The volume of digital transactions is increasing as the FinTech industry grows in popularity, creating opportunities for fraudulent activities.
The rate of identity fraud in the FinTech industry increased by 15% in 2021. Furthermore, FinTech was the second most industry susceptible to fraud next to the health industry.
As a result, organizations in the FinTech business must ensure that they have good and comprehensive fraud prevention policies, procedures, and strategies in place.
One way the FinTech industry has been enhancing traditional fraud prevention policies and programs is through the continuous development of machine learning fraud prevention approaches using Artificial Intelligence (AI).
Several FinTech companies, such as Bithashex, are dedicated to assisting other organizations in the field in mitigating or preventing fraud.
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.
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 blockchain protocol preventing the risk of data breach and identity theft.
It also allows the user to control how and what personal information they will want to share on the internet.
For each client, a unique Global ID will be produced using a combination of the customer’s demographics and photos. This 16-digit global ID will be used as the primary identification throughout all systems. Customers will receive an OTP to their registered email address or cell phone number to verify their identity.
FEATURES OF GID
Random 16-digit Number – No Intelligence, No Profiling
- Only a Number – No Smart Cards
- All Customers – Including both the system’s finance and healthcare
- Uniqueness – Ensured through demographic attributes
- Security and Privacy of Information Collected
ADVANTAGES OF GID
Both the systems can interact with each other in real time
- Anywhere, Anytime when the key is invoked, the user can be notified
- Enhanced security system, as the data is stored by cryptographic encryption
- Enables us to generate Analytics by masking the user profiles
Bithashex’ GID Matrix system is a revolutionary program for users to be protected against any fraudulent transactions.