Mastercard Steps Up Against Crypto Fraud
10/13/2022, 06:08 AM
MasterCard, one of the world's leading payment service providers, is launching software designed to help banks better assess risks in the cryptocurrency market. The move is part of MasterCard's strategy for digital assets and is intended to act as a bridge builder between traditional finance and the crypto world.
The "Crypto Secure" software offers financial institutions the opportunity to identify existing risks in the crypto area and any service providers who have already become suspicious, so that they can then take appropriate protective measures. According to the press release, the software will "provide card issuers with a platform that enables them to access insights that improve the security of crypto purchases, increase consumer confidence and instill the same confidence they expect when if you pay with MasterCard."
In cooperation with the subsidiary CipherTrace, which specializes in crypto crime, MasterCard wants to show its customers crypto risks at portfolio level using a single score. "Crypto Secure" accesses blockchain data and colors the risk of criminal transactions related to crypto exchanges on the dashboard. In this way, MasterCard customers should be able to directly read approved and rejected transactions from individual exchanges and service providers and make a comparison. The aim is to obtain a benchmark rating for the service providers in the industry.
The $14 billion figure associated with illicit crypto transactions is a strong motivation for MasterCard to offer its customers tools to better assess risk. By offering this software, MasterCard is helping to create a more secure and transparent environment for the cryptocurrency market.
Mastercard is a credit card company with global operations. Based in the United States, Mastercard serves both consumers and businesses in more than 210 countries and territories. Mastercard is known for its wide array of credit card products, including cash back, travel, and rewards cards.
In recent news, Mastercard has partnered with Symbol, a cryptocurrency company, to launch a new digital currency called Mastercard Spend. The mastercard Spend will be available to Mastercard cardholders in the United States later this year.
The Mastercard Spend will be a way for cardholders to spend their money using cryptocurrency. Mastercard cardholders will be able to use their Mastercards to make purchases with the cryptocurrency at merchants that accept Mastercard. The Mastercard Spend will also be available to use at ATMs and for online shopping.
The launch of the Mastercard Spend is part of Mastercard's ongoing effort to innovate and meet the needs of its cardholders. With the launch of the Mastercard Spend, Mastercard is once again leading the way in the world of credit cards.
Find more Mastercard news on mastercard.com.
The "Crypto Secure" software offers financial institutions the opportunity to identify existing risks in the crypto area and any service providers who have already become suspicious, so that they can then take appropriate protective measures. According to the press release, the software will "provide card issuers with a platform that enables them to access insights that improve the security of crypto purchases, increase consumer confidence and instill the same confidence they expect when if you pay with MasterCard."
- Security for crypto payments through risk assessment
- Transactions classified as criminal are color-coded
- Benchmark rating for crypto exchanges
In cooperation with the subsidiary CipherTrace, which specializes in crypto crime, MasterCard wants to show its customers crypto risks at portfolio level using a single score. "Crypto Secure" accesses blockchain data and colors the risk of criminal transactions related to crypto exchanges on the dashboard. In this way, MasterCard customers should be able to directly read approved and rejected transactions from individual exchanges and service providers and make a comparison. The aim is to obtain a benchmark rating for the service providers in the industry.
The $14 billion figure associated with illicit crypto transactions is a strong motivation for MasterCard to offer its customers tools to better assess risk. By offering this software, MasterCard is helping to create a more secure and transparent environment for the cryptocurrency market.
Mastercard is a credit card company with global operations. Based in the United States, Mastercard serves both consumers and businesses in more than 210 countries and territories. Mastercard is known for its wide array of credit card products, including cash back, travel, and rewards cards.
In recent news, Mastercard has partnered with Symbol, a cryptocurrency company, to launch a new digital currency called Mastercard Spend. The mastercard Spend will be available to Mastercard cardholders in the United States later this year.
The Mastercard Spend will be a way for cardholders to spend their money using cryptocurrency. Mastercard cardholders will be able to use their Mastercards to make purchases with the cryptocurrency at merchants that accept Mastercard. The Mastercard Spend will also be available to use at ATMs and for online shopping.
The launch of the Mastercard Spend is part of Mastercard's ongoing effort to innovate and meet the needs of its cardholders. With the launch of the Mastercard Spend, Mastercard is once again leading the way in the world of credit cards.
Find more Mastercard news on mastercard.com.