Mastercard to Release a Solution to Check Potential Crypto Frauds

Payments giant Mastercard intends to launch a new solution, Crypto Secure, which will allow banks to identify and stop transactions from crypto exchanges subject to fraudulent practices.

According to sources, Crypto Secure has been developed by the CipherTrace team, which became part of Mastercard last year.

The software uses “complex” AI algorithms, data from the blockchain and other sources. Users are shown a dashboard with risk ratings for a particular transaction. It is important to remember that the final decision to whether approve/deny a transaction is made by the payment network partner.

Mastercard uses similar technology to prevent fiat fraud, but did not have a tool for crypto-related transactions.