• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

Mastercard Introduces a New Tool to Prevent Crypto Fraud

Hania by Hania
October 4, 2022
in General News, Bitcoin News
Reading Time: 3 mins read
A A
1
Mastercard Introduces a New Tool to Prevent Crypto Fraud
Tweet

In Brief:

  • Related articles
  • Top 5 Metaverse Tokens You Must Have In Your Portfolio
  • “India Leads The Global Crypto Adoption with 53% Of Users In 2023”

With the help of Mastercard’s new release, banks can detect and prevent fraud on their network’s cryptocurrency merchant platforms.

On October 3, the financial services company Mastercard introduced a brand-new crypto service that focuses on risk management. The goal of Mastercard’s new service, Crypto Secure, is to assist banks in identifying and preventing fraud on platforms used by crypto merchants.

Related articles

Top 5 Metaverse Tokens You Must Have In Your Portfolio

Top 5 Metaverse Tokens You Must Have In Your Portfolio

March 21, 2023
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"

“India Leads The Global Crypto Adoption with 53% Of Users In 2023”

March 21, 2023

To evaluate the crime-related risks of cryptocurrency exchanges operating within the Mastercard network, Crypto Secure combines the use of artificial intelligence with blockchain data, public records of cryptocurrency transactions, and other sources.

An equivalent service that supports fiat currency transactions has already been offered by Mastercard to banks.

Ajay Bhalla, president of Mastercard’s cyber and intelligence division, stated that this innovation aids its partners in maintaining local regulatory compliance when battling fraud in the cryptocurrency space:

“The notion is that we want to be able to provide the same type of trust to digital asset transactions for customers, banks, and merchants that we do for digital commerce transactions.”

When using Crypto Secure, banks and other Mastercard card issuers can view colour-coded risk assessments of crypto merchants, which indicate the likelihood that the merchant would engage in fraudulent or suspicious activities.

Mastercard introduces a new tool to prevent crypto fraud.

CipherTrace, a blockchain security startup located in California that was acquired by Mastercard last year, operates Crypto Secure.

The tool presents a high level of advice on cryptocurrency transactions even though it doesn’t render judgments for banks. Currently, Mastercard’s network comprises about 2,400 cryptocurrency exchanges.

Centralized payment processors like Visa and Mastercard have made crypto payments more widely accepted. Visa recorded over $1 billion in cryptocurrency spending last year, and Mastercard just introduced additional cryptocurrency payment options in places like Argentina and Indonesia.

The public’s awareness of cryptocurrency and related fraud and cybercrime is, however, growing. Data from Chainalysis shows that in 2021, cryptocurrency crime reached a new all-time high, with $14 billion being transferred to fraudulent wallet addresses.

Australian investors fell victim to investing and cryptocurrency-related scams in 2022, losing $242 million. While some industry leaders have lately compared cryptocurrency to a Ponzi scheme, others are warning social media behemoths about cryptocurrency scams related to their platforms.

Tags: crypto cyber newsCryptocurrenciescryptocurrency exchangefraudscam
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Top 5 Metaverse Tokens You Must Have In Your Portfolio
NFT News

Top 5 Metaverse Tokens You Must Have In Your Portfolio

March 21, 2023
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"
General News

“India Leads The Global Crypto Adoption with 53% Of Users In 2023”

March 21, 2023
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops
General News

Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

March 20, 2023
Bitcoin ATMs Manufacturer Has Shut Down Its Cloud Service Following The Hacking Of Its Users 
Bitcoin

Bitcoin ATMs Manufacturer Has Shut Down Its Cloud Service Following The Hacking Of Its Users 

March 20, 2023
Bitcoin’s Best January In 10 Years, With A 39.6% Gain For The Month
Bitcoin

Bitcoin Hits $28k As Unpredictability Surrounds Banks

March 20, 2023
FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX/Sam Bankman-Fried scandal
Business

Sam Bankman-Fried Pleas The Court To Provide His Legal Bills Reimbursement Top Priority

March 16, 2023
Euler Finance
Altcoin News

Euler Finance’s Bold Offer to Hacker: Keep $20M or Risk Prosecution

March 15, 2023
Bitcoin’s Best January In 10 Years, With A 39.6% Gain For The Month
Bitcoin News

What Caused Bitcoin (BTC) To Quickly Rise Over $26,000? 

March 14, 2023
Bitcoin Hits $28k As Unpredictability Surrounds Banks
General News

Silicon Valley Bank Collapse Might Trigger A Run On US Regional Banks

March 14, 2023
Load More
  • Trending
  • Comments
  • Latest
OKX: An all-in-one trading platform that supports cryptos, derivatives, staking, and lending

OKX: An All-in-one Trading Platform That Supports Cryptos, Derivatives, Staking, And Lending

December 27, 2022
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

Scam Alert: This Email Can Drain Your Crypto and NFT Wallet

January 21, 2023
Crypto Airdrops: Are They Really Safe? "The Ultimate Guide"

 A Step-By-Step Guide To Understand Arbitrum’s (ARB) Token Airdrop

March 17, 2023
HappyMiner

Earn Passive Income Cloud Mining With HappyMiner

March 19, 2023
Bitcoin ATM Rise Or Fall: In Less Than 60 Days, More Than 400 Machines Went Offline

Bitcoin ATM: How to use them?

1
All You Need To Know about Defi (Decentralized Finance)

All You Need To Know About DeFi (Decentralized Finance)

1
Robinhood enables the Web3 Wallet beta accessible to 10,000 users

Robinhood enables the Web3 Wallet beta accessible to 10,000 users

1
Mastercard Introduces a New Tool to Prevent Crypto Fraud

Mastercard Introduces a New Tool to Prevent Crypto Fraud

1
Top 5 Metaverse Tokens You Must Have In Your Portfolio

Top 5 Metaverse Tokens You Must Have In Your Portfolio

March 21, 2023
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"

“India Leads The Global Crypto Adoption with 53% Of Users In 2023”

March 21, 2023
Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 

March 20, 2023
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

March 20, 2023
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In