On a scale of 1-5 with 1 being the least and 5 as max, how secure do you think was your last internet banking transaction?
Not to sound Orwellian but over 40% of regular internet users overrate the security of their internet transactions.
Think that two-factor authentications are a sweet counter-punch to unauthorized access? The hackers want you to believe just that. The list of things that a dedicated hacker with enough time can’t make an unprotected network do is very small.
Stepping back from this scary scenario, the world has arrived at VaaS (Verification as a Service) models. VaaS providers offer verification services and ensure that the transactions carried out are actually transacted by the authorized individual.
Traditional VaaS models use authentication features like SMSes/OTPs, PINs and security questions. According to experts, these models are ineffective because they can all be bypassed by a simple Man-in-the-Middle attack. This brings us to VeriME, a novel solution in VaaS that employs the resilient blockchain technology that becomes more secure as the number of users increase instead of the other way round.
VeriMe has partnered with many leading websites that facilitate transactions. You just need to create a profile on the VeriME app and you’re done. VeriME creates a unique and secure identity for verified customers using blockchain technology. The VeriME app asks the user to take a selfie while making expressions like smiling, staring etc. This selfie is validated against Government IDs uploaded by the Customer using advanced algorithms that make sure that the accuracy of the matching is higher than that of the human eye.
Now when you want to send money over the internet, you visit a VeriME partner and it effortlessly fulfills all your KYC (D-KYC) and authentication (D-SECURE) needs. As an added layer of security, the PCI-DSS (Payment Card Industry Data Security Standards) and PII (Personally Identifiable Information) details of the user never leave his mobile phone protecting the information from breaches that occur during data transmission.
● D-KYC eliminates the need for performing multiple KYCs at both ends i.e the customer as well as the service provider. It cuts operational costs for the service provider and enhances ease of use for the customer. The service provider (for example, a banking institution) generates a QR code that will be displayed on their website and scanned by the customer through the VeriME app. This QR code also serves as a test of the genuineness of the website as well. That’s it, the KYC process has been reduced to a two-click process.
● D-SECURE is geared towards merchant-consumer transactions that require authentication and verification of the transaction. It facilitates two-way authentication where the consumer, as well as the merchant, can validate their ends of the transaction.
The real beauty of the VeriME solutions is that they are decentralized and blockchain based which means that all transactions are recorded in a tamper-proof ledger. All transactions within the VeriME ecosystem are carried out by means of utility tokens calledVMEtokens. The usage of VME tokens will ensure that the transactions are fast and secure while also providing an incentive to users for validating the transactions on the blockchain.
VeriME is one of those rare not-for-profit ecosystems in the Blockchain space which will reinvest all revenues from its services in upgrading the technology and for the expansion of the ecosystem to increase the value of VME Token and thus increase the profit each user earns for validating the transaction on the blockchain.
VeriME is currently at the pre-sales milestone with plans to hold their tokensales from the1stof February to the 15th of March, where about 30% of their 1 billion VRM tokens will be up for sale to merchant institutions (Partners) and consumers (Customers).
VeriMe has partnered with Ngan Luong, the largest payment provider of Vietnam, WeShop, Asia’s premier cross-border retail import-buying facilitation brand, and Moin, South Korea’s blockchain based cross-border remittance service provider, which speaks volumes about their resolve and reputation garnered in the market. Their partners also include Ebay.vn, the Vietnamese arm of the global giant Ebay, and all of this is under the advisement of Mr. Nguyen-Hoa-Binh, the CEO of Verime