Mastercard Adds Security Tool for Crypto Transactions

Crypto , mastercard, transactions, cryptosecure, ciphertrace

A new solution to increase the level of security and trust when it comes to cryptocurrency transactions is being launched by Mastercard to help users maintain the flow of legitimate activity while avoiding merchants prone to fraud. 

Mastercard Crypto Secure, powered by CipherTrace, the cryptocurrency intelligence startup it acquired last September, was developed to deliver a new level of security and trust to the digital ecosystem, according to a press release on Tuesday (Oct. 4).

See also: Mastercard Buys Crypto Intel Startup CipherTrace

Crypto Secure helps card issuers comply with regulations affecting the digital assets sector by offering insights, technology and proprietary information from CipherTrace. The platform gives users a way to assess the risk profile of crypto exchanges or other providers — known as Virtual Asset Service Providers (VASPs) — to better decide which crypto purchases to approve, per the release.

“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,” said Ajay Bhalla, president of Mastercard Cyber and Intelligence.

Read more: PSPs Are Making Stablecoin Payments a Reality 

With Crypto Secure, a color-coded dashboard pinpoints where cardholders are buying cryptocurrency. The new service enables issuers to accurately identify the crypto exchanges, measure transaction approvals and declines and devise a score to determine crypto risk exposure.

Crypto Secure is one component comprising Mastercard’s wider digital assets strategy, which strives to connect traditional finance and cryptocurrencies. Mastercard aims to make it easy for people to spend funds from their crypto accounts in everyday transactions and make digital currencies more accessible, safe and secure. 

Mastercard also launched its Crypto & Digital Currencies Consulting Practice to support banks, governments and others around the world safely manage crypto-asset investments, according to the release.