The One Solution That Could Eliminate NFT Fraud
An interview with REV3AL’s founders on building digital counterfeiting and copyrights fraud prevention tools. When it comes to the NFT industry, there’s hardly a single resolution to the industry-agnostic issues of digital fraud and counterfeiting. NFTs, digital IDs, copyright images and videos, and other forms of digital media can be easily duplicated and disseminated, making it tricky to find a solution to prevent different types of attacks. The REV3AL platform believes they have the all-in-one solution to prevent digital counterfeit and copyright fraud. Its solution aims to....
Related News
Banks are exploring blockchain or distributed ledger technology as a way to prevent fraud risk in the $4 trillion trade financing industry. Standard Chartered Plc, having lost nearly $200 million in fraud at Qingdao port two years ago, has partnered with DBS Group Holdings Ltd. to establish an electronic invoice ledger using a blockchain. HSBC Holdings Plc and America Corp. are also looking at blockchain for trade finance in addition to other applications. Trade financing, a centuries-old mainstay of banking, could become the starting point for blockchain adoption since it can eliminate....
Peter Sands, the former chief executive of British multinational and financial services company Standard Chartered, states that central banks must terminate the issuance of £50, $100 and€500 bills to reduce the circulation of fraudulent transactions. Sands’ new report titled “Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes”, published by Harvard Kennedy School, proposes the central bank eliminate high value currency notes to reduce illegal money flows, tax evasion and financial fraud. “Our proposal is to eliminate high denomination, high value currency....
HYPR-3 is a consumer product solution for extra high security with three-factor authentication that will be arriving by May 2015. This system allows users to authorize mobile payments with their fingerprint by swiping an adhesive biometric token generator approximately the size of a nicotine patch. Attaching the HYPR-3 Sticker to a Bluetooth enabled device replaces passwords with 3 Factor Authentication. The three-factor authentication is described has a process by which users can enhance their security by applying a 3rd factor with the user finger print:Something I have, Something I am,....
New York-based digital wallet security company HyprKey is claiming that it can make the process of paying with one's phone much safer through the usage of its new tool the HYPR-3. As a three-step biometric authentication device, the HYPR-3 is supposedly able to eliminate any likelihood of payment fraud at the point of sale for all users paying with bitcoin, credit cards and third-party digital wallets on their mobile devices. Furthermore, processing fees for payment merchants would also be significantly lowered. Company CEO George Avetisov explained the tool's workability in further....
If that wasn’t enough, more than one in ten consumers admitted they lack the confidence in their financial institution to protect them against fraud. Payment fraud is a matter more consumers should be concerned about. A new report by ACI shows how nearly one in three consumers has dealt with card fraud over the past five years. There are alarming numbers, even though this is another clear example as to why Bitcoin is entirely different in a positive manner. The report published by ACI is not hinting at a positive future for payment card users around the world. Keeping in mind how almost....