- 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://ibn.fm/M0seX).
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://ibn.fm/kvPPx).
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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www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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