“Crypto Secure”: MasterCard wants to take action against crypto fraud with new software | news

“Crypto Secure”: MasterCard wants to take action against crypto fraud with new software |  news

• Security for crypto payments through risk assessment
• Transactions classified as criminal are color-coded
• Benchmark rating for crypto exchanges

MasterCard wants to act as a bridge builder between traditional finance and the crypto world. With the “Crypto Secure” software, the credit card giant 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.

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“At MasterCard, trust is our business and as cryptocurrencies become more integrated into our daily lives, this is an exciting next step in our journey,” said MasterCard Cyber ​​and Intelligence President Ajay Bhalla, explaining the company’s motivation.

The press release further states, “Crypto Secure 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.”

Risk assessment using color coding

Apart from large US crypto exchanges such as Coinbase or Robinhood, which are subject to certain regulatory mechanisms, many crypto trading venues are far less known and regulated. It is not uncommon for these to be international offshore stock exchanges that are not subject to any regulatory controls and are therefore difficult for financial institutions to assess.

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.

According to the Chainanalysis data report, 2021 saw an almost 80 percent increase in illegal transactions in the crypto sector compared to the previous year. The $14 billion figure associated with illicit crypto transactions is a strong motivation for MasterCard to offer its customers tools to better assess risk.

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