Mastercard launches cryptocurrency exchange risk assessment tool

Financial services company Mastercard Inc. launched Crypto Secure, a technology solution designed to help banks identify crypto exchanges prone to fraud, the company announced in a press release.

Quick Info

  • The service uses artificial intelligence algorithms and blockchain data to assess the crime risk associated with cryptocurrency exchanges on the Mastercard payment network.
  • A digital dashboard on the platform will display color-coded ratings representing levels of suspicious activity, which users can use when making judgments about coin sellers. electronics will use.
  • The same technology is used by Mastercard to prevent fraud in traditional financial transactions but has since been extended to cryptocurrencies amid increasing use and risk.
  • The number of illicit crypto funds was at a record high of US$14 billion last year, with some form of crypto-based crime on the rise in 2022, according to data from the analytics firm. Chainalysis blockchain.
  • The new service is backed by CipherTrace, a California-based blockchain security company acquired by Mastercard last year that specializes in investigating illegal activity on the blockchain.

Read more: SEC Chairman Gary Gensler Emphasizes Most Crypto Tokens Are Securities – Says ‘The Law Is Clear’

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