Cryptocurrency scams: Mastercard to launch new software to counter them

Cryptocurrency scams: Mastercard to launch new software to counter them

considering that MasterCard is increasingly integrating the blockchain or NFT universe through its company, Mastercard will now release new software to counter the various scams that can be found in the vast world of cryptocurrencies. We saw it recently Mastercard has partnered with the H appi to allow different users to customize their payment card with their favorite NFT collection.

Today we’re going to talk to you about the software we want to introduce on Monday to avoid cryptocurrency scams. Let’s see it together right now in this blog post.

Mastercard’s new anti-fraud software

It has been announced that next Monday Mastercard will create a new anti-crypto fraud software which will be intended for all banks. This Mastercard offering is called CryptoSecure and will therefore make it possible to analyze potentially fraudulent transactions in the cryptocurrency universe. Crypto Secure is based on technology from the ground up CipherTrace which specializes in blockchain and cybersecurity.

“Crypto Secure combines information and CipherTrace technology with exceptional insights to help card issuers stay compliant with the complex regulatory landscape of the digital asset industry. The platform allows them to better assess the risk profile of crypto exchanges or other providers […] and decide which cryptocurrency purchases to approve. »

While fraudulent digital wallets would account for around 0.15% according to Chainalysis in 2021, this solution becomes innovative and allows Mastercard to establish a little more in the world of blockchain.

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