Blockchain-Based Solution for Detecting and Preventing Fake Check Scams

From LRDE

Abstract

Fake check scam is one of the most common attacks used to commit fraud against consumers. This fraud is particularly costly for victims because they generally lose thousands of dollars as well as being exposed to judicial proceedings. Currently, there is no existing solution to authenticate checks and detect fake ones instantly. Instead, banks must wait for a period of more than 48 h to detect the scam. In this context, we propose a blockchain-based scheme to authenticate checks and detect fake check scams. Moreoverour approach allows the revocation of used checks. More precisely, our approach helps the banks to share information about provided checks and used ones, without exposing the banks' customers' personal data. We demonstrate a proof of concept of our proposed approach using Namecoin and Hyperledger blockchain technologies.


Bibtex (lrde.bib)

@Article{	  hammi.21.ieee,
  author	= {Hammi, Badis and Zeadally, Sherali and Adja, Yves
		  Christian Elloh and Giudice, Manlio Del and Nebhen, Jamel},
  journal	= {IEEE Transactions on Engineering Management},
  title		= {Blockchain-Based Solution for Detecting and Preventing
		  Fake Check Scams},
  year		= {2021},
  pages		= {1-16},
  doi		= {10.1109/TEM.2021.3087112},
  url		= {https://ieeexplore.ieee.org/document/9469218},
  abstract	= {Fake check scam is one of the most common attacks used to
		  commit fraud against consumers. This fraud is particularly
		  costly for victims because they generally lose thousands of
		  dollars as well as being exposed to judicial proceedings.
		  Currently, there is no existing solution to authenticate
		  checks and detect fake ones instantly. Instead, banks must
		  wait for a period of more than 48 h to detect the scam. In
		  this context, we propose a blockchain-based scheme to
		  authenticate checks and detect fake check scams. Moreover,
		  our approach allows the revocation of used checks. More
		  precisely, our approach helps the banks to share
		  information about provided checks and used ones, without
		  exposing the banks' customers' personal data. We
		  demonstrate a proof of concept of our proposed approach
		  using Namecoin and Hyperledger blockchain technologies.}
}