Mastercard Crypto Tool Combats Fraud
Crypto payments are more noticeable in the public eye that ever. Increasingly, the general public is becoming more aware of, interested in, and users of cryptocurrencies. However, crypto becoming more mainstream also means fraud and crime linked to those payments rise.
Mastercard wanted to find a way to make crypto more accessible, safe and secure. So, for the past few years, the payments industry company worked alongside its customers and partners to bring new services and capabilities for crypto. Mastercard launched Crypto Secure, a technology solution designed to bring additional security and trust to the digital ecosystem.
Crypto Secure, combining insights and technology from CipherTrace, provides each issuer with a color-coded dashboard that shows where cardholders are buying cryptocurrency. The new service will allow issuers to accurately identify the crypto exchanges, measure transaction approvals and declines, understand their exposure to crypto risk through a single score and access a benchmark rating for comparison to a peer group of financial institutions.
Through the platform, issuers will better assess the risk profile of crypto exchanges or other providers, collectively known as Virtual Asset Service Providers, and decide which purchases of cryptocurrency to approve. What this basically means is that issuers will more easily identify and turn away transactions with crypto merchants prone to fraud.
“Crypto Secure will provide card issuers with a platform that allows them access to insights which will improve the safety of crypto purchases, increasing consumer confidence and creating the same trust they expect when paying with Mastercard,” said Ajay Bhalla, president of Mastercard cyber and intelligence.
Crypto Secure is the latest step in Mastercard’s broader digital assets strategy. The strategy set by Mastercard will bridge the gap between traditional finance and the world of crypto. It will also enable individuals to seamlessly spend funds from their crypto accounts in everyday transactions.
Edited by Erik Linask
