Mastercard to launch crypto fraud-tracking service

Mastercard announced the launch of Crypto Secure, a new crypto security platform. It will allow banking institutions to identify and block fraud-prone transactions from cryptocurrency exchanges. 

It is reported that the crypto fraud-tracking service is an initiative of CipherTrace that was acquired by Mastercard last year. 

The new software uses artificial intelligence to determine the level of risk for transactions on Mastercard's payment network. The system analyzes data from blockchain, public record of crypto transactions, and other sources. The platform provides a dashboard with the level of risk of a transaction. A user can either reject or accept it.

Similar technology is already used by banks to identify fraudulent transactions with fiat currencies. The new service will allow a user to monitor transactions with bitcoins and other virtual currencies.

According to Ajay Bhalla, president of cyber and intelligence solutions for Mastercard, in one minute, cryptocurrency transactions can hit thousands.