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- Mastercard launches software to avoid crypto frauds with the help of CipherTrace.
According to CNBC’s data sources, On 4 October 2022, Mastercard will introduce new software to help banks determine and deduct transactions from fraud-prone crypto exchanges.
The upcoming software of Mastercard will be named as CryptoSecure. The mechanism used by the software is “sophisticated” artificial intelligence(AI) algorithms to identify the risk of crime correlated with crypto exchanges on the Mastercard payment network, a public record of crypto transactions, and additional sources.
CipherTrace powers Crypto Secure software, a blockchain security startup acquired by Mastercard. CipherTrace is headquartered in Menlo Park, California.
CipherTrace helps businesses and government institutions trace illegal activities and fraudulent payments of cryptocurrencies. Its main rivals are Chainalysis and Elliptic, and their workplaces are in New York and London.
Mastercard is launching this initiative to determine the frauds because of increasing illegal activities and crime in the nascent digital asset market. The number of crypto wallets entering wallets with a recorded $16 billion in 2021.
According to the data from Chainalysis number of hacks and scams in 2022 has rapidly increased, and somewhat this year is called the scammer’s favourite year.
The President of Master of Cyber and Intelligence business mentioned while talking to CNBC that the move was about ensuring its partners can “stay compliant with the complex regulatory landscape.”
He further noted that “The whole digital asset market is now a pretty large, substantial market,” adding more he noted, “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.”
Bhalla also noted, “These are market cycles, they will come and they will go,” he said. “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.”
According to data from CoinMarketCap, While writing this article, bitcoin is trading at $19,912 with a 24-hour volume of $ 32,178,275,282.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
