Mastercard Introduces Blockchain Surveillance Tool for Crypto-Centric Cards!

Financial services company Mastercard has announced the launch of a new crypto monitoring initiative called Crypto Secure. The Crypto Secure software will help banks and crypto-centric debit card issuers identify fraudulent crypto transactions. It will also utilize artificial intelligence (AI) algorithms to do so.

Mastercard has unveiled a new software that uses Blockchain surveillance tactics and artificial intelligence to identify fraudulent crypto transactions. The financial company shared the news exclusively. According to the company, the new software was developed by Ciphertrace. Blockchain intelligence company Ciphertrace was acquired by Mastercard last year. 'Our two companies share this vision to provide security across the ecosystem,' Ciphertrace CEO Dave Jevans said. The new Crypto Secure software will provide financial institutions and crypto-centric debit card issuers with a dashboard that identifies Blockchain activity and suspicious transactions. Furthermore, the Blockchain monitoring software makes use of color-coded signals with different levels of suspicious activity. According to Mastercard, the software does nothing but alert the financial services provider. The software will only share alerts. Banks and card issuers will then be able to intervene in the transactions. Ajay Bhalla, Head of Cyber and Intelligence, made a statement on the issue. 'The idea is that we want to provide the same kind of trust for consumers and banks that we provide for digital commerce transactions. It's very important to be able to provide the same kind of trust for digital asset transactions. The whole digital asset market is now a very large and important market," he said. Mastercard uses software that already monitors the company's traditional financial practices and assets. It also announced that its new Crypto Secure platform is dedicated to cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Mastercard's head of cyber and intelligence was also asked about the recent downturn in the crypto economy. Bhalla emphasized that the financial services company is more focused on providing stakeholders with long-term solutions. 'These are market cycles, they will come and go. I think it is recognized that this is a big marketplace right now and it is evolving. We should also take a longer view that it will probably be much bigger in the future'. Source: nfxhaber.com 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!