A New Reason For Fraudsters To Be Fearful.

The statistics on Credit Card fraud are frightening. The Nilson Report estimated that $24.71 billion was lost to fraud in 2016 alone. And online fraud is the most common globally. With data hacks and identity theft on the increase, are financial services doing enough to protect consumers from losing money?

Srikar Govindarajula, founder and CEO of Credito doesn’t think so: “Centralised financial institutions are powerless to prevent fraud. The model is too fragmented and slow to respond to global threats. At Credito, we will offer real-time data, so when suspicious patterns emerge; this data can be made available to the whole world immediately”.

Credito will deliver CreDApp, its peer to peer crypto collateralized lending platform early next year, and Mr Govindarajula knows how vulnerable Crypto wallets can be to cybercrime and fraud. “Every other day I read about investors losing their coins to fraudulent activities, or after their unprotected wallets have been hacked. We risk losing investment in Blockchain Fintechs if investors cannot be sure that their money is in safe hands. This is why I am delighted to announce that Credito has teamed with BioSSL Solutions.”

BioSSL is an award-winning innovative company that secures online financial transactions, confidential document transactions, and other high-risk web-based environments. It won the Sesames Award 2016 for best Cybersecurity solution, as well as the Silver Fintech Award 2016 for Best Biometric Solution. BioSSL’s CEO, Johann Caubergh believes that together, Credito and BioSSL can work towards a lasting solution to the problem of credit fraud. “This is an opportunity to make a real difference in terms of cyber security on the Blockchain, and a major step forward for the safety of Peer to Peer lending. I am excited that Credito has joined our roster of partnerships and am confident that our relationship will be a successful one.“