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QLC Chain helps financial institutions protect their customers from telecom fraud losses

QLC Chain helps financial institutions protect their customers from telecom fraud losses

May 16

QLC Chain ( launches “Counter Telecom Fraud Platform” on May 17th, the World Telecom Day. With the platform, financial institutions can build an Application-to-Person (A2P) messages ledger via QLC Chain and their customers can check the authenticity of the message sender. As a result, people won’t easily fall into the trap of phishing messages in disguise of a trusted number.

QLC Chain, Montnets — China’s leading cloud communication provider, and China Association of Communication Enterprises (CACE) joined hands to deliver this platform. It is available for China’s financial institutions to deploy immediately and to provide this value-adding service to their customers.

Blockchain Technology has been acclaimed for enhancing security in the digital world, however, there are few projects that have brought actual benefits to people’s daily life. As one of the leading public chains that focus on providing blockchain powered solutions to the telecom industry, QLC Chain takes a huge step in bringing the real application into the general public’s everyday scenarios.

How Telecom Fraud hurts banks and their customers

A2P messages are everywhere and very often applied as a critical security procedure. For example, the banks which are sending transaction authentication numbers; exchanges sending verification messages; 2FA confirmations.

Most of the times, these financial institutions — banks, exchanges, insurers, to name a few, are bearing the risks that their customers can be scammed. The scammers use pseudo base stations and ask customers to transfer money to a “safe account”, click on a link to collect “awards”, pay for a “utility bill”.

In China, the total number of scam text messages rose from 650 million in 2015 to 1.82 billion in 2018. According to the statistic, there are about 1.6 million peo...

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