Mastercard launches product to help banks fight crypto crimes
Crypto Secure assesses the risk of committing illegal actions related to transactions in cryptocurrency
04.10.2022 - 09:40
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What’s new? Mastercard, a payment company, has unveiled its new Crypto Secure software that will help banking institutions identify and reject transactions from cryptocurrency exchanges if they involve fraudulent activity, CNBC reports.
What is known about the new software? Crypto Secure uses sophisticated artificial intelligence algorithms to determine the risk of cryptocurrency-related crimes on the Mastercard payment network. The system relies on data from the blockchain, a public record of crypto transactions, and other sources of information. The service is known to be powered by CipherTrace, a blockchain security startup that Mastercard bought last year.
Using the Crypto Secure platform, banks and other card issuers receive risk information. The degree of risk ranges from red (high) to green (low). In this, Crypto Secure does not decide whether to refuse a transaction, the decision is made directly by the card issuers.
In August, Mastercard CEO Michael Miebach reported a collaboration with cryptocurrency exchange Binance, within which more than 90 million stores around the world will be able to accept cryptocurrency as payment. The parties have already begun this work in Argentina and plan to expand further.
In June, analytics company Chainalysis launched a 24/7 hotline for companies affected by fraudsters, hackers, and cyberattacks. Victims of cryptocurrency-related crimes can get help and support in recovering their lost funds.
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