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Raven Wallet: Fraud Detection and Reporting System for Non-Custodial Wallets.
User Research
User Experience Design
User Interface Design
DeFi
Role
UX Designer / UX Researcher
Year
2022 - 2023
UX Processes Involved
Product Overview
Non-custodial wallets are a type of cryptocurrency wallet where the users possess and control the wallets’ private keys. This means they have complete control and access to their funds. On the other hand, with custodial wallets, a third party holds and manages the user's private keys. This means, they do not have total control of their funds and cannot approve transactions at will.
Non-custodial wallets are needed when interacting with decentralized exchanges, DEXes or decentralized applications, dApps. However, with the increasing popularity of non-custodial wallets in the DeFi ecosystem, it has become increasingly important to protect users' assets from hackers and scammers. This case study will look into implementing a fraud detection and reporting system for a non-custodial wallet platform.
The Problem
Non-custodial wallets offer users ultimate control over their funds and assets. But with that comes the responsibility of keeping their assets safe, and the risk of falling victim to fraudulent activities, such as hacks and phishing attacks which could result in loss of funds.
Hence, the challenge faced by many non-custodial wallets is the ability to detect fraudulent activities, prevent them and warn users of such attempts. Also, many users who have fallen victim to scams and hacks in the past have little or no knowledge of and access to reporting systems. The ripple effect of this is that over time, it reduces and weakens users’ trust in such platforms, hereby affecting their credence and reputation.
Solution
Raven Wallet - a non-custodial wallet designed to detect and flag suspicious transactions and activities, or patterns of behavior that indicate possible fraud.
By integrating a first-hand reporting system that makes it possible for users to report scams and scam attempts, Raven Wallet’s user-friendly functionality empowers users to take an active role in protecting their assets. It helps the platform to quickly alert them of potential fraud incidents from smart contracts that have been flagged or reported in the past.
Raven Wallet also enables users to revoke permissions they give to protocols upon interacting with them for the first time. This helps to ensure that future transactions on such protocols cannot be carried out without express permission from the wallet owner.
Other Interfaces
Onboarding
The onboarding process was designed to match users’ mental models of how non-custodial wallets work.
Report Protocol & Revoke Permissions
Unlike other non-custodial wallets, raven wallet offers users to report web applications, protocols, and wallet addresses they suspect or are sure to be scams. Reports are immediately forwarded to the Securities Exchange Commission, S.E.C.
With Raven Wallet, Users can now revoke permissions all protocols have to their wallet; be it protocols given a one-time approval or those with unlimited approvals.
What I learned
I really enjoyed working on this project, it showed me how far user feedback goes into designing a product that works. It was also exciting to work on something that provides real value to users.
Another important takeaway was the importance of re-iteration. The first idea is most likely not the best, hence it is vital not to cherish an idea too much. Continuous loops of testing are therefore very key.