Mastercard Inc., a provider of financial services, has introduced Crypto Secure, a technological tool intended to assist banks in identifying cryptocurrency exchanges that are likely to commit fraud.
The service evaluates the criminal risk connected to cryptocurrency exchanges on the Mastercard payment network using blockchain data and artificial intelligence algorithms.
Users can utilize color-coded ratings on a digital dashboard on the site to assess the degrees of suspicious activity and decide which cryptocurrency merchants to use.
Due to rising usage and risk, Mastercard has expanded similar technologies used to prevent fraud in regular financial transactions to cryptocurrencies.
According to data from blockchain analytics company Chainalysis, the amount of illicit cryptocurrency funds reached a new high of US$14 billion last year, and some types of bitcoin-based crime are expected to rise in 2022.
The new service is powered by CipherTrace, a blockchain security company based in California that Mastercard purchased last year and that looks into illegal activities on the blockchain.
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