Mastercard Unveils Crypto Fraud Protection Software called Crypto Secure

The service combines insights and technology from CipherTrace to offer protection against crypto fraud.

Global payments giant Mastercard has launched a new technology solution designed to better assess the risk profile of crypto exchanges or Virtual Asset Service Providers (VASPs).

The new software, called Crypto Secure, combines insights and technology from CipherTrace with proprietary information to help card issuers identify and prevent fraud-prone crypto exchanges, decide which purchases of cryptocurrency to approve and turn away transactions with crypto merchants prone to fraud.

“Crypto Secure will provide card issuers with a platform that allows them access to insights which will improve the safety of crypto purchases, increasing consumer confidence and creating the same trust they expect when paying with Mastercard,” said Ajay Bhalla, President of Mastercard Cyber and Intelligence.

Crypto Secure provides each issuer with a colour-coded risk rating dashboard which shows the risk of suspicious or fraudulent activity connected to the merchant where their cardholders are buying cryptocurrency. The service allow users to accurately identify crypto exchanges, measure transaction approvals and declines, understand their exposure to crypto risk through a single score and access a benchmark rating for comparison to a peer group of financial institutions.

Few days ago, Mastercard partnered with the crypto & fiat financial app hi to launch the world’s first debit card featuring NFT avatar customization.