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.
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Mastercard pushes deeper into crypto with new tool for combating fraud
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.” “The whole digital asset market is now a pretty large, substantial market,” he told CNBC in an exclusive interview ahead of the product launch.
