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Mastercard unveils new crypto fraud protection tool

master Card (New York Stock Exchange: Massachusetts) is launching a new software tool that offers protection against crypto-fraud. latest crypto news About Global Payment Providers.

The new tool is called Crypto Secure, debut Today, October 4th, it aims to provide banks and other users with a secure system that can identify and protect against fraudulent online transactions and schemes. crypto exchange Within the Mastercard payment ecosystem.

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Crypto Secure with CipherTrace

Crypto Secure uses CipherTrace from Mastercard, a blockchain security platform based in California. got 2021 years.

Crypto Secure leverages similar technology to help track illegal crypto-related activity, utilizing artificial intelligence algorithms to provide risk assessments. Bank and other users. The system uses on-chain and off-chain transaction data to assess the risk an activity poses. “Red” for high risk and “Green” for low risk.

According to Ajay Bhalla, President of Mastercard’s Cyber ​​and Intelligence Business, Bitcoin others Cryptocurrency It aims to ensure compliance in a complex regulatory environment.

Noting that the broader crypto market is growing rapidly, Bhalla said. CNBC:

“We want to be able to provide the same kind of trust that we provide to digital commerce to consumers, banks and merchants to their digital asset transactions.”

However, anti-fraud tools do not make risk decisions for banks, leaving this up to individual banks and cardholders.

Hacks and other crypto-related cyberattacks are on the rise, resulting in the loss of millions of dollars worth of assets. According to a recent CipherTrace, the total rate of illegal trade is as low as less than 1% of the world’s numbers, but huge sums are still stolen. report.

Others, Mastercard Added In June of this year, it introduced NFT and Web3 support to its payment network and announced collaboration with multiple platforms to enable NFT commerce.

Among the cryptographic protocols the company has added to its network are Immutable X, sandbox, Mintable, and Candy Digital. We have also started working with MoonPay, a Web3 infrastructure provider.

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