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Mastercard

Mastercard Unveils Secure Tool To Fight Growing Crypto Fraudulent Activities

Kent Tenix
by Kent Tenix
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the growing frauds in the crypto sector, the multinational financial service organization, Mastercard, has unveiled a new feature to prevent and detect crypto-related fraud operations within its network.

Cryptocurrency’s broad adoption by the mainstream has pushed global business platforms to include it. But unfortunately, it also opened a way for fraudsters and cybercriminals to loot people’s hard-earned money in crypto. The worth of cryptocurrencies that moved to criminals’ wallet addresses spiked to a whopping $14 billion in the last year, per Chainalysis.

Related Reading: Why Coinbase Will Launch Crypto Documentary On Amazon

The new initiative will manipulate data gathered from blockchain and public transaction records, among other sources, to assess the risk of criminal activity on crypto exchanges linked with Mastercard Network. Currently, around 2,400 exchanges have partnered with the giant financial firm.

The new crypto fraud protocol, Crypto Secure, will find the risk in crypto exchanges’ transactions using sophisticated algorithms and cut them off if TRXs relate to an illegal transfer.

A California-based blockchain security startup, CiphersTrace, will operate the new platform to prevent fraudulent crypto operations.

It’d provide card issuers and banks with a dashboard representing color-coded ratings regarding the suspicious activity entered. In addition, the new panel on the Mastercard will show the severity of risk from red to green, showing high to low levels of risk. 

BTCUSD
Bitcoin’s price has surpassed the $20,000 level. | Source: BTCUSD price chart from TradingView.com

New Tool Will Help Mastercard’s Clients Comply With Regulations

The Secure Tool will set the way for Mastercard’s partner companies to meet the regulatory requirement amidst the growing frauds in crypto, said Ajay Bhalla. He is president of intelligence and cyber at Mastercard. Ajay added;

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.

Notably, the American financial organization Mastercard has already been utilizing such types of services for fiat money. And now, it has expanded its security system for the sake of Bitcoin and other virtual currencies. 

Mastercard comes to this move when crypto winter has already shaken the spirit of digital asset enthusiasts, and trading volume has dried. Since the peak rally of November 2021, the crypto market has roughly wiped out 2 trillion in value. BTC is currently worth around $20,000, then its ATH of $69,000, representing a 70% decrease from last year.  

Related Reading: Celsius Network Sets Auction Date, Sale Hearing For Crypto Assets

When asked about it from Bhalla, he said the company’s new tool aims to provide “solutions to the stakeholders for the long term.” He added;

These are market cycles, they will come, and they will go, I think you’ve got to take the longer view that this is a big marketplace now and evolving and is probably going to be much, much bigger in the future.

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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