Mastercard launched a new crypto service related to risk management. Mastercard’s new service, Crypto Secure, is aimed to help banks find and prevent fraud on crypto merchant platforms.
Crypto Secure combines the usage of artificial intelligence, blockchain data and public records of crypto transactions, along with other sources, to determine crime-related risks of crypto exchanges within the Mastercard network. Mastercard already has a similar service with fiat currency transactions available to banks.
Banks and other Mastercard card issuers that use Crypto Secure will see color-coded risk ratings of crypto merchants, which represent the risk of suspicious or fraudulent activity connected to said merchant. Crypto Secure is run by CipherTrace, a California-based startup for blockchain security that was acquired by Mastercard the previous year.
While the tool doesn’t make judgements for banks it provides another level of advisory on crypto transactions. Mastercard currently has around 2,400 crypto exchanges within its network.
