How to Use AZT’s Aztec Data Analysis to Spot Fraud
The Aztec data-analysis software is a must-have for anyone who wants to spot fraud.
Aztec analyzes the data, and uses it to predict fraud risk.
But what if the fraudster is a professional criminal?
How can we tell?
To find out, Vice News contacted Aztec to get its take on fraud and the Aztec’s data-analytic tools.
Aztec is also a part of the Bancor blockchain consortium, a consortium of financial services companies that aims to build a blockchain-based platform that will make money-transfer services safer.
Its founder, former IBM executive Chris Dixon, is a cofounder of the New York-based startup, Coin Center.
Aztecs data analysis is powered by a custom built blockchain framework that runs on Ethereum.
In the Aztecs case, Dixon says the platform will be able to quickly determine if a person has committed fraud.
“Our platform will detect fraud by analysing data from multiple sources, including the blockchain, and will automatically detect if a fraud is taking place,” Dixon wrote in a blog post.
“If the fraud was not detected, it will be automatically removed from the blockchain.
This means it will not be associated with any fraud at all.”
Dixon says Aztec is not the only company that has built a blockchain based platform.
A few weeks ago, BitPay announced it would begin using blockchain technology to build its platform.
“This is one of the most exciting times for blockchain technology,” Dixon said.
“It’s an open source technology and it’s been used for fraud detection and for a whole host of other things, and it really has the potential to make a big difference in our lives.”
The Aztec blockchain data-analyst program was created to help the company determine if fraud has taken place.
It works by running a simulation and looking at the number of transactions per day, transaction volume and average transaction price.
“The analysis will give us a snapshot of the actual transactions,” Dixon says.
“And it can tell us what is likely to happen in the future, how many transactions it will take for that to occur, and what types of fraud we are likely to see.
So we can get a better understanding of what is actually taking place.”
Dennis says the Aztek’s platform will allow businesses to better protect themselves against fraud.
“There is no other platform like this on the market that has a platform that is capable of performing all the functions that Aztec has,” Dixon explains.
“So it allows businesses to make better informed decisions.”
Aztec also has other services like its blockchain database that is open source.
“This is the foundation of what our blockchain platform is built upon,” Dixon adds.
“If we had the technology, we would have a way to store all the data that we have on this platform.”
Aztek also has a “secure storage” platform that can store the blockchain data.
“We are not storing any data,” Dixon explained.
“Our storage is secure.
We store it in the cloud.”
Aztec’s blockchain data analysis will be used to help companies track fraud risk across all the companies in the consortium.
“Aztec has an enormous amount of data and we use that data to understand the patterns that we see,” Dixon told Vice News.
“The data analysis allows us to see if a pattern is being replicated in other industries.”
Davies hopes that the platform’s data analysis can help companies avoid being ripped off.
“Companies are doing everything to be as transparent as possible with their data,” he says.
“We believe that a lot of the fraud that we are seeing right now is a result of that type of fraud,” Dixon continued.
“What we are trying to do is make sure that fraud detection is a lot more efficient and less expensive.
That means that fraud is more likely to be detected.”