How ARAW token platform will protect merchants and customers from fraud?
Numerous existing issues and fraud techniques are affecting the E-Commerce and Payments industry, which has been the case for decades. Even with current software, privacy and data management techniques, as well as web infrastructures, hacks, frauds and other types of privacy breaches keep happening.
Impersonation and identity theft
One of the main types of fraud in the E-commerce industry is impersonation by hackers or identity theft. The scammers manage to gather information and personal data about the user and can reproduce it to execute transactions. They can purchase items online or use the account information to steal funds. Some widespread techniques include phishing and pharming. The first one refers to fraudster-created fake websites, aimed to steal personal information directly from the user. A user would believe he or she is on a real website, make a purchase, and have his money and account data stolen. Pharming, on the other hand, is when modified browsers are exploited to redirect users to fraudulent websites, making it easy to steal their data then.
Stolen credit cards and account information
In a way related to identity theft and phishing, this sort of fraud is very prominent on e-commerce websites, and payment gateways. Scammers can obtain credit card numbers, account numbers, addresses, passwords and more. Later, they rapidly use the payment information to purchase online items or transfer the funds to another account. These kinds of attacks usually happen very fast and are only discovered by concerned individuals at a later time, making it extremely difficult to trace back to the hackers. This poses the question of safety and security. If the e-commerce platform’s security, safety, and piracy protection are not strong enough, then customers are at risk. Moreover, the storing of information directly on the platform (cookies, email, passwords, and accounts) also makes it relatively easy for fraudsters to steal it. Technical prowesses with code and other IT tools allow hackers to retrieve and gather personal data.
Fake e-commerce platforms and online stores
Often, similar products can be found in multiple online stores. However, not all of them are legitimate and may turn out to be scams. In these cases, user and account data is stolen, just like in the previously mentioned instances. Furthermore, hackers sometimes send store owners to a fake dashboard, which allows them to have access to the behind the scenes part of the platform, and perform damaging actions.
Clean fraud
Clean fraud is related to our previous point, as it refers to online platforms with products at unbelievably low and attractive prices. Customers will fall for it and purchase items in the store. Hackers will then send the product to the buyer to avoid any suspicions and immediately use the stolen payment information. This makes fraud detection extremely complicated as it happens in such a small time interval. Customers usually notice what took place days or weeks later, which again makes it almost impossible to find the scammer.
The benefits of the blockchain and how the ARAW platform can prevent fraud in the E-commerce industry
The ARAW Token platform offers a lot of solutions to the existing issues that affect the E-Commerce and Payments industry and that we have just mentioned above.
Blockchain: secure peer-to-peer, decentralised ledger
One of the reasons why the ARAW Token platform is so powerful and will be able to protect customers and merchants from fraud is that it relies on the Ethereum Blockchain. The blockchain has a lot of advantages and can solve privacy and security problems for many e-commerce platforms concerning payments, transactions, and data protection. Unlike regular e-commerce transactions that are very vulnerable and prone to fraud, as discussed earlier, blockchain transactions are un-traceable, secure and encrypted. They are anonymous and are only identifiable thanks to an address and a series of hash keys. This means that transactions do not contain information such as name, email, account data, addresses, etc., making them extremely private. Moreover, the blockchain is an immutable and trustless system. Immutability means that every transaction is logged onto the blockchain, and will never be modified, replaced, or reversed. In effect, this creates a history of all the transactions and orders that have been executed on the peer-to-peer network and leaves little to no room for error or loss of data. The system being trustless signifies that there is no longer a need for third-party verification, or for a single regulatory authority to intervene when two users make a transaction. By relying on the Ethereum blockchain, our ecosystem renders e-commerce and payment activities more secure and customers less susceptible to hacks such as phishing. Transactions are made directly between consumers and store owners, in a peer-to-peer fashion, through our e-commerce marketplace, and via the decentralised ledger. This is why the ARAW Token Ecosystem provides security and privacy to its customers and avoids identity theft, clean fraud, and account information being stolen.
Araw Pay payment gateway and the ARAW token
The ARAW Token Ecosystem can protect users from scams and phishing frauds thanks to Araw Pay. Araw Pay is a simple, easy to install, a widget that allows merchants to accept ARAW tokens as a means of payment for online stores. Payments are incredibly secure as they are made with our proprietary cryptocurrency, which means no credit card information is shared directly on the e-commerce store. The transaction occurs between the customer and the merchant, avoiding identity theft, impersonation, phishing or any other kind of fraud. The merchant can later choose to convert the tokens into fiat, exchange them for another cryptocurrency, or use them with our unified rewards system. Therefore, the ARAW Token Ecosystem brings peace to merchants and customers all over the world, thanks to a secure and encrypted payment protocol. It is also a completely transparent ecosystem, which we think will increase the adoption rate of the ARAW Token in the future. Customers will not send money to a fraudulent merchant, and their information will remain secure.
The ARAW Token Ecosystem and its marketplace
Clean fraud, identity theft, and personal data being stolen on traditional market-places are real threats for e-commerce customers all over the globe. This is where the ARAW platform comes in. One one of the driving forces of the ARAW Token Ecosystem is its mobile application, with the e-commerce marketplace. It is also one of the key components of our fight against the invasion of privacy and fraud. By having customers and merchants interact with each other directly in a fully secure, fully featured, and complete environment will prevent fraudsters and hackers from being able to penetrate online platforms and stores. It also removes the threats of fake e-commerce online stores and clean fraud. Every merchant is verified by the platform. Merchants can directly sell goods and products on the ARAW marketplace, and customers can directly make purchases from the platform. Both parties make transactions using the ARAW Token, and every step happens directly in the app. This means that there is no risk of identity theft, data breach, or account and card information hacking. With our platform, merchants and users can focus on their activities and know that their information is private, secure and protected from fraud and scams.
Conclusion
To conclude, it is clear that there are too many issues and frauds in the current E-commerce and Payments industry as we know it. This has been the case for decades, with little solutions seeing the light of day. With cryptocurrency and the ARAW Token Ecosystem, the answer to frauds, hacks and, scams is here. The ARAW platform and the ARAW token provide strong security and protection of information for both merchants and customers. Our end-to-end solution, with our marketplace, makes it extremely secure for users to make transactions without having a fear of losing funds and having their information stolen. Thanks to the ARAW Pay payment gateway, customers can safely make payments online. More importantly, the Ethereum Blockchain that the ARAW Token Ecosystem relies on allows for extremely secure transactions. Since the blockchain is trustless and immutable, users can feel at ease when it comes to their data.
The ARAW Token Ecosystem is improving each day to make e-commerce safer, to protect merchants and customers from fraud, and to become the future of the E-Commerce and Payments industry.
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