A Blockchain solution for fraud prevention and loss avoidance.
Payment industry has moved up the value chain with respect to developing different money transfer options and upgrading the infrastructure to ensure all the players in the market are able to generate demand and supply by leveraging the payment infrastructure. As a result of this, Fraud rate has also gone up and payment industry has not been able to keep up with interception of these fraud events. What it means is, rate at which fraudsters are able to manipulate the system and take the money away, payment industry has not been able to effectively track the moves of the fraudsters. One of the prime reasons for this is lack of real time information dissemination across all the Banking players. DATAECONOMY has worked with a Banking Ecosystem player to develop concept of “Follow the Money”, in a BlockChain fabric where all the banks are part of the network or consortium to understand the fraudsters money movement and intercept till the money is traced uptill the end