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Mastercard (MA) Wants to Fight Crypto Fraud with New Tool

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The new tool of MasterCard received the name of Crypto Secure. (Image: REUTERS/Jonathan Bainbridge)

MasterCard (BAD; MSCD34) plans to unveil a new software solution to help banks and card issuers fight fraud with cryptocurrenciesinformed CNBC.

Called Crypto Secure, the new software uses artificial intelligence algorithms to assess the risk associated with trading cryptocurrencies on the network. MasterCard. The tool will use data in blockchain and will be powered by CipherTrace, a blockchain security startup acquired by MasterCard.

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Crypto Secure offers banks and card issuers a dashboard, which aims to visually detail whether or not crypto-related activity is suspicious and at what level. However, the system itself does not take action – only the card issuer can intervene.

Cryptocurrency in focus

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Despite the drop in cryptocurrency prices, cryptocurrency fraud remains commonplace – and regulators continue to scrutinize the industry.

Us United Statesregulators are asking Congress to pass several laws that strengthen rules for the blockchain and digital asset industry.

The European Union has its own Crypto Assets Market (MiCA) rules in the spotlight.

In late August, US lawmaker Raja Krishnamoorthi asked the country’s regulators and large cryptocurrency exchanges take stock and accountability of anti-fraud policies.

collection solutions

The authorities’ continued focus on cryptocurrency-related fraud has helped spark similar moves by competitors. MasterCard.

Last month, fraud detection platform Sardine raised $51.5 million in a fundraiser led by Andreessen Horowitz (a16z) and which had the participation of the Visa.

firewall vendor in Web 3.0Blowfish completed an $11.8 million fundraising round led by Paradigm last week.

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Source: Moneytimes

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