Utmost Chinese cloud communication provider, QLC Chain announced to the general public about the launch of its new Counter Telecom Fraud Platform. The new security platform went live on May 17.
The launch of the new anti-fraud platform will offer financial institutions the means to build an Application-to-person (A2P) messages ledger through the QLC Chain.
A New and Improved Security Platform
The new QLC counter fraud platform will totally erase the fear of phishing messages as clients will have the privilege the check and validate the authenticity and originality of any message and the message sender.
This groundbreaking achievement is a joint effort of QLC Chain, which is the leading communication provider in China and the China Association of Communication Enterprises. The platform is readily available for financial institutions in China, with the intention of providing top-notch value-added service for all their teeming customers.
The Blockchain revolution is one that cannot be undermined in any way whatsoever, but with all of its versatility and usefulness, there are very few projects that have actually brought about needed changes to everyday life, especially in the area of security.
As one of the major blocs in the Blockchain sector, QLC Chains is taking a huge step in bringing the real application into the general public’s everyday situation.
Telecom Fraud and How it affects Banks and Their Customers
The A2P messages are littered everywhere and its generally used as a critical security procedure. For example, the financial institution which are sending transaction authentication numbers; exchanges sending verification messages, 2FA confirmations.
In most cases, the financial institutions are bearing the risk, should in case their customers get defrauded. The guilty party on the other hand use pseudo based stations which they use to swindle customers to transfer money to a safe account, click on a link to collect imaginary rewards and other formats.
The number of fraudulent messages in China in quite alarming, the total number rose from 650 million in 2015 to 1.82 billion in 2018. According to the available statistics, there are about 1.6 million people engaging in telecom fraud in China.
The United Kingdom is not left behind, the 2018 total asset lost resulting from telecom fraud is 354.3 million pounds, which is the annual GDP of the Philippines in 2018.
The activities of the fraudsters also stretch to Artificial Intelligence, where they make robocalls to defraud unsuspecting victims.
More on QLC Chain Solutions
The new Counter Telecom Fraud Platform will provide a safe and secure financial environment for both the bank and their customers as it will help to prevent SMS fraud, telephone fraud, and website content fraud. Through the distributed consensus mechanism of the blockchain technology, QLC Chain provides a trusted platform as following, not tampering and not relying on a single node.
To find more information, please visit the website: https://qlcchain.org/
Find QLC on Facebook: https://www.facebook.com/QLCchain/
Check out their Medium Channel: https://medium.com/qlc-chain
Chat on Telegram: https://t.me/qlinkmobile
Meet the team on LinkedIn: https://www.likedin.com/company/qlcchain/
QLC Cchain on Youtube: https://youtube.com/QLCChain
Name: Toya Zhang