Mastercard Introduces New Tool Helping Banks Block Fraud-Prone Crypto Exchanges
"Mastercard has launched software that allows banks to identify and potentially block customer purchases from cryptocurrency exchanges that have been linked to fraud..." reports Barron's: "Crypto Secure" allows card issuers to assess the regulatory risk of dealing with crypto exchanges and other digital asset platforms, as well as decide which purchases to approve, Mastercard said. The solution, which taps blockchain data, allows banks to see where cardholders are buying crypto and assess their overall exposure to the digital asset space, which is rife with fraud and under continuing scrutiny from regulators. A report on Yahoo Finance says the solutions will "infuse added security and reliability into crypto purchases made across a worldwide network of 2,400 exchanges," noting that the initiative "reinforces Mastercard's efforts to bolster its presence in the growing crypto ecosystem." Mastercard's president of cyber and intelligence business told CNBC that "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." The Mastercard executive "declined to disclose the overall dollar value of fiat-to-crypto volumes from its network of 2,400 crypto exchanges," but did say the number of transactions per minute now runs into the "thousands." And when CNBC asked if Mastercard was changing its strategy after a recent drop in crypto prices, he retorted that market cycles always come and go. "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."
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