Anti Fraud

Many researches have suggest blockchain technologu can be useful in anti identity and financial fraud. It is because blockchain is an immutable, auditable electronic record, it ensures that transaction records contain artifacts and identifiers of previous transactions. This allows authorized investigators to backtrack transactions on the blockchain more easily than with current AML and KYC modules.


Fraud is the result of the lack of transparency that enables it and is a growing problem for businesses around the world. Bank-to-bank financial transactions are also vulnerable to fraudulent attacks from bank cards and mobile payments. The threat of online fraud has spurred many credit card companies and financial institutions to alert consumers when potentially fraudulent transactions are made. What if a person’s digital identity could be secured in a way that prevented it from being used in an unsanctioned way?


A new digital identity management and attribute sharing network based on blockchain. The network will allow individual users to control what information they share, while organizations can efficiently validate a customer’s identity and arrange new services. By reducing redundant verification processes and the amount of paperwork needed to execute them, there would be fewer vulnerabilities for criminals to exploit.

For anti financial fraud, with blockchain, information can be shared in real time, and the ledger can only be updated when all parties agree. This can reduce time, costs and opportunities to commit fraud. And with lessened time to completion, it is less likely a party won’t be paid.