Uniscrow utilizes smart contract technology to automate the escrow process, providing a secure and decentralized platform for users to create and manage escrow transactions without intermediaries. Uniscrow offers a unique solution to the challenges of traditional escrow services, providing a more efficient, cost-effective, and secure alternative.

The audit covered various aspects of the smart contract, including its functionality, security, and compliance with industry standards. Potential vulnerabilities were identified, and recommendations were given to improve the smart contract’s security. The Uniscrow team has already implemented these recommendations, making the smart contract even more secure and reliable.

The successful completion of the audit is a significant milestone for Uniscrow, demonstrating its commitment to providing a secure and reliable platform for escrow transactions. The Uniscrow team will continue to work to improve the platform’s security and functionality, ensuring that it remains a leading platform for escrow-as-a-service.

In conclusion, Uniscrow’s smart contract has passed a comprehensive security audit conducted by CredShields, confirming the platform’s security and reliability. Uniscrow continues to provide a secure and decentralized platform for escrow transactions and will continue to improve its security and functionality. The team behind Uniscrow takes very seriously the security of on-chain and off-chain code, among the other things, we are sponsors and main contributors of the webzine Smart Contract Tips, a dedicated blog full of best practices and cybersecurity advises for blockchain applications and smart contracts.

The post Uniscrow’s Smart Contract Passes Rigorous Security Audit: Ensuring Safe and Secure Escrow Transactions appeared first on Uniscrow.

Luckily, he decided to contact us before sending any money; this simple check saved him 10,000 USD. The transaction was about the sale of a secondhand car.

This is the classical implementation of the Internet escrow scam, which is a subtle strategy based on the impersonation of some legitimate escrow business to convince a buyer to deposit money to a rogue bank account.

How is the Internet escrow scam orchestrated?

The Internet escrow scam is a type of fraud that involves the use of fake escrow services to trick people into paying for goods or services that they will never receive. In this scam, a seller or buyer may suggest the use of an online escrow service to protect the transaction. However, the escrow service is a fake website that is controlled by the scammer, rather than a neutral third party.

Once the victim sends the payment to the fake escrow service, the scammer disappears with the money, leaving the victim with no way to recover their funds. The victim may also never receive the goods or services they were promised.

To avoid falling victim to an Internet escrow scam, it is important to verify the legitimacy of any online escrow service before using it. Look for reviews, check the company’s website and contact information, and never send money to an escrow service that you do not trust.

In case you are unsure contact the escrow company and check if it is a legitimate request. If the request is suspect do not proceed any further.

How many people is scammed through the Internet escrow scam every year?

It is difficult to determine the exact number of people who are scammed through Internet escrow scams every year, as many victims may not report the scam to authorities or may not even realize that they have been scammed. However, according to the FBI’s Internet Crime Complaint Center (IC3), there were 13,638 reported complaints related to Internet auction fraud in 2020, which includes scams involving fake escrow services.

This represents a decrease from the 16,394 reported complaints in 2019. It is important to note that these figures only represent reported cases and do not account for unreported cases or those that may have gone undetected.

How to recognize that the request I’m receiving is from a scammer?

There are several warning signs that can indicate if an email is from a scammer. Here are some common ones to look out for:

1. The email contains urgent language or a sense of pressure to act quickly. Scammers often use fear or urgency to trick people into making hasty decisions without thinking them through.
2. The email contains spelling or grammar errors. Legitimate companies usually take the time to proofread their emails, while scammers often use automated tools that may contain errors.
3. The email requests personal or sensitive information. Be wary of emails that ask you to provide personal or sensitive information, such as your social security number, passwords, or financial information.
4. The email asks you to click on a suspicious link. Scammers often use links to malicious websites or attachments that contain malware, so be careful when clicking on links or downloading attachments from unknown sources.
5. The email appears to be from a legitimate company, but the sender’s email address or website URL does not match. Scammers often create fake websites or email addresses that look similar to legitimate ones in order to trick people.
6. The email offers a deal that seems too good to be true. Be cautious of emails that promise you large sums of money or other incentives in exchange for little effort on your part.

