Preventing Credit Card Fraud: HyperSphere’s Technologies That Ensure Ultimate Security of Credit Card Transactions
HyperSphere offers three technologies to solve credit card fraud: identity solution, advanced blockchain and Secure Dynamic Network & Protocol (SDNP), patented cybersecure communication protocol. Let’s see how these technologies work altogether to prevent credit card fraud.
Identity Solution
The major reason of credit card fraud is lack identification. Intruders, that got someone’s credit card details, are able to use it as owner, without any notifications or approvals to the real credit card holder. HyperID is aiming to eliminate that problem, requiring identity verification and guaranteeing that any payment will be made without you.
Sure, it’s useful to have some money storage for fast micropayments, so HyperSphere Certification Authority system allows to create applications like digital wallets or issue some temporary wallets inside your main account.
Patented Cybersecurity Solution
The SDNP protocol combines autonomous dispatcher-based packet routing and fragmented data transport of anonymous data packets over a meshed network with the encryption and state-based concealment techniques to repel packet hijacking, man-in-the-middle attacks, and metadata surveillance of network traffic.
Unlike all the wide range of security solutions, available in the market that secure data only on the 7th layer of OSI model of the computer network, SDNP provides data encryption on several layers of OSI: from the 3rd till 7th with possibility to store, transfer and process all the sensitive data securely and keep it completely immune from cyberattacks.
All businesses that deal with great number of payments, like big retail companies that need to securely collect, store and process various types of data, banks and fintech projects with the need to launch secure transactions can launch their secure payment apps or digital wallets on HyperSphere to ensure strong customer authentication and prevent fraud.
Private Chains of the HyperSphere’s Blockchain
A lot of harm to banking and credit card industries is also being done via application and bankruptcy fraud. This is possible due to separate banks identity databases. Same person may open credit line in one bank even if it’s bankrupted in another. This issue must be fixed via mutual private blockchain, where banks would be able to track credit status of each person privately and securely via hashes of each client.
Same scheme may significantly simplify identification procedure in different banks. If person is verified in one bank — it is able to share his HyperID and record in his bank verified users blockchain.
Also to make blockchain processing really fast and avoid huge network synchronization problem, we’ve developed DyDAG blockchain approach.
