This is one of the most frequently asked questions we have to answer at Covery. This is natural, as it is one of the key Covery features but is not described in detail anywhere aside from our website TrustChain page. This article briefly depicts how Covery utilizes 300 000 000 Trustchain reputation records to ensure smart contract privacy levels and fight fraud.
TrustChain from Covery is inspired by IBM’s TrustChain Initiative designed to improve transparency and provenance into gold, jewelry, and precious stones supply chain, and fight counterfeit and fraud. It utilizes the power of IBM-cloud-based blockchain solutions to deliver a transparent ledger no one can tamper with. This helps bolster the customer confidence in the luxury products they purchase, by ensuring unsurpassable levels of item authentication and deal privacy with blockchain.
To achieve a similar level of authentication accuracy, TrustChain from Covery operates a set of 12 identifiers, allowing to pinpoint every user. However, these identifiers are not stored in a single record to prevent malicious usage of this PII.
These details are either submitted by users when they create their accounts with your product (like email, phone, personal ID, banking card and IBAN, etc.) or are gathered by Covery throughout the customer journey (like device ID and device fingerprint). Combining these identifiers with the user’s behavioral analysis helps alert if users start some suspicious activity. This helps stop transactions with compromised identifiers to prevent various types of fraud and account takeover.
TrustChain from Covery provides access to reputation ledgers of three types:
- product-specific — only the database of your product users
- industrywide — uses reputation identifiers from the specific industry
- global — helps identify every user based on all known identifiers, globally.
What is even more important, the TrustChain ledger is constantly updated and you always have access to the latest and most relevant information on your customers. This provides a range of benefits for your business:
- Coverage. You can pinpoint every user, from global to industry-wide to product-specific databases, so no fake images or synthetic identity theft is possible.
- Integration. Clean and robust REST API enables simple integration with any CRM or payment gateway.
- Customization. Covery can be customized to meet your unique business needs and save resources by automating fraud detection and prevention.
- Actionable insights. You are alerted in real-time when any suspicious activity takes place, based on 12 identifiers, so you can nip the malicious activity in the bud.
- Revenue increase. After cutting the numbers of bots and fraudsters down by 40% at the very least, you gain a significant reduction in expenses, which you can turn into revenue growth.
- AML compliance. Stay on the safe side of PSD2, GDPR, and other KYC/AML procedures and regulations, automatically.
By using TrustChain from Covery you can implement custom-tailored risk logic and benefit from AI-powered analytics and direct API integration with the Dow Jones databases to enable fraud prevention and mitigate risks for your business.
Want to know more? Contact Covery, we are always glad to answer your inquiries!