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Seeking Alpha 2022-10-04 12:54:25

Mastercard to roll out new crypto anti-fraud tool for banks - report

In its latest foray into cryptocurrency, Mastercard (NYSE:MA) is set to launch a new tool that will help banks find and block transactions suspicious transactions from crypto exchanges, the payments giant told CNBC Tuesday.In an effort to to determine the risk associated with crypto exchanges, the so-called Crypto Secure, software uses artificial intelligence algorithms as well as data from the blockchain, according to the report.Banks and other card issuers using the service will be able to detect the risk of suspicious or fraudulent activity by looking at a dashboard with color-coded ratings of crypto merchants.Crypto Secure is powered by blockchain security startup CipherTrace, which was acquired by Mastercard (MA) in October 2021.The launch comes at a time when crime within the emerging crypto space shows no signs of easing despite suppressed token prices from large drawdowns at the beginning of 2022. In fact, crypto crime reached a record high in 2021 as fraudulent wallet addresses received $14B, according to data from Chainalysis.In August, Ebang's Ebonex partnered with Mastercard to launch crypto-linked card.

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