Brazilian Banking Federation applies blockchain technology to formally establish fraud prevention networks

On June 14th, according to the South American Overseas Chinese News Network, the Brazilian Banking Federation and the Inter-bank Payment and Clearing Organization (CIP) jointly developed an anti-fraud data sharing network platform, which was officially put into use on the 12th. The platform uses blockchain technology and currently has nine banks. According to reports, Bradesco Bank, Banrisul Bank, Bank of Brazil, Federal Reserve Bank, Original Bank, Itaú Bank, JPMorgan Chase Bank, Santander Bank and Bradesco Bank have joined the new network platform. The published platform is still in its infancy in the application of instant payment and open banking, and currently only identifies stolen mobile devices. For example, if the above bank customer loses the mobile phone, the bank can be notified immediately and other relevant financial institutions will be automatically notified. Similarly, if the customer's mobile phone is retrieved, all agencies can be notified in the same way. If the financial institution has not adopted blockchain technology, the relevant information can be input into the shared network platform through the bank's blockchain node or application programming interface (API). According to Leandro Vilain of the Brazilian Banking Federation, the new network platform adds new security tools to the banking system, and with the application of new tools, the number of financial fraud cases implemented by mobile phones in China will drop significantly.