Mastercard is set to debut a crypto-related fraud-prevention solution for banks and card issuers. The firm is introducing a new tool dubbed ”Crypto Secure’‘ to combat crypto fraud.
Crypto Secure, the new software makes use of artificial intelligence algorithms — with a reliance on on-chain data, powered by Mastercard-acquired blockchain-security startup CipherTrace. This will help assess crypto exchange-related risk on Mastercard’s network.
Crypto Secure offers banks and card issuers a dashboard that aims to visually detail whether or not a crypto-related activity is suspicious, and to what degree. Notably, the system itself does not take action — only the card issuer may intervene.
Crypto scams and fraud have been one of the biggest issues with cryptocurrency. Mastercard is a global pioneer in payment innovation and technology connecting billions of consumers, issuers, merchants, governments & businesses.
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