American Express is interested in Blockchain to fight fraud
American Express Financial is looking at Blockchain technology to fight fraud and better protect its customers’ identities.
American Express has announced that it is working on several projects using Blockchain technology.
With the Blockchain, American Express wants to protect the identity of its customers and secure transactions issued with its credit cards when paying at a merchant.
Tereasa Kastel, vice president of technology at American Express explains that the Blockchain will play an important role at American Express but the company must be cautious. According to Kastel, as a financial company, American Express must comply strictly with legal and regulatory requirements.
American Express is not the first major financial company specializing in credit card payments to be interested in this technology. A month ago, Mastercard filed a patent described as a method and system of identity protection and 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.