Mastercard has announced a new security feature, Crypto Secure, to help financial institutions identify and prevent scams related to digital assets.
Anonymity provided by digital transactions has made it an attractive place for bad actors to do business. As a leader in the industry, financial service provider, Mastercard, is stepping up to the challenge.
According to a press release, Crypto Secure employs ‘sophisticated’ AI algorithms to identify potential crypto scams. It also pairs the AI with proprietary information to help card issuers operate within the confines of digital assets’ laws. The company partnered with blockchain startup CipherTrace to build the security tool.
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“The idea is that the kind of trust we provide for digital commerce transactions, we want to be able to provide the same kind of trust to digital asset transactions for consumers, banks, and merchants. I think you’ve got to take the longer view that this is a big marketplace now and evolving and is probably going to be much, much bigger in the future,” Ajay Bhalla, the President of Cyber and Intelligence Business at Mastercard, said.
Mastercard has taken a step towards embracing the crypto industry. Some months back, the company rolled out support for debit card owners with option to customise NFTs. It also partnered with Bakkt, a crypto wallet platform, to allow its clients enjoy cryptocurrency services.
Acceptance is the final step that the crypto industry needs to become mainstream. However, the challenge is that many people do not trust that it is well protected or secure. This is why names like Mastercard being mentioned in the business is a big boost.
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