Fraud has always been on the rise ever since the FinTech industry began. Identity theft and money laundering cases continue to rise as criminals explore new methods of breaching digital banking systems. The theft of someone’s identity is one type of crime while manipulating internet transactions to launder funds is another.
With fraudsters becoming extremely advanced in their attacks on online financial service platforms, the need for effective identity verification is needed.
To help FinTech companies secure their customers’ identities and funds, Bithashex Matrix offers a robust identity security solution.
Bithashex Matrix is a revolutionary new technology that provides an automated algorithm to provide a universal ID for an individual or business institution without considering their geographic location.
Once approved by their KYC algorithms, the data goes into a single, decentralized blockchain. This account acts as an “e-vault” where all personal Identifications can be stored in a secured format. All data is encrypted even Bithashex has no access to its user profiles to make sure that there will be no identity theft or no opportunity for hackers.
For each client, a unique Global ID (GID) will be produced using a combination of the customer’s demographics and photos.
The GID generated can be used in partnering financial institutions, banks, insurance providers, and other organizations that require clients to submit identification documents.
Bithashex Matrix’s main principle is to offer document owners control and ensure that their information is not accessed by unauthorized persons or entities.
The Bithashex Matrix will help fill in the gaps and make digital transactions better and more secure. The whole industry will benefit from faster transactions, ease of usability, and interoperability as well as the prevention of the risks of money laundering and other financial frauds.