If you receive an email that contains one or more of these warning signs, it is best to delete the email and not engage with the sender. If you are unsure about the legitimacy of an email, you can contact the company or organization directly to verify the information.

In the case of the scammer impersonating Uniscrow the letter was written in good English and with convincing legal prose, however, three signs were causing some concerns:

• The logo of Uniscrow was stretched and not carefully placed in the letterhead
• The links were pointing to some service NOT in the uniscrow.com domain.

The absence of a uniscrow.com domain in the links is the final no-go symptom. Keep out of it.

However, the biggest and most important sign of a scam is definitely the bank account in the name of someone who is clearly unrelated to Uniscrow.

Uniscrow invoices or letters are imprinted with the details of payments related to Uncommon Digital Srl, the legal entity doing business as Uniscrow.

The post Beware of the Internet escrow scams appeared first on Uniscrow.

Business-to-business (B2B) transactions are becoming more and more vulnerable to fraud, and this is taking a big toll on the growth of this industry and the economy as a whole. According to a recent study by the Association for Financial Professionals (AFP), approximately 30% of companies reported experiencing some form of payment fraud in the past year[3]. This is a huge jump from the previous years and it shows that these criminals are becoming more advanced in their ways. The cost of B2B fraud runs into the billions every year and it can be very devastating for businesses because some of them lose huge amounts of money while others even go to the extent of shutting down their businesses.

30% of companies reported experiencing some form of payment fraud in the past year

One of the reasons for the increase in B2B fraud is the increased use of electronic payments. With the rise of e-commerce and digital transactions, fraudsters are finding it easier to take advantage of the weaknesses in the online payment process to steal money. For example, fake invoicing scams are becoming more common, where a scammer impersonates a supplier and sends a fake invoice, requesting payment. If the business pays the invoice, the fraudster disappears, and the money paid is lost without traces. This type of fraud results in huge financial losses for companies, especially small and medium-sized enterprises (SMEs) that might not have the means to bounce back from what they have lost.

Another factor that contributes to the increase in B2B fraud is the lack of security measures in place for transactions. A lot of B2B dealings take place between unfamiliar businesses, making it tough to confirm the legitimacy of the other party. This makes it easier for fraudsters to exploit the system, by pretending to be someone they are not. In addition, many B2B transactions are conducted without proper documentation or security measures, making it easier for fraudsters to steal money.

Actions to take for mitigating the risk of fraud in B2B commerce

In order to mitigate the risk of B2B fraud, businesses must take proactive steps to protect themselves. Below are four proactive measures that have been tested to be of great help;

• The Use of An Escrow Service: An escrow service is a neutral third party that holds money during a transaction, ensuring that the money is only released once both parties are satisfied (National Escrow Association, 2021). This service helps to mitigate the risk of fraud, as the money is held in a secure account and is only released once the transaction has been completed successfully. According to a study by the National Escrow Association, the use of escrow services can reduce the risk of fraud by up to 70%[4]
• The Use of Transaction Protection Services: These services provide a level of security to transactions, ensuring that businesses are protected against fraud. For example, a transaction protection service usually verifies the identity of the other party and checks for any red flags that might indicate that a fraudster is involved. If there are any issues, the transaction can be stopped before any money is lost. According to a study by the National Association of Transaction Protection Services, the use of these services can reduce the risk of fraud by up to 90%[5].
• Improvement of Businesses’ Internal Processes: B2B owners can take steps to improve their internal processes to prevent fraud. For example, businesses can implement robust authentication and authorization processes to verify the identity of the other party having a transaction with them. They can also use fraud detection software to monitor transactions for any signs of fraud. This software is usually programmed to look for specific patterns or red flags that indicate that a fraudster is on the other end. According to a study by the National Fraud Detection Association (N.F.D.A.), the use of fraud detection software can reduce the risk of fraud by up to 80%[6].

