Financial Institutions (Banks, Credit Unions, Thrifts)
Protecting customer protocols against fraud is a large and growing problem for businesses. According to Javelin’s research, banks lose between $15 billion and $20 billion a year due to identity fraud. Regulatory pressure on banks to preserve client data has also increased in recent years.
To combat fraud, secure data, and prevent money laundering, ProofEasy’s blockchain technology has invested in automation and standardization, and introduced real-time information sharing to aid in these efforts.
The main challenge is eliminating the KYC and AML compliance checks (banks exchange authenticating information), reducing data burden, and allowing banks to distribute updated data.
ProofEasy as a solution
It’s important to note that ProofEasy’s blockchain technology encrypts your loan syndication, KYC, and regulatory reporting papers to store them securely. Moreover, data can be anonymized and secured by encryption algorithms using blockchain technology, pooling massive data.
You can also integrate ProofEasy into your existing document generations systems. It will provide security to your document. Furthermore, with the help of block-chain validation tech, it will help your customers authenticate the document. This added layer of protection and transparency will keep you away from legal trouble and prevent individuals from altering documents or creating fake agreements.
Now let’s look at a few more ways in which ProofEasy can solve your problems:
Easy Data Handling
ProofEasy's blockchain technology helps to safeguard sensitive information from hackers. A date and time stamp are also included in each transaction, ensuring that it was executed. Additionally, data that is contained in fragmented systems, which are less accessible.
ProofEasy allows clients to encrypt files through QR code technology. The secured documents can only be shared with authorized individuals, directly through the portal or the link can also be shared via email, WhatsApp, etc. Authenticating files by scanning the QR code makes the validation process swift and hassle free.
ProofEasy offers clients their private keys to handle their data without the need for an intermediary. In addition, several operating systems and web browsers have key stores for securing personal information that is resistant to cyber-attacks.
ProofEasy's blockchain technology will use digital identity networks to detect ID fraud. This helps reduce fraud and creates a better response to performance and scheduling needs due to these changes.
The banking industry demands vigilance to prevent fraud. To ensure the security of KYC, regulatory reporting, and validating evidence, they can leverage ProofEasy’s easy-to-use QR code and blockchain technology.