in 2012, the United States is about 7% of the people over the age of 16 years of age or older, experienced identity theft, caused economic losses of $24.7 billion. Christopher? Morton for this type of crime is more understanding, because in 2007, his identity has been stolen. Fortunately, the thief was banned for a new credit card. Morton has since started to became interested in the working of the authentication system.
BlockScore by with John Morton, Baku and Alain Meier together to create. It is formed by Y Combinator hatching the latest batch of start-ups. It was not long ago, the company received $2 million in financing, the investor respectively to ‘Ventures, khosla Ventures, the speed of light, venture capital, the new Atlantic venture capital firms, Boost VC, Y Combinator, and several other “angel” charity investment funds.
“Alain, John, and I work in the authentication system, so know the manufacturer’s design flaws,” Morton told me in an email. “I designed for myself, founded the company a payment system Cube, it requires the ID verification of eligibility and fraudulent. Last year when we find the authentication solution, the old system and business process still exist.”
BlockScore is created to solve this problem, its vertical target market is to pay, prepaid card, bank, malls, currency exchange and share of the economy. Morton explained that BlockScore help companies in these areas “reduce the burden, to protect consumers and business identity from theft and other forms of fraud.
when consumers use BlockScore company registered, they will be asked to provide their name, address, date of birth, passport number or the last four digits of the social security number. This information is then passed to the BlockScore API through the verification, to ensure that it is true or whether the people in the criminal watch list containing all the files. BlockScore will then ask some questions, to verify their identity, such as “do you know these people?” Or “what kind of car you have in 1999?”
larger companies tend to require photo ID, utility bills, bank statements and contract to verify identity; Or depends on the credit reporting agencies, to verify identity.
BlockScore through no upfront fee, effective public files, API, simplification of pricing plan. Morton says, some companies can register for the service, and can realize BlockScore in one day.
“most of the time, whether for regulatory compliance or acute fraud, our customers don’t have to be in the three months to change an old supplier. Although many suppliers can pay modernization, we realize the modernization of authentication, “he explains.