Mastercard Launches Crypto Tracing Service for Banks
Main page News, Banking, Mastercard, scam, Regulations, Cryptocurrency
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Oct. 4, 2022

Mastercard is launching a new service that will help banks on its network identify and block shady crypto transactions, CNBC reports. The new platform called Crypto Secure relies on artificial intelligence, data from the blockchain, a public record of crypto transactions, and other sources.

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Developed by crypto forensic firm CipherTrace, Crypto Secure helps businesses investigate fraudulent transactions involving cryptocurrencies. Mastercard's President of Cyber and Intelligence Business, Ajay Bhalla, says the company wanted to simplify the crypto experience for business so that they could "stay compliant with the complex regulatory landscape." He added:

"The idea is that the kind of trust we provide for digital commerce transactions, we want to be able to provide the same kind of trust to digital asset transactions for consumers, banks and merchants."

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