The financial service provider Mastercard reportedly rolled out a new crypto service focusing on risk management, dubbed Crypto Secure. 

Specifically, Mastercard’s new solution reportedly works towards a primary goal of assisting banks in searching for and stopping fraud on crypto merchant platforms.

Crypto Secure reportedly combines the usage of artificial intelligence, blockchain data and public records of crypto transactions, as well as different sources, to identify crime-associated risks of crypto exchanges within the Mastercard network.

Mastercard already has a similar service with fiat currency transactions available to banks.

The president of cyber and intelligence business for Mastercard, Ajay Bhalla, reportedly claimed that this newly rolled out tool will assist its partners with the compliance level regarding local regulations during their combats with fraud in the crypto sphere. 

“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.”

Banks and other Mastercard card issuers utilizing Crypto Secure will see color-coded risk ratings of crypto merchants, which are representatives of the risk of suspicious or fraudulent activity connected to said merchant.

Crypto Secure is operated by CipherTrace, a California-headquartered startup focusing on blockchain security, which was purchased by Mastercard in 2021.

While the tool does not make judgements for banks, it offers another level of advisory on crypto transactions. Mastercard currently has approximately 2,400 crypto exchanges within its network.