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Payment Giant Mastercard Introduces This New Service to Tackle Crypto Frauds

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VOC, Voice of Crypto, Mastercard

The rising nature of crypto transactions and exchanges paved the way for several types of scams in the virtual market.

While, on the one hand, the crypto ecosystem offers a great investment opportunity, one can hardly deny the uncertainty of the market along with the growing nature of scams. However, Mastercard is set to launch its new crypto security tool, Crypto Secure, to protect crypto payments and ensure top-notch privacy. 

Mastercard Offers Greater Privacy

The financial provider, Mastercard, announced its new security tool Crypto Secure to protect crypto transactions made through its network. Crypto Secure belonged to CipherTrace and is now acquired by Mastercard.

The device, carefully designed through artificial intelligence, blockchain data, and crypto transaction records, can now detect any suspicious activity within its network. This tool aims to offer highly encrypted transactions without risk to investors’ financial details. 

Fraudulent Activities in the Crypto Ecosystem

Crypto frauds are not new. Reports claim several merchants might use crypto transactions for money laundering. In other words, they can invest their black money into cryptocurrencies, a potentially harmful activity in any economy.

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Money laundering activities can lead to child prostitution, trafficking, and other heinous crimes, and it is high time to curb them and make the crypto ecosystem safe.

This is precisely where Crypto Secure comes into play, as it aims to reduce such activities through its in-built data and transaction tracing features. 

Crypto Secure Instills New Faith

As Ajay Bhalla, the President of the Cyber and Intelligence business for Mastercard, claims, the tool aims to increase faith in digital asset transactions.

The growing suspicion of money laundering and crypto fraud is common. Such suspicion acts as a hindrance toward crypto investments and transactions.

The launch of Crypto Secure can then instill greater trust among people through its robust technology. 

Mastercard issuers will receive greater benefits and security through Crypto Secure. The tool shows a color-coded risk factor associated with the transactions of various merchants and their businesses.

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Hence, banks can now verify the activities of the merchants before allowing them for any transaction based on the color scheme. 

In an era where financial providers like Visa and Mastercards offer crypto payment options, such a security tool is imperative.

While such transaction diversification, the continuous security threat with investors losing several million dollars can act as a red flag.

However, Mastercard is sure to combat this through this revolutionary venture. 

 

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A post-graduate is Sociology, Sreerupa's interest primarily lies in researching on the global market trends of production and consumption.

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