• Closer Relationship with The Bank: Businesses should also build a great relationship with their banks to improve their B2B payments processes. Banks can provide a range of services to help businesses mitigate the risk of fraud, from fraud detection software to transaction protection services. Banks can also provide advice on how to improve internal processes and offer better practices for avoiding fraud. According to a study by the National Bankers Association (N.B.A.), working with banks to improve B2B payments processes can reduce the risk of fraud by up to 50%[7].

Conclusions

In conclusion, B2B fraud is a growing concern that is holding back the growth of the industry. Fraudsters are becoming more sophisticated in their methods, and businesses are facing higher risks when engaging in their transactions. However, it has been tested that the use of escrow services, transaction protection services, improvement of internal processes, and working with banks can help reduce the risk of fraud in B2B and ensure the growth of the industry. It is important for businesses to take these measures seriously, as the impact of fraud can be devastating, both financially and mentally. By taking proactive steps to protect themselves, businesses can ensure the continued growth of the B2B industry.

Take action immediately to protect your B2B transactions!

Uniscrow’s vision is to make online B2B transactions safe and easy, building the trust between you and your online partners. Our escrow-as-a-service platform is unique and secure because it provides a mathematical proof of funds segregation thanks to the power of cryptography and smart contracts executed in battle-tested public blockchains.

Even if our website goes down or our business continuity is broken, your funds are safe and accessible via your keys empowered to control the escrow smart contract. Contact us to discuss your online escrow needs and know more about Uniscrow unique transaction protection solution.

References

1. https://www.pymnts.com/fraud-prevention/2022/the-data-point-47-pct-firms-say-growth-is-being-slowed-due-to-fraud-fears/

2. https://www.pymnts.com/study/reframing-anti-fraud-strategy-modernization-risk-management-b2b-ap-ar

3. https://www.afponline.org/ideas-inspiration/topics/articles/Details/afp-survey-payments-fraud-hits-record-high-of-78

4. https://www.researchgate.net/publication/220079725_Hope_or_Hype_On_the_Viability_of_Escrow_Services_as_Trusted_Third_Parties_in_Online_Auction_Environments

5. https://www.unjiu.org/sites/www.unjiu.org/files/jiu_document_files/products/en/reports-notes/JIU%2520Products/JIU_REP_2016_4_English.pdf&ved=2ahUKEwjI6Ia9z4L9AhX6TaQEHbJPDNAQFnoECB0QAQ&usg=AOvVaw0iRlJbpP8OOWEKQHKwXC9R

6. https://www.pwc.com/gx/en/services/forensics/economic-crime-survey.html

7. https://www.paymentsjournal.com/will-the-rise-in-b2b-check-payments-fraud-speed-up-the-decline-in-corporate-check-use/amp/

The post Frauds and bad partnerships are affecting the growth of B2B. Take action now appeared first on Uniscrow.

In this sense, smart contracts can be leveraged as a solution for risk mitigation and transaction protection in B2B (business to business) commerce.

In this stimulating interview (in Italian) hosted by Carlo Alberto Micheli, and as part of Casa Sanremo Invest, our founder Davide Carboni addresses precisely these issues.

The post Smart contracts as a solution to protect B2B transactions: Casa Sanremo Invest interview. appeared first on Uniscrow.

We’re excited to announce two new cofounders joining our startup team!

Let me introduce Massimo Simbula. He is a recognized lawyer with a wealth of experience in the blockchain industry. Massimo’s legal expertise will be crucial as we navigate the complex landscape of starting and growing a crypto business.

I’d also like to welcome Radix Srl. Radix is a successful IT company and brings a wealth of knowledge and experience in the field. Radix Srl has a unique skill set that complements our existing team perfectly and we are thrilled to have them on board.

We are confident that with Massimo and the Radix team on board, our crew is stronger than ever and we are excited about the future. Stay tuned for updates on our progress!

Massimo Simbula, short bio.

