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10/4/2022, 7:57 AM (Source: TeleTrader)
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Mastercard to launch tool to identify crypto fraud - report

Mastercard is set to launch a new tool on Tuesday called Crypto Secure that will help banks identify crime associated with crypto exchanges on its payment network, CNBC reported citing the company.

According to the report, Crypto Secure was developed by CipherTrace, a blockchain security startup acquired by Mastercard in 2021, and will use "sophisticated" artificial intelligence algorithms to assess crypto-fraud risk based on data including from the blockchain and a public record of crypto transactions.

"The idea is that the kind of trust we provide for digital commerce transactions, we want to be able to provide the same kind of trust to digital asset transactions for consumers, banks and merchants," Ajay Bhalla, Mastercard’s president of cyber and intelligence business, said and added the company wants to enable its partners to "stay compliant with the complex regulatory landscape."

Baha Breaking News (BBN) / NP