Mastercard launches crypto crime tool

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Updated October 6, 2022 | Published October 6, 2022

2 mins read

The new platform will display color-coded ratings indicating the risk on each crypto exchange.

Mastercard has launched a system to help its banks identify the crypto exchanges most likely to fall under an ‘at-risk' category.

Crypto Secure is a technology that uses artificial algorithms and blockchain data to assess the criminal risks affiliated with crypto exchanges.

Color-coded ratings will display on the platform showing a digital dashboard indicating the levels of suspicious activity on an exchange. Users are then able to take his information and decipher which crypto merchant to use.

The new initiative is supported by Californian blockchain security firm, CipherTrace. The company was acquired by Mastercard last year to investigate illegal activity on the blockchain.

In regards to traditional finance transactions, Mastercard uses similar technology and has extended this into the use of cryptocurrencies during the market downturn and current risks associated with fraud and account hacks.

Blockchain analytics firm Chainalysis has reported that illegal cryptocurrency funds reached $14bn last year alone, with an increase in crypto-related crime in 2022.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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