In an effort to increase security and confidence in the digital environment, payment services firm Mastercard has introduced a groundbreaking technological solution — Crypto Secure.
Analytics and technology from CipherTrace are combined with proprietary data in Crypto Secure to enable card issuers comply with the intricate regulatory framework governing the digital asset market.
Through the platform, they are better able to evaluate the risk profile of virtual asset service providers (VASPs), also known as cryptocurrency exchanges or other service providers, and choose which crypto purchases to approve.
Issuers can readily recognise and reject transactions with cryptocurrency merchants likely to commit fraud, as opposed to evaluating or using a one-size-fits-all strategy that might impede legitimate business.
At Mastercard trust is our business and with cryptocurrency more intertwined in our daily lives this is an exciting next step in our journey.
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.
Ajay Bhalla, President of Mastercard Cyber and Intelligence
Each issuer receives a color-coded dashboard from Crypto Secure that details where their cardholders are purchasing cryptocurrencies.
With the help of the new tool, issuers will be able to precisely pinpoint cryptocurrency exchanges, quantify transaction approvals and rejections, understand their portfolio-level exposure to cryptocurrency risk through a single score, and obtain a benchmark rating for comparison with a peer group of financial institutions.
The newest development in Mastercard’s broader digital assets strategy, Crypto Secure enables people to effortlessly spend money from their cryptocurrency accounts in everyday transactions and helps close the gap between traditional finance and the world of cryptocurrencies.
Mastercard has been collaborating with its clients and partners to develop new services and tools that will make cryptocurrencies easier to use, safer to use, and more secure over the past few years.
Finicity, Ekata, RiskRecon, and CipherTrace are additional technologies that have been added to supplement these efforts.