Mastercard: launch of a software to fight against crypto fraud

According to CNBC, MasterCard is expected to unveil today a new software solution to support financial institutions, card issuers and banks in identifying fraudulent transactions in the crypto sector.

Source: Mastercard

Called CryptoSecure, this software uses artificial intelligence algorithms to determine the risk associated with crypto exchanges operating on the Mastercard payment network. The system combines data from the blockchain, a public cryptocurrency transaction ledger, and other sources. Similar technology is already operational to prevent fraud relating to fiat currency transactions. With Crypto Secure, Mastercard extends this functionality to Bitcoin and other cryptocurrencies.

The service is powered by CipherTracea startup specializing in blockchain security that has been the subject of a acquisition by Mastercard in the course of last year. Based in Menlo Park, California, CipherTrace helps businesses and government agencies investigate illicit transactions involving cryptocurrencies. Alongside the New York company chain analysis and society ellipticalbased in London, CipherTrace is an industry leader in security.

On the Crypto Secure platform, banks and other card issuers have a dashboard with a color code representing the risk of suspicious activity, ranging from red for “high” risk to green for “low” risk. Ajay Bhalla, president of the firm’s cyber and intelligence business, said the move is aimed at ensuring Mastercard’s partners can ensure compliance in a complex regulatory landscape. Indeed, compliance has become one of the main challenges of the crypto sector for all its players, who are now required to be able to detect and deal with the risks they may face.

The payments giant is one of the most active companies in the crypto sector. Recently, Mastercard has spear customizable debit cards, allowing holders of a non-fungible token (NFT) to have their avatar engraved on the card in question. Made in partnership with blockchain company Hey dollars, the cards will allow spending in user-owned fiat, stablecoins or cryptocurrencies and are accepted wherever Mastercard is available. Other benefits such as hotel credits or subscription discounts netflix and Spotify will be available depending on a user’s membership levels.

In partnership with BinanceMastercard also has spear prepaid cards in Argentina. Binance said the cards will allow Argentinian users to use Bitcoin (BTC), BNB and other cryptocurrencies to make purchases as well as ATM withdrawals in fiat currency anywhere Mastercard is accepted – which is around 90 million. of merchants worldwide and online.

And despite the bear market backdrop, Mastercard doesn’t seem ready to change its digital asset strategy. Bhalla said the company is focused on developing long-term solutions for all stakeholders, undisturbed by market cycles.

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Mastercard: launch of a software to fight against crypto fraud

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