A New Cryptocurrency Protection Tool Comes To Life And Mastercard Has Created It

Mastercard, the financial service provider has announced the launch of a new tool that is to offer a utility that is related to risk management.

Mastercard Launches a New Service

On October 3, Mastercard officially announced that they have launched a new cryptocurrency service that is going to offer assistance in the risk management segment.

Mastercard has confirmed that the name of the new service is ‘Crypto Secure’. With the help of the new service, the banks would find it extremely easier to deal establish and deal with cryptocurrency frauds and other platforms.

With the help of the service, the banks would find it easier to track down and establish whether a cryptocurrency service is a fraud. This way, the banks would be able to report if a cryptocurrency trading platform or a crypto merchant is fraudulent or not.

Crypto Secure Utility

Crypto Secure has been developed with a combination of technologies and utilities. The tool is based on artificial intelligence, which gathers its data through the blockchain network.

The blockchain network is used for collecting public records through the blockchain network, as well as other sources.

By collecting the data and analyzing it, the banks can be established whether a cryptocurrency platform or an exchange is involved in some kind of fraud or not.

However, it is important that the particular platform or exchange is somehow connected to the Mastercard network.

Mastercard Expands to Cryptocurrencies

Although it is a new tool and utility for the cryptocurrency industry offered by Mastercard it is already a utility for fiat currencies.

Mastercard has already offered the same service (tool) to the banks that lets them track fiat currency-related data to identify fraud.

The banks have been using the particular service to keep a track of any unusual or illicit activities to identify fraud and report it accordingly.

Ajay Bhalla Speaks on the Tool

Ajay Bhalla, Mastercard’s intelligence and cyber business president shared her comments about the launch of the new service.

As per Bhalla, with the help of the new service, the banks get to provide their clients and customers with a highly secure and safe environment.

Additionally, the banks also gain the opportunity of tracking and fight fraudulent crypto activities by staying within the very jurisdiction of the local regulations.

Bhalla added that Mastercard has been providing its clients and users with a highly trusted and safe environment to process digital commerce transactions for decades.

They want to perform their duties and deliver the same way in terms of cryptocurrencies as they have done in the fiat world.

Mastercard has Vast Crypto Network

Mastercard’s new tool is not to be taken lightly as it currently has its network spread out among 2,400 cryptocurrency exchanges around the world.

The new service would prove to be a very handful for the banks in fighting crimes related to cryptocurrencies.

By Brandon Craig
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