Cybersafety: MasterCard activates ‘Crypto Secure’ tool for banks, card issuers and consumers

*Multinational financial services corporation Mastercard introduces a the new software that leverages Blockchain surveillance tactics and Artificial intelligence to identify fraudulent cryptocurrency transactions

Gbenga Kayode | ConsumerConnect

In a move to support banking institutions and crypto-centric debit card issuers to identify fraudulent crypto transactions, MasterCard, a multinational financial services corporation, has disclosed that it is launching a new crypto monitoring product called “Crypto Secure”.

The company stated the Crypto Secure software aims to leverage artificial intelligence (AI) algorithms to help banks and crypto-centric debit card issuers to identify fraudulent crypto transactions in Cyberspace.

Cryptocurrency fraud

The finance company Tuesday, October 4, 2022, shared the news exclusively with CNBC.

Mastercard disclosed the new software was developed by Ciphertrace.

Mastercard acquired Blockchain intelligence company Ciphertrace last year.

Dave Jevans, Chief Executive Officer (CEO) of Ciphertrace, reportedly said 2021, that “our two companies share this vision to provide security and trust throughout the ecosystem.”

The new Crypto Secure software will provide financial institutions and crypto-centric debit card issuers with a dashboard that identifies blockchain activity and suspicious transactions.

Essentially, the blockchain monitoring software leverages color-coded signals with different levels of suspicious activity, report said.

Mastercard further stated the software doesn’t do anything, but warns the financial services provider, while banks and card issuers must make the judgment call.

It said: “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,” Ajay Bhalla, President of Cyber and Intelligence at Mastercard, said.

Bhalla stated that the whole digital asset market is now a pretty large, substantial market.

Mastercard says that the company already utilises software that monitors traditional finance applications and assets, and the new Crypto Secure platform is dedicated to Cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).

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