The volume of digital transactions is increasing as the FinTech industry gains popularity, creating opportunities for fraudulent activity.
The rate of identity fraud in the FinTech industry increased by 15% in 2021. Moreover, FinTech was the second most fraud-prone sector after healthcare.
Therefore, organizations in the FinTech sector must ensure that they have effective and comprehensive fraud prevention policies, procedures and strategies in place.
One of the ways the FinTech industry has improved traditional fraud prevention policies and programs is the continued development of machine learning fraud prevention approaches using artificial intelligence (AI).
Several FinTech companies, such as bithasexare dedicated to helping other organizations in the field mitigate or prevent fraud.
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.
It also allows the user to control how they share their personal information on the Internet. GID Matrix issues a unique 16-digit universal identification number that stores users’ personal information in different layers of the blockchain protocol, thus avoiding the risk of data breaches and identity theft.
It also allows the user to control how and what personal information they want to share on the Internet.
For each customer, a globally unique identifier will be generated using a combination of the customer’s demographic data and photos. This 16-digit global ID will be used as the primary identification in all systems. Customers will receive an OTP on their registered email address or mobile number to verify their identity.
CHARACTERISTICS OF GID
16 digit random number – No intelligence, no profiling
- Only one number – No chip cards
- All Customers – Including Finance and System Health Care
- Uniqueness – Guaranteed by demographic attributes
- Security and confidentiality of information collected
ADVANTAGES OF THE GID
Both systems can interact in real time
- Anywhere, anytime when the key is invoked, the user can be notified
- Reinforced security system, as the data is stored by cryptographic encryption
- Allows us to generate Analytics by hiding user profiles
Bithashex’s GID Matrix system is a revolutionary program allowing users to be protected against any fraudulent transactions.