Mastercard, a multi-national financial services firm, revealed Tuesday that it was launching Crypto Secure, its new crypto monitoring tool. Crypto Secure is an artificial intelligence software that uses AI algorithms to identify and prevent fraudulent transactions from being made by crypto-centric banks.
The Crypto Secure product is a new crypto monitoring product from Ciphertrace and Mastercard
Mastercard (NYSE MA) recently introduced software that uses AI and blockchain surveillance to spot fraudulent transactions in crypto. CNBC was the exclusive source of the information. According to CNBC, the software was created by Ciphertrace. Mastercard bought the blockchain intelligence company Ciphertrace in 2017. “Our two companies share this vision to provide security and trust throughout the ecosystem,” Dave Jevans, the CEO of Ciphertrace said at the time.
Financial institutions and cryptocurrency-centric card issuers will have access to the new Crypto Secure software, which provides a dashboard for identifying suspicious transactions and blockchain activity. The software’s blockchain monitoring uses color-coded indicators to detect suspicious activity at different levels. 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. Bhalla added:
It is now quite large, and significant in the whole market for digital assets.
Mastercard states that they already use software that tracks traditional assets and applications. However, the Crypto Secure platform will be dedicated to cryptocurrency like Bitcoin (BTC), ethereum(ETH). Mastercard’s president of cyber and intelligence was also asked about the crypto economy’s recent downturn, and Bhalla stressed that the financial services corporation was more “focused on providing solutions to the stakeholders for the long term.”
“These are market cycles, they will come and they will go,” Bhalla concluded. “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.”
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