||For the past three years, the Trusted In Trading team has been developing a concept to reduce fraud and boost growth within the financial services and business sectors. To do this, we have modelled multiple use cases of blockchain technology and incorporated biometrics to package web and mobile applications. At this stage, we propose using crypto financing (Initial Coin Offering or I.C.O.) in lieu of venture capital as our development resource.
Our primary concept is based on the development of a social validation platform on which both corporate and individual users are validated through a complete, in depth, due diligence process. This verifies not only the identity, licensing and regulatory status of corporations and professionals but also the identities and accreditation of individuals. The aim of this process is to reduce corporate, professional and individual identity theft and associated fraud within the financial and business sectors. This will be achievable globally in a decentralized system using blockchain technology.
Fraud is on the rise every year in various market sectors and sub-sectors globally, where the rates of fraudulent activities tied to corporate or personal identity theft have risen to astronomical levels. This is in part due to the availability of information on social media platforms and other information portals. In Proofpoints 2014 research, it was found that Fortune 100 companies are popular targets for fraud. Approximately 40% of Facebook accounts and 20% of Twitter accounts claiming to represent a Fortune 100 brand are unauthorized.
This has permeated all sub sectors, from the asset management industry to newer sectors such as cryptocurrencies. Currently, social media platforms are inadequate in providing account validation that requires an in-depth due diligence process to inhibit fraud and enhance legitimate business. According to the 2016 Annual Fraud Indicator Report fraudulent activity costs were estimated to amount to Â£193 billion in the UK alone.
At Trusted In Trading, we strongly believe that we can make a significant impact on how individuals and companies are affected through the development of our feature rich social validation platform with crypto-currency based escrow capabilities. Each company that chooses to validate their details and become part of the chain will reduce the risk of identity misuse. Moreover, they can use their verified accounts as primary marketing channels whilst adhering to regulatory parameters established by national regulatory bodies.
Trustedâ€™s unique selling proposition (USP) is that up to date a multi-function social validation platform which is beneficial to all members of the financial and business sectors does not exist. The current social platforms are too generalized or, in some cases, too niche. A platform that provides features and tools for all members of the sector, from small business owners to multi-billion dollar hedge funds, will retain usage levels and appeal to a large cross section of the sectors. Not only this, but validation and escrow will improve business for those concerned.