Mastercard is increasingly investing in the crypto sector. Some of its leaders are also fervently displaying a favorable position for digital assets. Lately, this multinational financial services company has developed a platform called Crypto Secure, which will be launched on Tuesday. Discover the basics of this tool which should make it easier for banking institutions to fight against fraud.
A Mastercard platform based on sophisticated algorithms
Mastercard has collaborated with CipherTrace to launch its new fraud-focused crypto product. Note that CipherTrace is a blockchain security startup that has been owned by Mastercard since last year. That said, the Crypto Secure platform should allow prevent cases of fraud related to cryptocurrencies.
The President of the Cyber and Intelligence branch of Mastercard presented the product during an interview with CNBC. Indeed, Ajay Bhalla indicated that Crypto Secure is based on artificial intelligence algorithms “sophisticateds”. Thanks to these, the platform can detect criminal operations.
Crypto Secure happens to have a color-coded dashboard to indicate the risk of suspicious activity. When the risk of suspicious activity is very high for a crypto merchant, the color red is displayed. In case of low risk, banks and other card issuers will see a green color.
Bhalla explained that Mastercard wants to provide cryptocurrency transactions the kind of trust it already provides to e-commerce transactions. The multinational’s new service comes in a context where the crime rate is relatively high in the crypto industry.
In a way, Mastercard is trying to get ahead of its main rival Visa by launching its new product crypto. Indeed, Visa has made several noteworthy investments in the industry since 2021. For example, the company launched a product last year to offer advice to customers in all areas related to cryptocurrency.
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Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
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Crypto: A new Mastercard platform against fraud
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