On Tuesday, multinational financial services company Mastercard revealed the launch of a new crypto monitoring product called Crypto Secure Crypto Secure software is intended to help banks and crypto-centric debit card issuers utilize artificial intelligence (AI) algorithms to identify fraudulent crypto transactions.
Mastercard, Ciphertrace Introduce New Crypto Monitoring Product Called Crypto Secure
Mastercard (NYSE: MA) has introduced a new piece of software that leverages blockchain monitoring tactics and AI to identify fraudulent crypto transactions. The financial firm shared the news exclusively with CNBC, and according to the firm, the new software was developed by Ciphertrace. Ciphertrace, a blockchain intelligence company, was acquired by Mastercard last year; Dave Jevans, CEO of Ciphertrace, said at the time, “Our two companies share a We share the same vision of providing security and trust to the entire ecosystem.”
The new Crypto Secure software will provide financial institutions and crypto-centric debit card issuers with a dashboard to identify blockchain activity and suspicious transactions. Essentially, the blockchain monitoring software will utilize color-coded signals with different levels of suspicious activity, and according to Mastercard, the software will do nothing but alert financial service providers, while banks and card issuers will have to make decisions
Ajay Bhalla, President of Cyber & Intelligence at Mastercard, told CNBC, “The idea is to be able to provide the same kind of trust that we provide for digital commerce to consumers, banks and merchants for their digital asset transactions.” Bhalla further stated that
The overall digital asset market is now quite large and substantial.
According to Mastercard, the company already uses traditional financial applications and software to monitor its assets, and its new Crypto Secure platform will be used by Bitcoin (BTC) and Ethereum (ETH) and other cryptocurrencies.Mastercard’s president of cyber and intelligence was also asked about the recent downturn in the crypto economy, and Bhalla said the financial services corporation is more “focused on providing long-term stakeholder focused on providing solutions,” he stressed.
“These are market cycles, they come and they will go,” Bhalla concluded.
“I think we have to take the long view, that this market is still evolving and will be much bigger in the future.
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