Risk management platform Covery launches a blockchain-inspired collaboration network called Trustchain
Covery is a global risk management platform helping online companies solve fraud and minimize risk. The company offers fully customizable and suitable solution for any industry and type of business, based on the individual characteristics and customer needs. The product is developed by risk managers with multiple years of experience in both high and low-risk industries.
About a year ago Equifax announced that hackers stole the personal information of 147 million Americans from its servers. The compromised data includes full names, addresses, dates of birth, credit card numbers and other sensitive details, such as social security numbers and driver’s license numbers. The fate of the compromised data remains not fully understood and the consequences of data leakage can be troubling online businesses in the form of a fraud of various types for a very long time. That is why Covery decided to create a collaboration network called Trustchain where customers can help each other to detect fraud more reliably and minimize the risk of consequences.
“We have to adapt to the current state of affairs and take all necessary measures to help customers reduce the harmful effects of data leakages and fraud. This is why we developed Trustchain, to help improve the current approach of user reputation classification.” said Covery product owner Pavel Gnatenko.
What problem does Trustchain solve?
The product enables its members to assess the risk of various identifiers commonly used in online fraud prevention and to instantly share new reputation knowledge about users with other members. The network automatically takes into account each member’s business nature and many other aspects to maximize the accuracy of submitted data and minimize the false positives.
How does Trustchain work?
Trustchain places all reputation data to 3 chain types: individual, industry and global.
- Individual Trustchain analyzes user actions for each customer separately and builds the reputation profiles based on them.
- Industry Trustchain includes all reputation knowledge about users’ actions within a specific industry.
- Global Trustchain is the aggregation of data from all of the industries to compile the global view of users.
The approach is fully customizable so that each online business can use any chain types in any combination and at the same time completely understand why and from the particular reputation comes to increase the data usefulness and reduce the false positives.
Data from Trustchain is automatically transmitted to the rule-based and the machine learning engines, previously configured for the customer. Then a decision-making agent presents the analysis result using one of 3 options: accept, reject or manual review. Moreover, the decision includes score of the user action, clear reason why this decision was made as well as additional fields to connect the result to different product flows on the customer side to improve the experience.
Why Trustchain is useful
Trustchain is a unique advantage built for Covery customers that helps to prevent fraud at more stages using the entire community knowledge without sharing personal data. Accumulated knowledge from all of Covery customers enables making the right decisions even in the complete absence of information in the individual chain.
Moreover, Covery customers always know why an identifier has a particular reputation assigned to it and understand more clearly the fraud patterns and stay ahead of the bad actors.
This story was originally posted on thepaypers