Mastercard To Launch New Tool “Crypto Secure” For Combating Fraud

Mastercard, a global payment platform, will launch a new piece of software on Tuesday that will aid banks in identifying and blocking transactions from fraudulent cryptocurrency exchanges. The system, known as Crypto Secure, assesses the risk of criminal activity related to cryptocurrency exchanges on the Mastercard payment network using “advanced” artificial intelligence algorithms. The system uses information from multiple sources, including the blockchain, a public ledger of cryptocurrency transactions. CipherTrace, a blockchain security firm, powers the service that Mastercard purchased in 2017. CipherTrace, a California-based company, assists organizations and authorities in investigating unauthorized cryptocurrency transactions. Its primary competitors are the New York-based Chainalysis and the London-based Elliptic. Mastercard IntroducesSolution To Combat Fraud Mastercard is introducing the solution to combat rising criminal activity in the emerging digital asset sector. According to blockchain analytics company Chainalysis, the amount of cryptocurrency entering wallets with known illegal connections increased to a record $14 billion last year. 2022 has also seen a wave of high-profile cyberattacks and con games targeting cryptocurrency investors. Banks and other card issuers are presented with a dashboard on the Crypto Secure platform that has colored ratings for the likelihood of suspicious behavior, with red denoting...