QLC Chain Releases Counter Telecom Fraud Platform to Protect Banks and Customers
A leading cloud communications provider in China, the QLC Chain, has launched a platform they will use to counter fraud. The platform was launched on May 17, and it will offer financial firms the ability to create an A2P message ledger using the QLC Chain. Thus, clients will be able to check and validate sent messages.
Consequently, users will not be able to fall prey to phishing messages, which are disguised as real numbers. The China Association of Communication Enterprises and QLC Chain are delivering this platform jointly. It is offered to Chinese financial firms to deploy immediately and offer the service to its customers.
Blockchain tech has been acclaimed for improving security in the digital world. However, there are some projects that brought benefits to people’s lives. As one of the major public chains that focus on offering blockchain solutions to the telecom world. QLC China will take a huge step to bring the real application in the daily lives of people.
How Telecom Fraud Hurts Customers and Banks
The A2P messages are often applied as an important security measure. For instance, banks send transaction numbers and exchanges send verification messages. They are also used in 2FA confirmations.
In most instance, the banks, exchanges, and insurers bear the risk if customers get defrauded. The guilty party will use a pseudo base station to ask customers to move money to a safe account. You may also be told to click on links to collect awards or pay utility bills.
In China, the number of fraud texts hit 1.82 billion in 2018 up from 650 million. According to data, there are 1.6 million engaged in this fraud in China. In the UK, the total asset loss to fraud reached 345.3 million pounds. This is the same as the annual GDP of the Philippines.
This year the fraudsters started using AI. They can now make robocalls that steal from people. First Orion, which is a company that offers spam call filters to carriers predicts that about half of all calls in 2019 will be fraudulent.
The QLC Chain Solution
The platform will provide a trusted environment for financial firms to keep SMS fraud and phone fraud low. This platform will also offer web content fraud prevention. In this era, fraudsters disguise numbers or pretend to be authorized ones.
In this way, the existing counter fraud methods do not work well. Most people are more susceptible to being defrauded by phone numbers that they are familiar with and believe to be trusted numbers.
Using the distributed consensus mechanism of blockchain, the company will offer a platform that does not rely on one node. With the new counter fraud platform, financial institutions will create a communication ledger on QLC Chain with trusted records of messages. Messages from fraudsters will not be recorded.
For instance, each time a message comes in; the message is sent to QLC Chain to confirm if it exists. If it is not found, then the user will be notified.