Blockchain for Banking News

New Mastercard service aims to make buying crypto safer

crypto fraud detection mastercard

Today Mastercard launched Crypto Secure, a new service for card issuers that aims to flag risky cryptocurrency exchanges. The solution is based on tech from CipherTrace, the crypto intelligence firm it acquired in September last year.

CipherTrace has tools to assess wallets and cryptocurrency service providers. And it is mainly this latter point that is being used here. Card issuers will have a color-coded dashboard to see transaction approvals and declines, view their overall crypto risk exposure, and compare themselves to other card issuers. 

Based on these assessments, the card issuer can choose to flag or block transactions with more questionable crypto exchanges.

The solution also uses technology from other Mastercard subsidiaries, Finicity, Ekata, RiskRecon.

This is the latest offering from Mastercard, which now provides crypto and digital currency consulting services. It also partnered with Bakkt to offer crypto to banks and fintechs and has collaborated with seven NFT platforms. One of its most recent initiatives was sponsoring the Pride Parade in the Decentraland Metaverse.

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