A revolution in Ecommerce- Omnitude

The boom of e-commence business have provoked multiple entities to get involved with this industry generating a staggering $1.18trillion in 2016 and projected to go even beyond in the coming years. But the progression of this business have lured in many individuals who have tried to take advantage of the faulty and vulnerable platform in order to victimize a huge quantity of people through different fraud schemes. It is very alarming to see the data that in 2016, for every $100 dollar spent by the entities in e-commerce business have lost 5.56c to the scam imposers. The rigidity of the transaction procedure through credit or other type of cards have greatly impacted this situation.

There are basically 4 types of fraudsters who try different methods to steal away money from the marketplace. Mostly they intend to gain personal data to make purchases through accurate impersonations. In other cases, they can also get hold of an account to put away money from their account. It has been seen that around 70 percent of the e-commerce disputes were related to chargeback privileges.

Omnitude views to overcome and solve these fraud issues with the proper utilization and implementation of the blockchain technologies which can greatly reduce the merchant’s encounter with fraud and ensure their intented business transactions.