trust chain

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It’s strange how protection measures can be used by fraudsters to steal money from decent bank or shop customers. But so it is: it’s easy now for a villain to start a fraud. Technological protection gets greater, but it’s the human factor that’s mostly hacked. Can we refuse being humans? No. Then we need better protection.

For securing transactions, Trustchain is the solution. Blockchain-inspired, this technology offers a database that has anonymized information about clients with their reputation linked to credentials.

The Problems to Solve with Trustchain

While popular sites attract many users which are willing to pay for goods or services and communicate with each other, there will be fraud. Fake sellers, dating crooks, phishing web pages, scam emails and stuff – they are hard to recognize for a naked human eye, even for an experienced one. That’s when a blockchain-powered database comes in.

For example, if you own a dating service, it can be home to scoundrels registering multiple accounts with random emails. But if they are using it from the same device, this will be recorded, and the accounts they created can be selected and suspended for that reason. The same suspicious picture can be noticed by marketplace administration, if various sellers use the same bank card. Trustchain is the blockchain-powered solution for rating users by crucial identifiers.

The base gets updated in real time, so new fraud attempts are documented as soon as they are identified as such. There are various access levels:

  • personal (that only lets you see your credentials)
  • industry (only shows industry-specific data, say, collected within online gambling or dating)
  • global (provides all the reputation data collected)

Armed with these tools, you can prevent fraud on your site and keep your reputation clean. That’s the way security goes crowd. Even given that, no third party can access Trusthain bases and edit them.

Crowd Police

The principle under the Trustchain idea is that users themselves can report their findings to the database, after recognizing fraud attempts or encountering suspicious activity by some entities. Any identifier thus gets rated, influencing the user’s reputation. Identifiers include:

  • Email
  • Email domain
  • Phone
  • Person ID
  • CardID
  • IBAN
  • Device ID
  • System account ID
  •  Entity ID
  •  BIC
  • IP
  • Device fingerprint

While each of these identifiers is rated separately, in combination, they can form an image of a decent user or a criminal.

If you are an online store or a bank owner, you can connect Trustchain to your user identification system. If some credentials are recognized as dangerous, you receive alerts on the fly. The more identifiers are recognized as risky, the higher the probability of fraud is.

What About Privacy?

The idea of Trustchain implies that various identifiers of the same person or entity are not linked to each other. Given this approach and an encryption system, a Trustchain user cannot link, say, an email to a fingerprint or an IBAN number, or extract it from the database to use openly. 

As each identifier has its own reputation rate, it’s easy to choose those using, say, suspicious email domains in suspicious quantities, or multiple users with the same IBAN, or multiple accounts created from the same device. You can tell a hacked account on social media if the device ID is suddenly changed, and so did the frequency and the lexicon of messages. No need to link them to each other within the database: it’s done by the customer.

Trustchain complies with directives like GDPR, KYC, AML, and others. This grants security of the system that is as well secured from hacking as a blockchain system should.

Who Do You Trust?

Have you ever had any experience with trustchain systems? Do you consider them reliable? Can’t they be socially hacked with a flashmob or a bot attack? Or misused by their own administration? Share your opinion in a comment below, or bring it to your Facebook or Twitter to discuss with friends. We feel antifraud is the thing to pay attention to.

 (guest article)

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