New crypto product from Mastercard

On October 4, 2022, Mastercard unveiled its new Crypto Secure software. This is a crypto fraud tracker. Using the program will help banks better assess the risk of cryptocurrency-related crime. Let's discuss this new product in more detail.

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Due to the anonymity of cryptocurrency transactions, fraudsters are increasingly appearing in the developing digital asset market. Owners of major international payment systems are seriously concerned about blockchain security.

In 2021, Visa launched a project to provide a cryptographic consulting practice. Company representatives answer client questions related to the crypto market, from deploying cryptographic features to exploring non-fungible tokens.

Mastercard is cracking down on suspicious transactions.

Mastercard has gone further than its competitor and released Crypto Secure. The new software will help banks quickly identify suspicious transactions on crypto exchanges and block them promptly.

Crypto Secure is based on AI (Artificial Intelligence) algorithms. This means the service can quickly analyze blockchain data, publicly available crypto transaction records, and more.

The advantage of the new system is that it uses more advanced and complex artificial intelligence algorithms to determine the risk of crimes related to the exchange of cryptocurrency on the Mastercard payment network.

Who invented Crypto Secure?

The new software is developed by Cipher Trace, a blockchain security startup based in Menlo Park, California.

Mastercard acquired it in 2021. Cipher Trace previously helped businesses and government agencies investigate illicit cryptocurrency transactions.

Cipher Trace is a new competitor to more established blockchain analytics firms like New York-based Chainalysis and London-based Elliptic.

According to blockchain analytics company Chainalysis, the volume of crypto assets held in crypto wallets with a "criminal trail" grew to $14 billion in 2021. This is the amount digital currency hackers stole from January to August 2022.

This year saw several high-profile hacks and fraudulent transactions affecting major crypto investors. The most notable cases were the Harmony Bridge exploit, which resulted in the theft of approximately $100 million in various crypto assets, and the Ronin Bridge hack, which resulted in the theft of $615 million.

It is clear that solving the problem of ensuring the security of working with crypto assets requires the implementation of preventive measures.

Features of Crypto Secure

• Banks and other card issuers can view a dashboard with participant ratings on the Crypto Secure platform.
• The ability to color-code those who pose a risk of suspicious activity has been implemented. Risk levels range from "green" (low) to "red" (high).
• The Crypto Secure platform does not make decisions about rejecting a specific cryptocurrency merchant—that decision is made by the card issuers themselves.

Why does Mastercard need Crypto Secure?

According to Mastercard executives, “cryptocurrencies are often criticized for their use in money laundering and other forms of illicit activity—a problem that is partly due to the pseudonymity of participants in blockchain networks.”

The payment services giant is seeking to address this issue. It justifies the implementation of the new security tool by stating its desire to ensure the same level of trust for digital asset transactions as for digital commerce transactions.

The development of new software tools is making it easier to track the profits of cryptocriminals. This is done by leveraging sophisticated data science and machine learning techniques to analyze data on public blockchains.

Mastercard and crypto projects

Over the past few years, the multinational financial corporation Mastercard has been making significant strides toward becoming a cryptocurrency-focused company. Moreover, some of its executives are active advocates of the industry.

Collaboration with Coinbase

Since January 2022, Mastercard has been partnering with Coinbase, a popular online platform for buying, selling, and storing cryptocurrency. The joint project aims to simplify the purchase of NFTs on the cryptocurrency exchange's marketplace.

Collaboration with hi Dollar

It is also known that on September 26, Mastercard announced the beginning of a partnership with the non-profit fintech company hi Dollar (HI). As part of the joint project, the partners will issue new crypto debit cards for Gold clients of the hi app.

These custom cards are unique in that users can use their own NFTs in their designs. Currently, these crypto cards are only available in the UK and 25 countries in the European Economic Area, but Mastercard promises to expand the list.

The project will feature the super-popular NFT collections BAYC (profiles of cartoon monkeys) and Moonbirds (“moon owls”).

If you're interested in learning how to create your own NFTs, check out our step-by-step guide.HERE.

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