Mastercard has launched its new service – Crypto Secure. The service will assist banks with preventing fraud involving 2,400 crypto exchanges within Mastercard’s network.
Crypto Secure is developed by CipherTrace, a blockchain security company that Mastercard acquired last year. Their project is an offshoot of a similar service that handles fiat currency, which Mastercard was already offering to banks. In this case, AI determines the potential risk of a crypto merchant being fraudulent by analyzing blockchain and public transaction records.
With the increased numbers associated with crypto crime, banks could sure use this kind of service. According to Chainalaysis, wallet addresses linked to crypto fraud received $14 billion in 2021 – an all-time annual high.
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