Security is the cornerstone of any technological advancement, and its importance is now more crucial, with Web3 becoming one of the most lucrative ventures today.
Secure B2B communications are constantly threatened by cybercriminals trying their best to swipe your information.
In Brief
- VERA and Cheqd’s blockchain-verified messaging platform eliminates invoice fraud by tying business identities to immutable records.
- The 3-step verification process (identity checks, blockchain storage, secure communication) reduces phishing and ransomware risks by 99%.
- South Africa’s beta test targets 27 businesses in fraud-prone industries, with plans to expand globally via eIDAS 2.0 compliance.
Fortunately, VERA, a South African-based platform, has announced a partnership with Cheqd($CHEQ), a decentralized identity and credential infrastructure provider, to develop a verifiable messaging solution for businesses within the region.
The Rise of Invoice Fraud and the Need for Verified Messaging
Impersonation scams date back to the golden ages of Web2; however, with more businesses switching to Web3, the vice has nearly doubled.
Many global messaging platforms do not offer built-in guarantees that the sender is genuinely who they claim to be.
As a result, scammers have exploited this weakness with alarming sophistication, sending over 3.4 million phishing emails daily.
One prevalent tactic is invoice fraud, which involves intercepting communications or creating convincing forgeries and altering bank details before the invoice reaches its destination.
VERA’s partnership with Cheqd embeds tamper-proof digital credentials into messages, ensuring every sender’s authenticity.[Photo:Cheqd]
Even Check Point, a renowned cybersecurity firm, backs this claim, reporting that 1 in 15 organizations experienced ransomware attempts weekly in Q1 2023.
Highlighting an urgent need for robust B2B fraud prevention solutions.
Introducing VERA: Verification Meets Encryption
Enter VERA, founded in 2024 but already an upcoming name given its sophisticated, secure B2B communications solutions.
Together with Cheqd, VERA aims to build a verified messaging platform ranching user identities to blockchain records.
This ensures that each business profile is immutable and tamper-proof, designed to eliminate impersonation and fraud.
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The collaboration will launch a beta test in South Africa ahead of a full launch planned for late August 2025.
This new solution tackles the core problem head-on, making it a viable invoice fraud prevention solution.
How VERA’s Blockchain Technology Works
Decentralized Identity verification is at the heart of this collaboration, creating a scalable framework for secure communications.
Here’s how it functions:
- Identity Verification: Businesses submit company data, including founder credentials, to VERA’s network. Third-party providers cross-check this information against public and private databases, ensuring authenticity.
- Blockchain Integration: Verified entities receive tamper-proof digital identities stored on the blockchain. These records are immutable, meaning they cannot be altered or forged.
- Secure Communication: The platform automatically verifies the sender’s identity when businesses exchange messages or invoices via VERA. This eliminates risks like fake invoices and phishing attacks.
VERA removes the ambiguity that plagues traditional email-based workflows by tying financial transactions to verified profiles.
Edward emphasized:
“This is a critical step toward embedding verified identity into everyday business interactions.”
A Scalable Solution for Global Markets
Vera’s initial focus in South Africa is strategic, given the region’s high prevalence of digital fraud.
This creates both urgency and a significant opportunity to demonstrate impact.
Twenty-seven businesses, primarily from the legal and construction sectors – industries frequently targeted for invoice scams – are on the waiting list to join the South African beta.
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However, the firm does intend to extend rollouts in the EU, U.S., and U.K. This global strategy aligns with regulatory frameworks like the EU’s eIDAS 2.0, ensuring interoperability across borders.
Future advancements, such as decentralized payment systems and verifiable AI applications, will also support the concept of verifiable business identities.
This goes beyond providing secure chats for South African companies and showcases that blockchain has a lot to offer beyond financing, spanning into other industries.
Max Coleman, Co-Founder of VERA, articulates the vision:
“At VERA, we believe secure communication must also be verifiable. cheqd’s infrastructure allows us to not only protect conversations but to prove the identity of participants in a way that’s scalable, privacy-respecting, and future-ready. Together, we’re building the foundation of a more trusted digital economy, starting in Africa and expanding globally.”
The Future of Secure B2B Communication
The VERA-Cheqd partnership represents a foundational shift towards embedding verifiable trust into the fabric of digital business interactions. Vera provides a powerful defence against the costly scourge of invoice fraud and impersonations. Its upcoming platform solves the identity verifiable gap inherent in traditional secure B2B communication.
Decentralized identity verification is a viable solution that extends beyond South Africa. The continent, currently shifting to blockchain, is experiencing a rising trend of fraud, especially in new Web3 sectors.
The illiteracy in the sectors has caused many to lose their capital under the guise of investments, making this solution viable in more than one nation.
VERA’s blockchain-verified approach offers a lifeline – transforming secure communication from a hope into a verifiable reality. This is the future of trustworthy digital commerce.
As Edwards noted, “Trust has become a key differentiator.”
