Mastercard develops software against cryptocurrency fraud

Mastercard is working on new software that will enable banks to identify and immediately stop transactions on fraud-prone crypto exchanges.

Called Crypto Secure, the system uses a sophisticated artificial intelligence algorithm to instantly identify risk-posing situations involving crypto exchanges on the Mastercard payment network. This security system processes data from the blockchain, a public record of crypto transactions. To make it safer to use, the service is supported by CipherTrace, the blockchain security startup Mastercard acquired last year. Alongside the development of the crypto market, there has also been an increase in crypto crime rates. According to data from blockchain analytics firm Chainalysis, the amount of crypto entering wallets associated with crime rose to $14 billion over the past year. In 2022, the crypto market saw many attacks and scams. Mastercard aims to offer a more secure use of crypto payments with this study. Source: Paranfil Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!