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On Tuesday, the multinational financial company Mastercard revealed that it is launching a new crypto monitoring product called Crypto Secure. The Crypto Secure software aims to leverage artificial intelligence (AI) algorithms to help banks and crypto-centric debit card issuers identify fraudulent crypto transactions.
Mastercard (NYSE: MA ) has introduced a new piece of software that leverages blockchain monitoring tactics and AI to identify fraudulent crypto transactions. The financial company shared the news exclusively with CNBC, and according to the firm, the new software was developed by Ciphertrace. Blockchain intelligence company Ciphertrace was acquired by Mastercard last year. “Our two companies share this vision of providing security and trust throughout the ecosystem,” said Dave Jevans, CEO of Ciphertrace at the time.
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. Essentially, the blockchain surveillance software exploits color-coded signals of different levels of suspicious activity. According to Mastercard, the software does nothing but warn the financial provider, while banks and card issuers have to make the judgement.
“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 for digital asset transactions for consumers, banks and merchants,” Ajay Bhalla, president of cyber and intelligence at Mastercard told CNBC. Bhalla added:
The whole digital asset market is now a pretty big, significant market.
Mastercard says the company already uses software that monitors traditional financial applications and assets, and its new Crypto Secure platform is dedicated to cryptocurrencies such as bitcoin (BTC) and ethereum (ETH). Mastercard’s president of cyber and intelligence was also asked about the crypto economy’s recent downturn, and Bhalla emphasized that the financial company was more “focused on providing solutions to stakeholders for the long term.”
“These are market cycles, they will come and they will go,” Bhalla concluded. “I think you have to look at the fact that this is a big marketplace now and developing and 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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