Mastercard has launched a technology solution designed to bring additional security and trust to the digital ecosystem. It’s been named Crypto Secure.
The solution combines insights and technology from CipherTrace with proprietary information to help card issuers stay compliant with the complex regulatory landscape of the digital assets sector.
Identify and turn away transactions with crypto merchants prone to fraud
The Crypto Secure platform allows them to better assess the risk profile of crypto exchanges or other providers, collectively known as Virtual Asset Service Providers (VASPs), and decide which purchases of cryptocurrency to approve.
Rather than considering or employing a one-size-fits-all approach, which could potentially restrict legitimate activity, issuers can easily identify and turn away transactions with crypto merchants prone to fraud.
Ajay Bhalla, President of Mastercard Cyber and Intelligence, said: “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.”
Crypto Secure provides each issuer with a colour-coded dashboard which shows where their cardholders are buying cryptocurrency. The new service will allow issuers to:
- Accurately identify the crypto exchanges
- Measure transaction approvals and declines
- Understand, at a portfolio level, their exposure to crypto risk through a single score
- Access a benchmark rating for comparison to a peer group of financial institutions
Mastercard supports consumers and institutions with access to crypto
Mastercard’s broader digital assets strategy helps bridge the gap between traditional finance and the world of crypto. Crypto Secure is a statement to that mission as it enables individuals to seamlessly spend funds from their crypto accounts in everyday transactions.
The payments giant has been quite active in bringing new services and capabilities for safer and enhanced access to crypto. To that effect, the firm partnered with a number of technology providers, including Finicity, Ekata, RiskRecon in addition to CipherTrace.
Mastercard also supports banks, governments and others around the world through its Crypto & Digital Currencies Consulting Practice.