RE:News Out ID launches version 2 of bloc/encryption software! IRVINE, Calif., Sept. 11, 2018 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V:ID) (OTCQB:IDTLF) (Frankfurt:8ID), a leading provider of email security today announced the official launch of Version 2 of its Trusted Blockchain Technology which enhances security features to combat the growing problem of wire fraud. Blockchain, the underlying technology behind bitcoin, is a digital tool for doing a variety of functions such as recording, verifying and preventing transaction tampering. Identillect’s blockchain creates integrity checks through every level of communication, limiting the possibility of security breaches which are currently plaguing industries engaging in wire transfers.
Blockchain Technology is anticipated to have a significant impact on almost every industry requiring security. Blockchain is inherent to the future of cybersecurity, emphasizing a different approach storing, transacting, and establishing trust. One such area where Identillect is using this technology is to assist in preventing wire fraud. According to the FBI in the United States there were $19M in losses for 2016, by 2017 that figure increased to an astounding $963M in wire fraud attempts. The numbers are not available for 2018 at this point but we know the current average being stolen from US homebuyers is $2.65 million per day.
Many escrow officers have been utilizing phone confirmation to ensure the wire instructions are valid prior to completion of the transaction. However, the new phone-porting scam makes “call and verify” a waste of time once fraudsters insert themselves into the chain of communication. In such cases, the Title Agent or Realtor is basically calling the imposters and asking them to verify their identity. The direct use of blockchain technology inserts an additional layer of security. This security only allows a wire transaction to be viewed if the integrity of the information is verified at the sender and is confirmed through the blockchain at the receiver. If a compromise occurs, the recipient will not be able to view the wire instructions, and the sender and the administrator will receive a communication defining where the compromise occurred so they may address it immediately.
Identillect is continually developing and implementing new technologies for the integrity of digital communication; Version 2 of Identillect’s Trusted Blockchain Technology is another example of remaining on the cutting-edge. This technology provides additional tools for the real-estate community to protect their clients and protect their reputation.
Identillect CEO Todd Sexton states, “This second version of our Blockchain Technology will elevate the security protocols for our clients engaging in wire transfer. The growth of Identillect’s customer base continues in these areas as the vulnerability of wire transfer becomes more prevalent.”