Why blockchain is the best defense against payment fraud

Cyber criminals operate on the cutting edge of technology. So should businesses.

When it comes to storing sensitive client data, that means utilizing blockchain technology.

Blockchain is a shared database that stores information securely, with blocks of data linked together through cryptography – effectively coding information so only the person it's intended for can access it.

While many people associate blockchain with cryptocurrency, the technology can be used to make data in any industry inalterable.

“Eighty-one of the top 100 companies in the world use blockchains to store their information," says John Gavigan, CEO of WireVault. “Why do you think they’re doing it? It's the safest way to store sensitive information on the planet.”

How blockchain secures wire transfers

Hackers can easily modify sensitive banking information submitted via a PDF or email, which many businesses use to share payment details for wire transfers.

However, data entered into a blockchain cannot be edited because it is digitally distributed to and verified by each user involved in the transaction – instead of being located in one place.

Only the essential details, such as the routing and account numbers, are permanently inscribed in the linked blocks. This selective recording method ensures a secure, tamper-proof record while maintaining privacy and minimizing the risk of fraud.

The safest way to move money: How WireVault uses blockchain for businesses

WireVault’s streamlined platform allows companies to securely collect, store and share sensitive information for wire transfers using both the best-in-class private blockchain and two-factor authentication. This ensures payment details remain unaltered, and that only authorized users can access the information and complete transactions.

“I don't consider myself a blockchain expert whatsoever, but I do know blockchain can't be manipulated, and that's the infrastructure that WireVault is built on,” said Dominick Muto, COO/CFO of Rupp Pfalzgraf law firm. “If someone were to hack an email or intercept an email, they can change the wire instructions and can provide a different account and routing number. With WireVault, whatever is input into the system, I know that I'm going to receive that, and that is truly the account and routing number that we're sending these funds to.”

80% of U.S. businesses have been hacked. Ready to protect your wire transactions? Create a free WireVault account.

How email security vulnerabilities help criminals commit wire fraud

If a criminal’s goal is to intercept wiring instructions, they could do so with a very simple phishing email. Once they gain access, they observe that email box for months and collect intel such as who communicates with whom – and how.

Commonly asked questions: What is WireVault and how we’re different

WireVault leverages best-in-class security measures, including two-factor authentication and blockchain technology, to protect your or your organization’s most sensitive information.

Wire fraud quietly happens all around us. Here are a few costly examples

About 80% of U.S. companies say they have been hacked by opportunistic cybercriminals who don’t need to change their playbook because vulnerable processes remain the norm.

In the press: John Gavigan's latest startup challenge takes on finance fraud

“Of all the things I’ve done in my professional life, this is without a doubt the hardest,” Gavigan told The Buffalo News, “but it’s also the most rewarding.”

How WireVault works: A step-by-step guide

WireVault replaces vulnerable and error-prone common practices for sharing wire transfer details with a web platform that's as user-friendly as it is secure.

‘Night and day’: How WireVault is alleviating wire-transfer worries about one law firm

Rupp Pfalzgraf Controller Terry Kosmowski used to leave the office a bit anxious after a day’s work — particularly when that day involved any transferring of funds via wire.

How WireVault makes wire transfers easier — and more secure

Emailing and texting are so ingrained in our everyday life that we don’t think twice before sharing banking instructions like account and routing numbers.

From inspiration to solution: A simple safeguard against payment fraud

Dennis Vacco didn`t need any more food for thought. As he sat down for dinner with CrediVault CEO John Gavigan to discuss ways to use the blockchain technology ...