Mastercard launches crypto anti fraud toolkit on corporate network
Mastercard's new product allows banks to prevent fraud and threats across multiple crypto platforms in the company's network.
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Mastercard launched a new cryptocurrency service related to risk management on October 3. This product of Mastercard is called Crypto Secure. The product will combine the use of artificial intelligence, blockchain data, and public records of crypto transactions, to identify risks associated with crypto crime within the Mastercard network.
Mastercard's president of network and security business, Ajay Bhalla, said the development helps the company's partners comply with local regulations when fighting fraud in the blockchain space.
“The idea is to reinforce the trust we provide for digital commerce transactions, we want to be able to provide absolute security for consumers, banks and merchants.”
Banks and other Mastercard issuers participating in the use of Crypto Secure will see a crypto merchant's color-coded risk rating, representing the extent of suspicious or fraudulent activity connected to the crypto-currency. traders. Crypto Secure is run by CipherTrace, a California-based blockchain security startup that was acquired by Mastercard in 2021.
Cryptocurrency payments are becoming more popular thanks to centralized payment processors like Visa and Mastercard. Last year, Mastercard rival Visa reported over $1 billion in crypto transactions, while Mastercard has recently created more new crypto payment options, particularly in countries like Argentina and Indonesia to catch up with this trend.
Recently, Mastercard continues to strengthen its presence in the NFT segment by launching a new debit card that allows users to set NFT as an avatar, partnering with Immutable X, The Sandbox to integrate payments with NFT as well as partnering with Coinbase to enhance the NFT buying experience.
Oct 05, 2022