B2B E-Commerce on the Blockchain

February 15, 2018

There is no better way to make a point than to tell a story. We shall begin with Matteo’s story. Matteo runs an electronics company in Northeast Italy. He thought he was sending money to an established supply partner in China, but what would happen in reality was that fraudsters intercepted both Matteo and the Chinese partner’s e-mail addresses, later using e-mail spoofing to mislead the recipient about the origin of the message. Such fraudulent e-mails would direct the purchasing companies to send payments to a new bank account because of a purported audit. However, such bank accounts belong to the fraudsters, not the supply companies. Matteo nearly lost all his money and business funds simply because he found it easy to use and trust plain e-mails and PDF orders.

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