Veryfy: Document Security & Provenance system.

The total cost of the frauds reported in the 2018 global fraud report is over $7 billion, with 22 percent of the cases costing more than $1 million. The study respondents estimated that a typical organization loses 5 percent of its annual revenue to fraud each year and when this is applied to the 2017 estimated Gross World Product of $79.6 trillion, this translates to potential global fraud losses of up to $4 trillion.It’s even more intriguing to know that, of the top 8 concealment methods used by fraudsters in the reported frauds, 55 percent created fraudulent physical documents. Veryfy helps to reduce the occurrences of corruption in institutions like governments, financial corporations, educational establishments and health organizations. With the combined features of SMART-ID Technology, Document Authentication Management, Open Data Platforms, Veryfy ensures that the complexities and challenges of traditional process and information management systems are drastically mitigated over time.

Report form the Global Economic Crime Survey listed document fraud as the top 8 of concealment methods used by fraudsters in 2018 which has led to a total loss of about $4 trillion in revenue in that year alone.  Over two million lives are lost annually due to invasion by impostors who pose as qualified health practitioners and public sector procurement fraud in government institutions accounted for 32% of fraud cases in Rwanda in 2018.  We may have to forget about social inclusion and shared prosperity if these problems persist without any solution in place.
Veryfy, secures correspondence, documents, attestations, agreements, probates, tenders, fiduciary instruments and obligations.
We seek to drastically reduce the occurrences of corruption in institutions like governments, financial corporations, educational establishments and health. This will have the effect of preventing monetary wastages and embezzlement. Funds can then be redirected to improving the standard of living of citizens. Additionally, protection will be given against identity thefts, helping with state revenue mobilization by checking tax evasion by corporations. A total of $4 trillion loss in tax evasion can be reduced by 90% with Psynthax’s Veryfy.

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Veryfy is built based on special algorithms that rides on blockchain security to secure all types of information against falsification and fraud committed by mercenaries and crooks who mishandle information at the detriment of society to satisfy their selfish needs.  With a special algorithm in place, important features of an original document will be digitized and Sealed and backed with the blockchain assurance. The output is a unique digital seal that can be verified anywhere in the world via internet enabled devices through the Veryfy mobile app, web portals and also via a short text message to a toll-free number on basic feature phones. 

Full Time Workers: 6

Eugene Boadu: Is a seasoned