Payments Giant Mastercard Launches Cryptocurrency AntiFraud Tool for Card Issuers

Payments giant Mastercard today is launching Crypto Secure, a new software product designed to help banks and other card issuers identify and block suspicious transactions from crypto exchanges, according to a CNBC report. Mastercard’s fiat transactions, with the technology now expanding to Bitcoin and other major cryptocurrencies. Powered by CipherTrace, the crypto sleuth company Mastercard acquired last year, the tool uses “sophisticated” artificial intelligence algorithms and data from public blockchains to determine the risk of crime associated with crypto exchanges connected to the payments network. The platform offers a dashboard with color-coded ratings representing the risk of suspicious activity, with the severity of risk ranging from red for “high” to green for “low,” per the report.