Mastercard Launches Blockchain Monitoring Tool for Crypto-Centric Banks and Card Issuers CryptoBlog
On Tuesday, multinational financial services company Mastercard revealed that it was launching a new crypto surveillance product called Crypto Secure. The Crypto Secure software aims to leverage artificial intelligence (AI) algorithms to help crypto-centric banks and debit card issuers identify fraudulent crypto transactions.
Mastercard and Ciphertrace Introduce New Crypto Surveillance Product Called Crypto Secure
MasterCard (NYSE: MY) has introduced new software that leverages blockchain surveillance tactics and AI to identify fraudulent crypto transactions. The financial firm shared the news exclusively with CNBC and according to the firm, the new software was developed by Ciphertrace. Blockchain intelligence firm Ciphertrace was acquired by Mastercard last year. “Both our companies share this vision of providing security and trust across the ecosystem,” said Ciphertrace CEO Dave Jevans at the time.
New Crypto Secure software will provide crypto-centric financial institutions and debit card issuers with a dashboard that identifies blockchain activity and suspicious transactions. Essentially, blockchain monitoring software operates color-coded signals with varying levels of suspicious activity. According to Mastercard, the software does nothing more than notify the financial services provider, while banks and card issuers must decide.
“The idea is that the kind of trust we give to 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 , president of cyber and intelligence at Mastercard told CNBC. Bhalla added:
The entire digital asset market is now quite a large and substantial market.
Mastercard says the company already uses software that monitors traditional apps and financial assets, and the new Crypto Secure platform is dedicated to cryptocurrencies like bitcoin (BTC) and Ethereum (ETH). Mastercard’s president of cyber and intelligence was also asked about the recent downturn in the crypto economy, and Bhalla pointed out that the financial services company was more “focused on providing solutions to long-term stakeholders.” .
“These are market cycles, they will come and they will go,” Bhalla concluded. “I think you have to consider longer term that it’s a big market now and it’s changing and it’s probably going to be much, much bigger in the future.”
What do you think of Mastercard’s new Crypto Secure platform? Let us know what you think about this topic in the comments section below.
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