March 28, 2016
Increasing data breaches, illegal hacking and identity theft cases are raising the demand of the fraud and authentication industry. No entity seems to be immune – from small banks to large health insurance companies; organizations of all sizes in many industries are affected. Criminal fraudsters are illegally accessing millions of consumer credit cards and private data files, even while new payment systems are evolving with new technology and capturing consumer spending habits. This is further amplified by the advent of mobility. As the industry is moving towards EMV chip technology, the CNP (card-not-present) fraud is increasing compared to the fraud at physical POS systems.
Some Financial Institutions and FinTech startups are looking at ways to leverage Blockchain in the area of identity and authentication
Blockchain can be used for: -The storage of all types of data and transactions in a secure and open way. -Creating an identity on the blockchain, making it easier to manage for individuals, giving them greater control over who has their personal information ...