Coinfirm Launches Anti-Fraud Blockchain In Nigeria
A fintech startup based in London called Coinfirm has launched a brand new anti-fraud service in Africa via an important partnership with KAD ICT Hub, a Nigerian technology center. The company will use the blockchain technology to curb fraud with the initiative that is being called “Africa Blockchain Lab”.
This new partnership was started on August 2018 with the objective of promoting financial inclusion in Africa, which is a serious issue there since a lot of the population does not have bank accounts. However, this initiative specifically tackles fraud as it has become very common in the country, especially when linked with cryptos.
On its press release, Coinfirm talks about the “Nigerian Prince email”, a popular scam that has been affecting Nigeria for some time. In fact, this is just one of the many scams that are basically plaguing the country right now. The main issue is that some cases like the South Africa Bitcoin scam made over 80 million USD worth in losses in the country.
Sergei Macrovi, a famous scam artist from Russia, has found a lot of success in Nigeria and the emails of the poor princes needing money to get their fortunes are sadly too common, so something had to be done.
To mitigate risks, it is important that the company is focused on discovering who these people and in creating secure platforms that can protect the investors from this kind of harm. With the growing activity of people using cryptos all over the country, the scams have grown tenfold.
Therefore, the official goal of this project is to increase the awareness of people about this type of threat in the country and to explain for the investors how they can be neutralized and eliminated without the need for more people losing money.
One of the goals of the AMLT network will be to prevent, in a joint effort between Coinfirm and KAD ICT Hub, people from being scammed in the following ways: giving an ecosystem that can be secure for the investors, making positive examples, using training sessions for people to learn how to not fall in scams and helping with the use of positive data for the creation of the ecosystem.
The co-founder of the KAD ICT, Hub Yusuf Bashir, has affirmed that one of the main goals is to protect Asia from having the fame of being a scam hub for a more positive image. That seems to be hard to accomplish, though and will take a lot of effort to curb scammers.
The AMLT Network
As part of the anti-fraud effort, Coinfirm has created the AMLT Network. The main feature of this new group is that, by using this, you can denounce criminal or suspicious behavior and the company will mount an investigation. In case bad behavior is found, like in the case of fraud, the account will be permanently blocked from the AMLT Network.
As a lot of people are inexperienced with financial matters in the country, it is important, according to the creators of the network, that people participate in a network that helps them. This one lets people earn its AMLT tokens by supplying data about fraudsters and positive data on trusted parties. This way, the company can create a positive network that will help inexperienced investors.
By using over 200 risk indicators, according to the press release, the AMLT Network will calculate the risk of investing in many different businesses, which will help the investors to make more informed decisions.
After the launch, some people will be offered training courses that will be made over the first 12 months of the program and have the focus of letting people all the tricks and hints that will prevent them from getting scammed.
Coinfirm is a London-based crypto firm that is focused on the safe adoption of the blockchain technology. The company uses the blockchain, algorithms and big data to increase the efficiency of compliance solutions while reducing its costs.
Known as a leader in the field, this is a very influential tech company that is developing blockchain solutions for financial companies for quite some time now.
About The KAD ICT Hub
The home of the Africa Blockchain Lab is a place in which the entrepreneurs from the country reunite to share ideas and try to come up with solutions. The hub was made on a partnership between the Kaduna State Government and Telemax Engineering Services.