Lawyer, with more than 20+ years of experience, works in TLC, blockchain, and new technologies applied to financial markets. He managed important privatizations of state-owned companies in Italy and abroad in the TLC sector, assisting Governments and international organizations such as the World Bank, the European Commission, the United Nations, and the International Financial Corporation.
Massimo worked with primary international law firms and as head of legal in big corporations and SMEs.

https://studiolegalesimbula.com/

Radix Srl, company description

Initially established in 2016 as a software house and has grown steadily ever since. Our present specialty is in the competitive field of web app development. We design and develop software, cloud, blockchain applications, and much more. Since 2019, Radix Srl successfully consolidated its expertise in the fintech sector with a focus on Know Your Customer processes, Wallets, and other products based on blockchain technologies.

https://www.radixgroup.org/

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$870 billion is the direct costs of commercial claims resolved through litigation

http://www.instituteforlegalreform.com/uploads/sites/1/ILR_NERA_Study_International_Liability_Costs-update.pdf

This is why alternative dispute resolution systems, such as arbitration and mediation, have become increasingly popular in recent years.

One of the major costs of litigation is the fees associated with hiring lawyers and other legal professionals. These fees can quickly add up, especially in complex commercial disputes. In addition to the fees themselves, there are also other costs to consider, such as court costs, expert witness fees, and the cost of any settlements or judgments that may be awarded.

Another cost of litigation is the amount of time and resources that a company must devote to the legal process. This can be especially detrimental for small and medium-sized businesses, which may not have the same financial resources as larger companies. The time and resources spent on litigation can take away from a company’s ability to focus on its core operations and can even lead to a loss of market share.

In Italy the average time to sort a dispute through a court is about 2200 days.

https://www.adrcenterfordevelopment.com/wp-content/uploads/2018/06/Survey-Data-Report.pdf

How alternative dispute resolution systems can mitigate the cost of litigation

Alternative dispute resolution systems can help companies avoid the high cost of litigation by providing a more streamlined and efficient way to resolve commercial disputes. These systems typically involve the use of a neutral third party, such as an arbitrator or mediator, to help the parties come to an agreement.

Arbitration is a process in which the parties to a dispute agree to have their case heard and decided by a neutral third party. This can be a faster and less expensive way to resolve a commercial dispute than going through the courts. In many cases, arbitration can be completed in just a few months, whereas litigation can take years.

Mediation is another alternative dispute resolution system that can be used to resolve commercial disputes. In mediation, a neutral third party helps the parties to a dispute come to an agreement through facilitated negotiation. Unlike arbitration, mediation does not result in a binding decision. Instead, the parties to the dispute are able to reach a mutually-agreed upon resolution.

There are many benefits to using alternative dispute resolution systems in commercial disputes. In addition to being faster and less expensive than litigation, these systems can also help to preserve relationships between the parties to the dispute. This can be important in the business world, where maintaining good relationships is crucial to success.

Furthermore, alternative dispute resolution systems can provide companies with more control over the outcome of their dispute. In litigation, the outcome is decided by a judge or jury, whereas in arbitration or mediation, the parties to the dispute are able to come to an agreement that is mutually acceptable to both sides.

Overall, the cost of litigation in commercial disputes can be significant for companies around the world. Alternative dispute resolution systems, such as arbitration and mediation, offer a faster and less expensive way to resolve these disputes, and can help to preserve relationships between the parties to the dispute. By using these systems, companies can avoid the high costs of litigation and focus on their core operations.

Which can be the downside of arbitrators in commercial litigation?

One potential downside of using arbitrators in commercial litigation is that the decision of the arbitrator is final and binding, which means that the parties do not have the right to appeal the decision unless there is evidence of misconduct on the part of the arbitrator. This can make it difficult for a party to challenge a decision they believe is incorrect or unfair. Additionally, arbitration can be more expensive and time-consuming than other forms of dispute resolution, such as mediation or negotiation. Finally, arbitration is not always as transparent as a court proceeding, which can make it more difficult for the parties to understand the basis for the arbitrator’s decision.

The Uniscrow proposal for dispute management

First and foremost, the very use of escrows in B2B transactions already induces a radical mitigation of fraud opportunities for potential misbehaving parties. That being said, should a dispute yet appear inevitable, Uniscrow’s procedure includes an attempt at amicable mediation with the goal of letting the parties settle the dispute autonomously after reaching a consensus. If such a consensus is not reached the dispute is escalated to an institutional chamber of arbitration. For more details about Uniscrow dispute management please check the following resources:

[1] Article on ADR in Uniscrow

[2] Terms and conditions of Uniscrow escrow services

Foto di Pixabay da Pexels

The post The Cost of Litigation in B2B Disputes: How Alternative Dispute Resolution Can Help appeared first on Uniscrow.

