Mastercard launches a new crypto product to help banks combat fraud
According to a press release, Mastercard Inc. has launched Crypto Secure, a solution that helps banks identify fraud-prone crypto exchanges.
- Crypto exchanges on Mastercard’s payment network are assessed for criminal risk using artificial intelligence algorithms and blockchain data.
- The platform will display color-coded ratings representing levels of suspicious activity for users to use when selecting crypto merchants.
- The technology used by Mastercard to prevent fraud in traditional finance transactions has now been extended to cryptocurrencies amid increased usage and risk.
- In 2022, some cryptocurrency-based crimes will increase, according to data from blockchain analytics firm Chainalysis, with illicit cryptocurrency funds at a record high of US$14 billion.
- It is backed by CipherTrace, a blockchain security company acquired by Mastercard last year that investigates illicit activities on the blockchain.
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