- Mastercard announces the launch of” Crypto Secure”, a fraud-risk identification software.
- The President of Cyber and Intelligence Mastercard wants to provide a safe environment like digital commerce.
- Chainalysis reports that criminal activities in 2021 accumulated to $14 billion.
Mastercard, a financial service provider announced that it would roll out its new piece of software that would help banks identify and prevent fraud-prone crypto exchanges.
Named “Crypto Secure”, the new software uses sophisticated artificial intelligence algorithms to determine the level of risk involved with a crypto exchange on the Mastercard platform. Besides that, the system relies on data from the blockchain, a public record of crypto transactions, as well as other sources to calculate the risk.
The President of cyber and intelligence, MasterCard, Ajay Bhalla while disclosing more information about the thought process behind Crypto Secure, stated:
The idea is that the kind of trust we provide for digital commerce transactions, we want to be able to provide the same kind of trust to digital asset transactions for consumers, banks and merchants.
Furthermore, Crypto Secure will display color-coded ratings concerning banks and other card issuers on its dashboard. As such, the severity of the risk factor will range from red which signifies “high risk”, to green which denotes “low risk”.
However, as per the sources, Crypto Secure will not make a judgmental call, be it a recommendation or a dissuasion. The right to the decision will remain with the card issuer.
Notably, Mastercard is launching Crypto Secure against the backdrop of many illicit activities happening in the crypto space.
According to data from blockchain analytics firm, Chainalysis, it is reported that the amount of crypto entering wallets with criminal history accumulated to $14 billion in 2021. More so 2022, which is no better than 2021, has had its spate of high-profile hacks and scams in crypto.
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