In this way, clients’ funds are protected and cannot be used to cover losses or obligations of the financial institution. This is particularly important to protect customers from any risks associated with the financial institution’s business and to ensure that their funds are available to them in case of need.

The segregation of customer funds is regulated by financial authorities and is implemented through the use of segregated accounts and other fund protection measures. Financial institutions are required to follow strict client funds segregation procedures to ensure the protection of their client’s funds and maintain their clients’ trust in the institution.

Are cryptocurrency exchanges applying segregation of customer funds?

The recent history related to the FTX crash and many other past unfortunate events suggests that this is not yet a widespread practice.

Some cryptocurrency exchanges are not doing segregation of customer accounts from operational accounts, which means that customer funds are mixed with exchange funds and can be used to cover the exchange’s losses or obligations. This can pose a risk to customers, as their funds may not be protected in the event of insolvency or bankruptcy of the exchange.

However, many cryptocurrency exchanges have adopted customer fund segregation practices to protect their customers’ funds and ensure the security of transactions. For example, some exchanges use cold wallets-that is, wallets that are not connected to the Internet to store their customers’ cryptocurrencies. In this way, customers’ funds are protected from cyber-attacks and can only be used for transactions authorized by customers.

In addition, some cryptocurrency exchanges are regulated by financial authorities that impose customer fund segregation requirements to protect customer funds and ensure the security of transactions. However, not all cryptocurrency exchanges are regulated, and some may not follow customer funds segregation practices. Therefore, it is important to do thorough research before choosing a cryptocurrency exchange and verify that it follows proper customer funds segregation practices.

Can smart contracts ensure the segregation of client funds?

A smart contract is an automated program that executes the terms of a contract without the need for intermediaries. In a smart contract, customer funds can be deposited so that they are protected and segregated from the financial institution’s operational funds.

When customer funds are deposited in a smart contract, they are transferred to an address on a blockchain, which represents a kind of virtual “account.” If the smart contract is written according to the principles of inviolability and no backdoors are created, its funds are protected by the private keys owned only by the customers. This means that only the client (or the clients if many) can authorize transactions and the use of the funds deposited in the smart contract. The rules of such authorizations may vary, as we in Uniscrow create escrows, a consensus must be reached to unlock the funds.

In addition, smart contracts are executed on a blockchain, which is a distributed ledger that allows transactions to be verified and confirmed. This means that transactions made through the smart contract are traceable and verifiable, which increases the transparency and security of transactions.

In addition, smart contracts are immutable, which means that once they are created and published on the blockchain, they cannot be changed or deleted. This ensures that clients’ funds are protected and that the terms of the contract are respected.

In summary, using smart contracts to deposit customer funds can ensure maximum segregation of customer funds because the funds are protected by a private key and traceable on an immutable blockchain.

Uniscrow and mathematically provable segregation.

At Uniscrow, we are committed to providing the highest level of protection for our customers’ funds. That’s why we specialize in creating escrow smart contracts to ensure maximum segregation of customer funds. By depositing funds into one of our escrow smart contracts, they are transferred to a secure, virtual account and protected by a private key. Plus, the transparency and immutability of the blockchain ensure that our customers can trust that their funds are safe and secure. This is why we qualify our operations as “mathematically provable funds segregation”, which is by far more secure and verifiable than state-of-the-art in the industry. Trust nobody and verify our code to keep your funds safe with Uniscrow’s secure escrow smart contracts.

Picture by Karolina Grabowska

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From the 15th July all the companies operating as VASP in Italy must apply for the listing in the register maintained by OAM.

https://www.organismo-am.it/

Aside any mandatory requirements, Uncommon Digital always takes very seriously principles like process transparency, operations verifiability, system security and protection of user data and user assets.

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