Covery launches blockchain-inspired collaboration network Trustchain

Wednesday 7 November 2018 00:03 CET | News

Risk management platform Covery has launched a blockchain-inspired collaboration network called Trustchain where customers can detect fraud more reliably.

The product enables its members to assess the risk of various identifiers commonly used in online fraud prevention and to instantly share new reputation knowledge about users with other members. The network automatically takes into account each member’s business nature and many other aspects to maximize the accuracy of submitted data and minimize the false positives.

Trustchain places all reputation data to 3 chain types: individual, industry and global. The approach is fully customizable so that each online business can use any chain types in any combination and at the same time to understand why and from the particular reputation comes to increase the data usefulness and reduce the false positives.

Data from Trustchain is automatically transmitted to the rule-based and the machine learning engines, previously configured for the customer. Then a decision-making agent presents the analysis result using one of 3 options: accept, reject or manual review. Moreover, the decision includes score of the user action, clear reason why this decision was made as well as additional fields to connect the result to different product flows on the customer side to improve the experience.

Moreover, Covery customers always know why an identifier has a particular reputation assigned to it and understand more clearly the fraud patterns and stay ahead of the bad actors.

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Keywords: Covery, blockchain, Trustchain, fraud detection, machine learning
Countries: World

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