€ in a traditional bank emit an average of 475 kg eqCO2 per year.

Digital Reinvention
05/06/2023 Interview

Salmon: the sudden rise of a consumer finance challenger in the Philippines

Raffy Montemayor is Salmon’s Co-Founder and Business Head in the Philippines. He tells us more about the company, its offer...

05/06/2023 News

UK: Three in five young drivers considering flexible ownership models

Nearly two-thirds (59 per cent) of young motorists (18-34 year-olds) are considering flexible car ownership methods, compared to just 15...

Sustainability & Regulation
05/06/2023 News

Tandem delivers full year profitability for first time in the bank’s history

Tandem, the UK’s greener bank, delivers full year profitability for first time in the bank’s history after 12 months of...