In less than a week, MasterCard plans to launch a new app that will help combat fraud. It is a huge step for the company toward pushing deeper into cryptocurrency.
Earlier, MasterCard acquired – CipherTrace – a blockchain security startup that will provide resources and instrumentation for the launch of a new crypto app.
The application is developed to help banks minimize the risk of cybercrimes associated with blockchain and cryptocurrency merchants.
Powered by CipherTrace, the new app will not only help banks reduce crime-related risks but also serve as a tool against a growing number of digital crimes that take place in the nascent digital asset market.
Crypto Secure is a piece of advanced software for banks to detect and identify potentially fraud-prone transactions that take place on the crypto exchange. The system will be powered by AI-based algorithms and technologies. They can evaluate the potential level of crimes in the crypto market in relation to the MasterCard payment ecosystem.
The software generates data from the blockchain network. Additionally, it relies on other data sources that include a public record of all transactions associated with cryptocurrency.
As stated earlier, it is a blockchain security startup acquired by MasterCard not so long ago. Hailing from California, CipherTrace develops technological solutions to help companies, businesses, and governmental institutions detect illicit transactions and operations that involve different assets including cryptocurrency.
The niche looks very promising in the long-term perspective. On the one hand, we can see coins integrating with the banking system. Crypto is about to become a widely-used asset with all typical services and products, like coin-based loans, banking accounts, and so on.
On the other hand, the number of crimes associated with crypto is growing rapidly. Only in 2021, more than $14 billion were surged by criminal connections related to a growing number of crypto wallets. In 2022, a soaring number of scams and high-profile hacks are targeting crypto investors.
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