Identillect Technologies Corp focuses in the provision of email security solutions. The company recently announced that it had launched version 2 of the Trusted Blockchain Technology. The Trusted Blockchain V.2 is a web tool that will be quite useful in fighting cybercrime.
Indeed, it has enhanced features that will help in the war against online fraud. Through the use of the blockchain, there are hopes of defeating online fraud in various sectors.
The Impact of the Blockchain
The blockchain is anticipated to have a massive impact on all industries that need security. There is no doubt that the blockchain technology is going to play an essential role in cybersecurity. The reason for this is that it creates a new way of storing, transacting, and arriving at a consensus. There is no doubt that fraud prevention is one of the benefits that the blockchain will provide.
According to the FBI, the US has experienced quite a lot of wire fraud in the past few years. The bureau’s data show that the US lost over $19 million to wire fraud in 2016 alone. Despite significant efforts to stop cybercrime, the figure rose to $963 million in 2017. While the crime data for 2018 is awaiting release, the records show that US homebuyers are losing $2.65 million per day to this type of fraud.
The Failure in Cybercrime Prevention
In this age, most escrow officers utilize escrow phone confirmation to verify that wire instructions are complete. However, a new phone-porting scam has proven that fraudsters still have the upper hand.
To do this, the criminals insert themselves into the communication. The result is that when the realtor calls to confirm a transaction, they end up receiving false details. Identillect could help end this.
Mostly, the blockchain will add a new level of security. With this kind of safety, only two parties can independently view and confirm the wire transaction. After that, it becomes open to the public, which prevents the risk of fraud.
All the sender and receiver confirmation happen on the immutable blockchain. However, if the process becomes compromised, the receiver cannot view the transaction that is taking place. Besides that, the sender will get a message of attempted fraud. They can then fix the error or get the authorities involved.
Identillect Will End Wire Fraud with the Blockchain
Identillect has already enjoyed success in the development and implementation of innovative technology. Version 2 of the Trusted Blockchain is one such innovation. It is also probably one of its most important revolutions in the field of online fraud prevention. With this technology, realtors will be able to protect their clients and the reputation they have as well. These changes also mean that it will become less attractive for cybercriminals to carry on with their trade.