Blocknotary Uses Tierion to Help Russian Mobile Pay Processor Fight Fraud with Blockchain Stamp
Blocknotary’s new app, which was developed at Blockchain University, uses Tierion to facilitate the onboarding process for Pay-Me’s customers. In the past, new customers of Pay-Me needed to visit a physical office for an interview with a customer service representative.
Blocknotary replaces the in-person visit with a video interview conducted via a mobile application., while Tierion is used to collect the data and create a verifiable record of the entire process.
Pay-Me originally adopted the legacy interview process to mitigate credit card theft and legal liability. In Russia, there is frequent theft of credit cards and use of mobile point of sale (PoS) terminals by criminals to launder money. Blocknotary’s video interview application permits customers to verify their identity and conduct an interview from their location. The customer’s statement of intentions and the information needed for a background check are collected.
This makes the onboarding process easier for new customers and allows Pay-Me to ship a PoS device before a background check is complete. According to Tierion, Pay-Me also gets a tamperproof record of the entire process that can be verified using blockchain. The time-stamped record can lower Pay-Me’s legal liability as well as be useful to police investigating fraudulent activities.
Pay-Me CEO, Vladimir Kanin, said, “Recording a video of yourself during the registration process helps prevent fraud. As CEO, I’d like to make it as difficult as possible for criminals to use Pay-Me to conduct illegal activities.”
Wayne Vaughan, Founder and CEO of Tierion, noted, “We’re thrilled that Blocknotary chose to build their new product using Tierion. The company is exploring other applications for this technology including tenant background checks, purchasing firearms, and insurance claims submissions.”
Blockchain University is a Silicon Valley based platform for education and talent development in the blockchain space. The organization pursues its goals through public & private training programs, hackathons and demo events.