Crypto Secure aims to help banks and crypto-centric debit card issuers identify fraudulent digital currency transactions.
On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto Secure. The Crypto Secure software aims to leverage artificial intelligence algorithms in order to help banks and crypto-centric debit card issuers identify fraudulent crypto transactions.Mastercard has introduced a new piece of software that leverages blockchain surveillance tactics and AI to identify fraudulent crypto transactions.
The new Crypto Secure software will provide financial institutions and crypto-centric debit card issuers with a dashboard that identifies blockchain activity and suspicious transactions. Essentially, the blockchain monitoring software leverages color-coded signals with different levels of suspicious activity. According to Mastercard, the software doesn’t do anything but warn the financial services provider, while banks and card issuers must make the judgment call.
“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,” Ajay Bhalla, the president of cyber and intelligence at Mastercard told CNBC.
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