The world’s largest payments company Mastercard (MA), officially launched a first-of-its-kind technology solution, “Crypto Secure,” on Tuesday, which will help prevent fraud in the digital market. This new protection system measures an exchange’s risk level before letting people make purchases, so they are more safe and sound.
CryptoSecure helps card issuers comply with regulations for digital currencies by using cutting-edge software from CipherTrace and powerful analytics based on proprietary data sets.
Related Readings | OSC Claims That Offering Of Million-dollar In Crypto Is Fraud
Moreover, through the platform, the user may make a more accurate decision about the risks associated with purchasing cryptocurrencies when deciding what to buy through Virtual Asset Service Providers, such as crypto exchanges or other service providers.
In addition, issuers may readily detect and reject transactions with crypto merchants likely to commit fraud rather than taking into account or using a one-size-fits-all approach, which may limit genuine activity.
Services Crypto Secure Will Provides
Each issuer gets a color-tracked dashboard from Crypto Secure that shows which crypto exchanges their cardholders use. The company then allows them to understand if transactions are being approved or declined; accurately identify the exchange portfolio; see an individual score for each one as well as compare it with other financial institutions.
However, in alignment with Mastercard’s overarching strategy for developing digital assets, Crypto Secure is the latest feature that enables users to spend money held within their cryptocurrency accounts in standard transactions without encountering any difficulties.
Related Readings | SEC Alleges Two Companies With The Crypto Pump-And-Dump Scheme
Bridging this gap between conventional finance and the world of cryptocurrencies offers peace of mind knowing that one will no longer have to worry about converting their cryptocurrency holdings back into fiat currency before spending them or exchanging them online.
President of Mastercard Cyber and Intelligence, Ajay Bhalla, said in the announcement post:
“Crypto Secure will provide card issuers with a platform that allows them access to insights which will improve the safety of crypto purchases, increasing consumer confidence and creating the same trust they expect when paying with Mastercard.”
Furthermore, in the announcement post, the company claimed that it has been working with its customers and partners over the past few years to bring new services and capabilities that will make crypto more accessible, safe, and secure. These efforts have been supplemented by other new technologies such as Finicity, Ekata, RiskRecon, and CipherTrace.
“This unique combination of services provides eligible financial institutions the opportunity to safely manage crypto asset investments for consumers. Mastercard also continues to support banks, governments and others around the world through its Crypto & Digital Currencies Consulting Practice,” the company said in the statement.