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Never in the history of humanity has personal identifiable information (PII) is at most risk of theft and misuse. As the growth in the digital space connects us and draws us closer to one another, sadly, this has also created opportunities for hackers and identity thieves to make their move.
In the last decade, there have been a steady rise in identity theft and confidential breaches and an estimation of $107 billion have been stolen. The USA Today reports that more and more people will lose their identity to hackers, thieves and fraudsters if they do not pay serious attention to identity management and the aspect of data security.
The antivirus giants, McAfee have announced their decision to make identity theft one of the arrowhead threats that they will be fighting against in recent time. This decision was made on the heels of data breaches happened in 2017 that caused millions of people with SSN exposed to identity theft.
The situation calls for a robust platform for identity management, one that is practical, secure and efficient. We at Xenchain have developed a global platform that runs on the Blockchain network and operates under the principle of smart contract that can gather, securely store and provide on-demand (with the permission of the data owner), PII data to consumers and users alike at a lower cost and in a seamless manner. We are experienced in managing KYC and user data access using our modern and high tech software solutions for text and facial recognition that can be deployed for user data validation.
Xenchain is set to introduce you to a global, end-to-end disruptive model of identity management that is solely powered by the Blockchain network. This new model is poised to provide a platform for secured identity verification, KYC enhancement and onboarding process on a timely intervention and a lower cost.
Our solution removes the complexity of assess requirements associated with multiple websites and applications, and also the issues of user authentication. One of the key breaching points in cyber-attacks is usually through the Business Email Compromise (BEC). It is reported that over $5 billion has been stolen through BEC over a three year period from 2013 to 2016. In 2017 alone, over 200 companies have also been identified to have run the risk of being under BEC attacks by some cyber fraud syndicate. These figures indicate just how phishing attacks become more lucrative for cybercriminals.
With Xenchain, we deploy enhanced user authentication mechanism which includes super intelligent text identifiers, facial recognition and digital ID scanners to ensure user data are securely and legitimately gathered, protected and assessed.