Mastercard Debuts Blockchain Surveillance Tool for Banks and Crypto-Centric Card Issuers – In order to identify fraudulent cryptocurrency transactions, Mastercard (NYSE: MA) has unveiled a new piece of software that makes use of blockchain surveillance techniques and AI. According to the financial company, Ciphertrace built the new program, and they exclusively revealed the news with CNBC.
Mastercard bought the blockchain intelligence firm Ciphertrace last year. At the time, Dave Jevans, CEO of Ciphertrace, stated that “Our two companies share this vision to provide security and trust throughout the ecosystem.” A dashboard that recognizes blockchain activity and dubious transactions will be made available to financial institutions and crypto-centric debit card issuers by the new Crypto Secure software.
People Also Read: Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Country Lacks Forex to Import Oil
The blockchain monitoring program essentially uses colored signals that indicate various levels of suspicious activity. According to Mastercard, banks and card issuers must make the decision; the software does nothing more than alert the financial services provider.
“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: “The whole digital asset market is now a pretty large, substantial market.”
Mastercard claims it already employs software to monitor traditional financial apps and assets, and the new Crypto Secure platform is dedicated to cryptocurrencies such as bitcoin (BTC) and ethereum (ETH). Bhalla emphasized that Mastercard was more “focused on providing long-term solutions to the stakeholders” when asked about the recent downturn of the crypto economy. “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.”
READ MORE
CME Group to Face off With FTX After Filing for Futures Commission Merchant Status
Binance Officially Launches Crypto Exchange in New Zealand Following Regulatory Approval
US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans
