The post Mastercard Introduces New tool to Combat Crypto Fraud appeared first on Coinpedia Fintech News
According to CNBC today, Mastercard intends to introduce a new software solution to help banks and card issuers fight fraud related to cryptocurrencies.
The new software, called Crypto Secure, uses artificial intelligence algorithms to evaluate the risk associated with crypto exchanges on the Mastercard network. It relies on on-chain data provided by CipherTrace, a blockchain security business that Mastercard recently bought.
A dashboard provided by Crypto Secure to banks and credit card companies tries to clearly illustrate whether or not a crypto-related activity is suspicious, and to what degree. Notably, the system itself does not take action — only the card issuer may intervene.