How to Avoid the Tremendous Bank Frauds Around the World

How to Avoid the Tremendous Bank Frauds Around the World

Bank fraud has always been a part of history since time immemorial, and it hasn’t stopped a bit even to this day and time. Fraud cases still continue to rise every single day. Just very recently, a woman from Manchester lost £95,000 over a fraudulent bank transfer in Lloyd's Bank. The fraudster was also banking in the same bank and was able to send an email to the victim posing as her solicitor. The bank didn’t notice the discrepancy in her name until later when all her money was already gone. This type of scam is known as “authorized push payment” fraud, where emails are hacked to trick customers into sending large amounts to the criminals’ accounts. This is not the first time it happened, and the banks were always too late to detect it.

This keeps happening to too many people who keep losing large amounts of fortune every time that their banks are too lenient to detect fraud even before the money is taken away. Banks keep saying that they’re doing their best to improve things, which is what they always say anyway, yet their best doesn’t seem to be good enough. In the meantime, people will continue losing their money over to the fraudsters. On the other hand, bank transfer frauds, particularly, are somehow on you because it’s you who authorizes it.

So much with legit-looking emails or pleasant-sounding voice when a

fraudster calls you asking you to transfer money to his account. The bottom line is that it’s you who authorizes the transfer. This is happening around the world, so the question is, how do you avoid it?

The answer is to switch to decentralized blockchain financial systems such as the Virie Market. Such markets offer the highest form of security against fraud and other criminal acts. With Virie, for instance, you will never be asked for any of your personal information in the first place, therefore there is no way on earth that the fraudsters will have access to your email, phone numbers, or any other means to communicate with you and ask for you to make a money transfer. It implements an additional protocol of Proof of Stake (PoS) on top of the existing Proof of Work (PoW), which means that a hacker needs to have 50% of each to be able to penetrate the platform, making it essentially impossible for them to do anything at all.

Using the most advanced blockchain technology and modern cryptography, all transactions are untraceable so that no fraudster will ever know who sends the payment and unlinkable so that no fraudster will ever know who the payment was sent to. In fact, no one at all will know these. All your transactions are safely stored in the blockchain storage. While traditional escrows use third-parties as intermediaries who see that the payments between two parties go through, Virie provides an elegant mechanism for escrow without using a third-party as its entirely based on the principle that everybody has to play fair to maximize the profits. Both parties involved will have to make a deposit first to ensure that both will adhere to the agreement.

If anything goes sideways from any of the parties, his or her deposit will be forfeited, leaving no victim behind like it is with bank frauds. So that someone from the United States can send money to a relative in the Philippines, a remote worker from India can receive the payment from his employer in London, or someone from Italy can pay the house he bought in France, without the fear of losing it. Whatever your purpose may be for sending and

transferring money, using Virie Market is a guaranteed way to avoid any form of fraud and scams. Check its Whitepaper and download its application to see it for yourself.