- Bankcard fraud to cross $6 billion in 2018
- TrustGateway blockchain technology uses biometrics to block fraud
- System under consideration by two major U.S. commercial banks
The maturation of ecommerce has been a boon to consumers everywhere, turning the world into one global marketplace. Now, though you live in America, you can order goods from China; you can shop on Amazon even though you live in the Himalayas (http://nnw.fm/QbL89). Naturally, such trade involves customer-not-present (CNP) transacting, which is providing great opportunity for fraud. CNP fraud accounts for 70 percent of card fraud (http://nnw.fm/JdBS2). For 2018, it is projected to reach $6.4 billion in the U.S. alone, which, perhaps, is why two major U.S. commercial banks and one of the largest payment infrastructural platforms in the country are taking a look at a novel solution offered by GreenBox POS, LLC (OTC: GRBX). The company has developed a payment gateway – TrustGateway – that blocks CNP fraud with blockchain technology. The gateway is a major component of the company’s QuickCard payment system and is proving to be highly efficient in preventing fraud on the GreenBox payment platform.
Buying online with a bankcard is generally a smooth, seamless process, but behind the scenes, there’s a lot going on, some of which involves a “payment gateway.” After a purchaser submits his or her debit or credit card information to a merchant online, the payment gateway sends that information, together with the amount to be charged, to the credit card payment network for processing. At present, the three largest are Visa, MasterCard and Chase. Naturally, the payment gateway is not a one-way conduit. It transmits the response from the card network back to the merchant, typically with a cryptic “approved” or “declined” message.
Such gateways are no match for someone using a stolen card or card information that has been filched, but GreenBox’s TrustGateway may just be, since it uses a number of authenticating factors. These include internet protocol (IP) correlations, location data and biometrics. To succeed in penetrating TrustGateway, a malefactor would need to take on the cardholder’s personality. GreenBox is able to provide a system with greater security since it owns all the parts that make the blockchain payment system – from TrustKeys to ledger and gateway. TrustGateway also takes part in load balancing. It maximizes system uptime and can be integrated into the QuickCard payment system and GreenBox platform.
The GreenBox POS (point-of-sale) platform is the foundation for the entire GreenBox product line, including LOOPZ and QuickCard. LOOPZ is a delivery software solution, which has three essential elements: a back-end dispatcher and two mobile apps, one for drivers and one for consumers. The LOOPZ standalone back-end dispatcher is the backbone of the system. It controls functions like accepting orders, managing drivers, setting payments, tracking deliveries and much more. The dispatching works through an SAAS engine, so there is no installation, backup or data restoration required. All of the software is supported by table and phone apps, making it easy for management on the go. With the app, drivers have access to the built-in advanced dashboard that ensures that every delivery is completed smoothly. On the consumer side, customers connect directly to merchants and are updated in real-time, guaranteeing peace of mind.
The QuickCard payment system consists of an app, an e-wallet and a kiosk. The QuickCard app allows a customer to load currency onto his or her e-wallet from a credit card or linked bank account. Customers can also link to a QuickCard kiosk installed by a merchant, which allows them to shop at that retail outlet, online or anywhere that accepts e-wallet transactions. Purchasing goods is easy with QuickCard. The customer simply enters the transaction amount and with a single click, QuickCard generates a QR code. The code is scanned by the merchant, and the funds are transferred immediately and securely, with a record being stored on the app. With TrustGateway integrated into the QuickCard payment system, consumers and merchants will have the assurance of safer transacting.
For more information, visit the company’s website at www.GreenBoxPOS.com
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