Mastercard Presents a Tool to Fight Crypto Crime

by in Cryptocurrency News

Mastercard crypto security

Payments industry giant Mastercard has launched new software to fight against crypto fraud.

Related: MasterCard Purchased Crypto Intelligence Firm CipherTrace

According to an announcement by the company, the tool with the name "Crypto Secure" allows banks to identify and block transactions from crypto exchange platforms that have been linked to fraud.

The system allows financial institutions to access the risk profile of Virtual Asset Service Providers (VASPs), and decide which purchases to verify. Crypto Secure uses technological solutions of CipherTrace, a crypto analytics startup acquired by Mastercard in 2021.

Mastercard mentioned that the new tool is the latest step of the company in a broader digital assets strategy to help bridge the gap between traditional finance and crypto, and enables spending funds from crypto accounts in everyday transactions seamlessly.

Mastercard Cyber and Intelligence President Ajay Bhalla mentioned that crypto's becoming more intertwined in our daily lives is an exciting step in the company's journey.