Mastercard has developed a new crypto security tool

In response to the alarming rise in crypto scams, Mastercard has developed a revolutionary security tool for the benefit of its customers. In particular, this new solution will enable card issuers to assess the vulnerability of crypto exchanges and determine which transactions should be approved.

Crypto Secure, Mastercard’s new security tool

Mastercard has developed a new artificial intelligence-powered crypto security solution called Crypto Secure. The tool is designed to help banks identify and stop transactions originating from vulnerable cryptographic exchanges.

Thanks to AI, this new security solution will assess the likelihood of criminal activity linked to cryptocurrency exchanges on the Mastercard payment network. The system uses information from several sources, including the blockchain.

The tool uses a color-coded note system to describe suspicious behavior on exchanges. Red indicates high risk. Green indicates low risk. The tool does not decide whether or not to reject platforms deemed vulnerable. This is the responsibility of card issuers.

Securing crypto transactions

Cybercriminals stole more than $4 billion between 2019 and the first half of 2022. Mastercard’s introduction of Crypto Secure means that banks and financial institutions looking to provide cryptocurrency services to their customers will feel more comfortable doing so.

At present, cryptographic hacks have mainly affected cryptocurrency companies. Nevertheless, knowing that companies like Mastercard provide access to cryptocurrency transactions to customers, it seems urgent to prevent cryptographic fraud, especially for DeFi projects.

With Crypto Secure, Mastercard has set itself the goal ofapprove more sales while thwarting actual fraud attempts. The Crypto Secure tool is powered by CipherTrace. This is a blockchain security start-up based in California, acquired by Mastercard in 2021.