Mastercard taking measure to reduce crypto Frauds

About Mastercard

Mastercard Inc. is an American financial services corporation headquartered in New York. It helps to process global transactions across nations.

Anti Fraud Measures

Mastercard has launched Crypto Secure, a new product to help banks and card issuer to identify & block suspicious crypto transactions.

About the technology

The tech is powered by CipherTrace that uses AI algorithms and data from blockchains to determine the risk of crime associated with crypto exchanges

Into the dashboard

Dashboard has color-coded ratings representing the risk  of suspicious activity, with the severity of risk ranging from red for “high” to green for “low,”.

Final Judgement

The software indicates suspicious transactions. However, the final judgement is in the hands of the card issuer.

Crypto Scam this year

Crypto Scams have reduced in the bear market but still stands at  $1.9 billion as of July 2022.

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