- Mastercard now enables banks to find and prevent the crypto frauds in its network and prevent the users from it.
- The tool provided by Mastercard uses Artificial Intelligence, and blockchain data public records of crypto transactions to mitigate the threat.
Mastercard is considered a big name in the CeFi world, struggling with many scams. The nascent digital asset market has growing cons. People in decentralized finance and centralized finance are being equally targeted. Data from Chainanalysis shows that the crypto wallets involved with activities surged to a high of $14 billion in 2021. Even in 2022, the high-profile hacks have cost billions to many projects.
Blockchain-based projects like crypto and NFTs have been a nightmare for classic finance. Blockchain is too advanced even in its infancy. Most of the scams related to traditional currency in the crypto world were executed while converting the assets from fiat to crypto or crypto to fiat. The process of cashing in and cashing out of crypto is not that user-friendly right now. It is easy to track the assets in crypto as it has public data but in fiat it is different.
MasterCard: Crypto Secure
The new proposed software is called “Crypto Secure” software which is developed by the blockchain security started called CipherTrace. Based in Menlo Park, California, CipherTrace has mastered blockchain security. It helps businesses to trace illicit crypto transactions. Moreover, the cyber security firm offers tools to help them cope with it.
“Crypto Secure” software shows a dashboard with activities and a colored scale. The colored scale ranks the suspicious activities in colors. The highly suspicious activities are shown in “Red” while low suspicious activities are marked “Green”.
President of cyber and intelligence, Mastercard Ajay Bhalla said,
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.
Mastercard is pioneering the way to become a secure platform for its global customers. Fiat is a trust-based asset and converting them to trust-less assets like crypto will be a problem for eternity. Hopefully, the Mastercard competitors will also take the necessary step to make their payment platform secure. One day the world might completely shift to cryptocurrency and we won’t even need Mastercard – who knows!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.