Mastercard has launched a new crypto anti-fraud tool named Crypto Secure. This product will use artificial intelligence algorithms, data from blockchains and public records of crypto transactions to identify risks associated with crypto crime within the Mastercard network.
Ajay Bhalla, Mastercard’s president of cyber and intelligence business, said the product will ensure the company’s partners comply with local regulations while 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 using Crypto Secure will see color-coded risk ratings that vary from green (safe) to red (dangerous). 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. Mastercard’s rival – Visa – reported that over $1 billion was traded in crypto last year. Mastercard has recently created more new crypto payment options, particularly in countries like Argentina and Indonesia to catch up with this trend.
Mastercard also dives into the NFT world by launching a new debit card that allows users to set NFT as an avatar, partnering with Immutable X, The Sandbox to enable safe NFT purchases as well as teaming up with Coinbase to enhance the NFT buying experience.
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