MasterCard will introduce a tool for checking bitcoin fraud

MasterCard payment network will launch the Crypto Secure tool. It will allow banks to identify and suppress transactions with crypto -streaks subject to fraudulent practices, writes CNBC.

Crypto Secure was developed by the Ciphertrace team, which became part of MasterCard in 2021.

Software uses “complex” AI algorithms, data from blockchain and other sources. Users display a monitoring panel with risk ratings for a particular transaction. The decision on its approval/refusal is made by the partner of the payment network himself.

MasterCard uses a similar technology to prevent fraud in fiat operations.

MasterCard President for Cybersecurity Adja Bkhalla refused to disclose accurate data on transactions related to cryptocurrencies. He noted that their number per minute is already calculated by the “thousands”.

Visa previously reported that users of cryptocurrency cards based on the payment system were conducted over the October-December 2021 operations in the amount of $ 2.5 billion.

Recall that in September VISA participated in the round of financing the platform to detect sardine fraud for $ 51.5 million.

According to Chainalysis, in 2021, the volume of operations with cryptocurrencies associated with this type of illegal activity amounted to $ 14 billion.

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