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Mastercard Launches ‘Crypto Secure’ Powered by CipherTrace to Combat Fraud-prone Crypto Exchanges

CNBC | Ryan Browne | Oct 4, 2022

Mastercard crypto secure - Mastercard Launches 'Crypto Secure' Powered by CipherTrace to Combat Fraud-prone Crypto Exchanges

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Mastercard launches fraud detection software:  'Crypto Secure'

  • Why:  Mastercard will on Tuesday debut a new piece of software that helps banks identify and cut off transactions from fraud-prone crypto exchanges, the company told CNBC exclusively.  It already uses similar technology to prevent fraud in fiat currency transactions. With Crypto Secure, it's expanding such functionality to bitcoin and other virtual currencies.
    • Ajay Bhalla, Mastercard's president of cyber and intelligence business, said the move was about ensuring its partners can "stay compliant with the complex regulatory landscape."
    • Despite the slump in digital token prices, crime in the industry has shown no signs of abating.

See:  Digital Asset Classification vs Wire Fraud: What’s the Most Powerful Law in Crypto Right Now

  • Called Crypto Secure, the system uses "sophisticated" artificial intelligence algorithms to determine the risk of crime associated with crypto exchanges on the Mastercard payment network. The system relies on data from the blockchain, a public record of crypto transactions, as well as other sources.
  • The service is powered by CipherTrace, a blockchain security startup Mastercard acquired last year. Based in Menlo Park, California, CipherTrace helps businesses and government agencies investigate illicit transactions involving cryptocurrencies. Its main rivals are New York firm Chainalysis and Elliptic, which is based in London.

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NCFA Jan 2018 resize - Mastercard Launches 'Crypto Secure' Powered by CipherTrace to Combat Fraud-prone Crypto ExchangesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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