Monday, July 23, 2018

American Express Explores Blockchain Technology to Fight Fraud :

American Express Explores Blockchain Technology to Fight Fraud :

The American Express financial firm is looking into blockchain technology to fight fraud and better protect the identity of its customers.

As TechRadar reports, at the Oktane18 conference in Las Vegas, American Express announced plans to work on several projects using blockchain technology.

Thanks to the blockchain, AmEx wants to protect the identity of its customers and secure the transactions issued with its credit cards during a payment to a merchant.

Tereasa Kastel, vice president of technology at American Express, says at the conference:

"American Express is an innovative company, we work on several blockchain projects especially for financial transactions. We are also exploring the creation of 'blockchain identity wallet' to combat identity theft. "

She explains that the blockchain will play an important role at AmEx but that the company must be careful. According to Ms. Kastel, as a financial company, American Express must strictly adhere to legal and regulatory requirements.

This speech follows another announcement by the group regarding blockchain technology. Media Coindesk reports that AmEx will integrate a blockchain application into its Membership Rewards program to increase customer engagement.

Chris Cracchiolo, Director of AmEx's Membership Rewards Program announces:

"Our partners will be able to create personalized programs by encouraging their customers to download the application. Merchants will be able to reward customers in more ways. "

American Express is not the first major financial company specializing in credit card payment to be interested in this technology. Cryptonaute reported last month that Mastercard had filed a patent described as a method and system of protection and identity verification through the blockchain. A few days later, Mastercard also announced that it had hired 175 new people to work on new technologies such as AI or blockchain.
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