Crypto Payments Mastercard Anti-Fraud

Crypto Payments Mastercard Anti-Fraud

Mastercard’s Crypto Secure service helps financial institutions assess the risk posed by bitcoin trades on the company’s payment network.
According to a report from CNBC, the payments giant Mastercard is now unveiling a new software solution called Crypto Secure. This tool is aimed at helping banks and other card issuers identify and block suspicious transactions originating from cryptocurrency exchanges.

A system very similar to this one is already operational for the processing of currency transactions by Mastercard, and the technology is currently being extended to Bitcoin and other major cryptocurrencies.
The tool is powered by CipherTrace, a crypto sleuth company that Mastercard acquired last year. The tool uses “sophisticated” artificial intelligence algorithms and data from public blockchains in order to determine the potential for criminal activity associated with cryptocurrency exchanges that are connected to the payments network.
The platform provides a dashboard with colour-coded ratings that signify the risk of suspicious behaviour. According to the report, the intensity of the danger ranges from “high” to “low,” with red representing “high” risk and green representing “low” risk.

On the other hand, it does not make decisions on whether or not a particular cryptocurrency retailer should be banned; rather, it is up to the card issuers to make that determination.

Ajay Bhalla, president of Mastercard’s cyber and intelligence business, told CNBC that the company’s goal is to “be able to provide the same kind of trust for transactions involving digital assets for consumers, banks, and merchants.” “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 for transactions involving digital assets,” Bhalla said.

Bhalla claims that Crypto Secure will make it possible for Mastercard’s partners to “remain compliant with the complicated regulatory landscape.”

Taking a step back and looking at the larger picture, Mastercard

A recent report from Chainalysis found that even though the total revenue from scams in 2022 is expected to be 65% lower than it was at the end of July 2021, it is still expected to reach a staggering $1.6 billion. This is despite the fact that the volume of illegal activity involving cryptocurrencies has decreased by 15% so far in 2018.

In addition, according to the research, as of July 2022, $1.9 billion worth of cryptocurrency had been taken in a variety of hacking instances. Mastercard’s Crypto Secure service helps financial institutions assess the risk posed by bitcoin trades on the company’s payment network. Crypto Payments Mastercard Anti-Fraud.
Even if the falling prices of Bitcoin and other major cryptocurrencies may be to blame for the decrease in the illegal crypto activity, Mastercard’s general digital asset strategy has not been affected by the ongoing bear market.
Bhalla claims that the company’s “main objective” is to “provide answers to the stakeholders for the long term.”

According to what Bhalla told CNBC, “These are market cycles, and they will come and go.” “I believe that you need to take the long view that this is already a large marketplace that is developing and is most likely going to be much, much larger in the future.”


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