As Internet penetration deepens around the world, it increasingly shapes the way everyday people live their lives and do business. Well, commerce is also affected. Nowadays, it’s not uncommon to see people buy virtually everything over the Internet. The process of buying, selling and exchanging items online is called e-Commerce, and it is becoming popular all over the world. Not only is it becoming popular, e-Commerce is also growing in volume. Looking at some stats, global e-Commerce volumes were valued at US$1.86 trillion in 2016, and it’s projected to hit US$4.48 trillion in 2021. Despite this seemingly cheering news, the industry has some setbacks, which it still battles to date.
**Challenges of the e-Commerce Industry **
Of all the setbacks confronting the e-Commerce industry, fraud is the most worrisome. Unarguably, if let unwatched, fraud is capable of bringing the entire industry to its knees. As though it was a deliberate attempt to add insult to injury, people are steadily advancing their trickery skills.
E-Commerce Fraud Classifications
Today, frauds in the e-Commerce industry are classified into four broad categories:
• Clean Fraud: Someone is involved in Clean Fraud when he makes purchases by impersonating another cardholder, stealing the account information of the original financial card owner
• Identity Fraud: Just like the Clean Fraud, Identity Fraud takes place when a fraudster accesses and steals sensitive information belonging to someone else, such as name, date of birth, current or previous addresses, etc. to commit fraud. The difference between Clean Fraud and Identity Fraud is that in the latter the fraudster doesn’t impersonate anyone
• Account Takeover: Account Takeover is similar to Clean Fraud. In account Takeover, the fraudster poses as a genuine customer just to gain access and control of genuine customer’s account. When the person becomes successful, he makes unauthorized transactions
• Reshipping: In this case, people are promised rewards in cash for receiving, repackaging and mailing merchandize (originally purchased online) to another address. However, the sender is unaware that the shipments or goods were purchased with stolen credit cards.
Solution
If you have ever become a victim to any of the above-mentioned frauds, don’t sweat it as a mechanism for addressing the scams have been devised. Yes, Omnitude is pioneering a platform that will run on the blockchain to effectively arrest these e-Commerce identity thefts. This platform known as Omnitude ecosystem is designed to work in two phases. The system will launch with a token known as ECOM.
How It Works
To tackle the identity theft, the Omnitude ecosystem will provide a single identity on the blockchain. Guess what: nobody can hack the blockchain because it is a trustless, decentralized network that uses a consensus algorithm to validate transactions. Therefore, migrating e-Commerce transactions on the blockchain will tackle identity theft using Omnitude Identity (OID). You see, fraudsters have no place in this system.
Furthermore, to address reshipping fraud, Omnitude’s Supply Chain solution will tag shipments and track them from the raw material point to the delivery point. Users of the Omnitude ecosystem will make payment using the ECOM after their identities have been confirmed on system.
Why You Must Buy ECOM
Wondering why you should invest in this project? Here’s why:
• It has huge potentials given the growth rate of the e-Commerce industry
• Its team is peopled with crypto nerds
• It offers a permanent solution to e-Commerce fraud, meaning that it will give other cryptocurrencies a run for their money.
Invest in ECOM today to play a key role in defining the future of the e-Commerce industry. To learn more, kindly click any of these links; website, whitepaper, telegram, twitter, facebook, Bitcointalk ANN
Author – Coltpython