Fraud has steadily increased since the start of the FinTech industry. Identity theft and money laundering cases continue to rise as criminals explore new ways to breach digital banking systems. Identity theft is one type of crime, while manipulating internet transactions to launder funds is another.
With fraudsters becoming extremely advanced in their attacks against online financial services platforms, the need for effective identity verification is necessary.
To help FinTech companies secure their customers’ identity and funds, BithaSex Matrix offers a robust identity security solution.
Bithashex Matrix is a revolutionary new technology that provides an automated algorithm to provide a universal identifier to an individual or business regardless of their geographic location.
Once approved by their KYC algorithms, the data is stored in a single decentralized blockchain. This account acts as an “electronic safe” where all personal identifications can be stored in a secure format. All data is encrypted even bithasex does not have access to its user profiles to ensure that there will be no identity theft or no opportunities for hackers.
For each customer, a unique Global ID (GID) will be generated using a combination of the customer’s demographic data and photos.
The generated GID can be used at partner financial institutions, banks, insurers, and other organizations that require customers to submit identification documents.
The main principle of Bithashex Matrix is to offer document owners control and ensure that their information is not viewed by unauthorized persons or entities.
The BithaSex matrix will help fill the gaps and make digital transactions better and safer. The entire industry will benefit from faster transactions, ease of use and interoperability as well as the prevention of risks of money laundering and other financial fraud.