How many times a week do you make an online purchase? Once? Twice? Perhaps more? Now, have you ever been a victim of E-commerce fraud?
I, personally, was a victim, many years ago when it wasn’t so common place. At that time, I was told by my local police department that I must have it wrong, that the company on my bank statement was likely trading under a different name. Basically, I was given the cold shoulder.
But I persisted, and the police officer duly notes of my complaint.
Three months later, I received a letter from the police informing me that fraud had indeed been committed against me.
E-commerce is not only huge business for companies but a huge benefit for online customers; ease of use, cheaper prices, quick delivery and availability are all contributing factors towards the many successful E-commerce businesses we frequently deal with.
E-commerce shows no signing of slowing down, and with this continual growth comes more sophisticated E-commerce fraud. While there are many tips to help people from being a victim of E-commerce fraud, a staggering amount of people still suffer at the hands of fraudsters because criminals are upping their game in how they target their victims.
Not only are online fraudsters attacking businesses both large and small - they are also targeting the end user - the customer. Like they targeted me.
Fortunately, online shopping is about to get the security shake-up it desperately needs!
Enter Omnitude.
Omnitude: Tackling the problem of E-commerce fraud - head on
Behind the scenes, business owners and customers will not physically see how Omnitude is harnessing blockchain technology. It’s integrating the tech into established E-commerce systems to help significantly reduce retail fraud. Omnitude using open-source Hyperledger protocol, will act as the middleman, or in this case, middleware. It can easily be integrated into a businesses server providing retailers the opportunity to increase security on their systems, as well as keeping users’ personal data safe and secure!
According to a report by Experian, E-commerce fraud attacks rose 30% compared to online shopping fraud in 2016.
Omnitude will seriously disrupt fraudsters aim to commit E-commerce fraud.
I can only see great things for Omnitude, it has a great team behind it - who knows how far it can go!
But criminals are like moths to light, in that the more people use a product or service, the more likely they are to attack. Which is why E-commerce fraud is more prevalent than ever before.
Fraud comes in all different guises, from phishing sites, banking fraud, counterfeit products, identity theft to chargeback fraud - the list goes on and on.
Counterfeit products not only cheat customers out of pocket into believing they are buying a legitimate product - it can have fatal consequences. Recently, BBC news reported that a man was sentenced over selling fake “lethal” car airbags. He allegedly bought them in good faith but after failing safety tests and declared fake, he was given a 5 month sentence. The fake airbags were sold on Ebay, with Honda branding and would not have deployed in a car crash.
I am pleased to see Omnitude are tackling the issue of counterfeit goods by providing records of manufacturers origin and provenance - making it easier for business and customers to identify genuine goods.
I certainly wish Omnitude was around in my day. Saving myself from heaps of frustration and being told that my fraudulent case wasn’t a big deal, was not only disappointing it did nothing to combat E-commerce fraud.
Can you think of ways Omnitude can help E-commerce? Let me know in the comments section below.
Token Information
Token name: ECOM
Total supply: 55 000 000 ECOM
Token price: 1 ECOM = 0.46c
Token : ERC20
Platform: Hyperledger
Token sale - March 28 2018 - May 31st 2018.
Unsold tokens will be burned.
More information about the Omnitude project here: https://omnitude.tech/index.html
Register here to buy tokens during the sale: https://tokensale.omnitude.tech/register
Join the conversation with other Omnitude folk on their official Telegram channel: https://telegram.me/Omnitudechat
For technical details and further in-depth information refer to Omnitudes’s white paper:
https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
Join the discussion on the BitcoinTalk forum: https://bitcointalk.org/index.php?topic=2683959.0