MasterCard announced the launch of a service to combat crypto fraud

October 6, 2022SUNDRIES1 min read

MasterCard is preparing a new service for the premiere, with the help of which banking institutions will be able to quickly detect transactions in favor of suspicious crypto-markets in order to block them further. According to CNBC, CryptoSecure is based on the technology of blockchain startup CipherTrace, which MasterCard bought in 2021.

MasterCard announced the launch of a service to combat crypto fraud

Credit organizations will be able to use Crypto Secure to assess the risk of fraud by crypto asset traders. Transactions are analyzed by the service using ‘sophisticated’ AI algorithms. They are able to independently determine whether this or that transaction is associated with the risk of cryptocurrency fraud.

CNBC journalists note that MasterCard decided to launch the Crypto Secure service against the backdrop of an increasing number of cases of crypto-investors being defrauded by unscrupulous platforms. The payment system wants to protect its customers from the actions of attackers.

By the way, the company already uses a similar technology to secure fiat transactions from fraud. In the case of Crypto Secure, the functionality of the technology has been extended to bitcoins and other digital tokens.

Sources

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