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Mastercard to Implement Tool to Identify Bitcoin Frauds

ByLouis Adams

Oct 5, 2022 #Bitcoin
Reading time: < 1 minute

Mastercard’s payment network plans to launch the Crypto Secure tool. It will allow banks to identify and stop transactions from crypto exchanges subject to fraudulent practices.

Crypto Secure was developed by the CipherTrace team, which became part of Mastercard in 2021.

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. The decision to approve/deny it is made by the payment network partner.

Mastercard uses similar technology to prevent fiat fraud.

Mastercard’s president of cybersecurity, Ajay Bhalla, has declined to disclose exact data on cryptocurrency-related transactions.