Mastercard Launches Crypto Security Product As Thefts Remain High
Payment processing giant Mastercard (MA) launched a new software product designed to help banks identify and block suspicious or fraudulent transactions from crypto exchanges. The tool, called Crypto Secure, is powered by CipherTrace, a blockchain security startup bought by Mastercard last year, CNBC reported.
Crypto Secure uses blockchain data and artificial intelligence algorithms to determine if there’s a risk of crime associated with cryptocurrency exchanges on Mastercard’s payment network. The Crypto Secure platform, available to banks and card issuers, then rates the risk for suspicious activity, with the severity ranging from “low” to “high.” Banks and card companies then have the option to cut off riskier crypto exchanges.
Cryptocurrency scams, hacks and thefts are still a major concern. Overall, more than $169 million in crypto funds were stolen in cryptocurrency markets during September, according to DefiYield’s REKT Database. The REKT Database tracks cryptocurrency investments lost through hacks, exploits and scams.
The largest loss among those was the $160 million exploit of market maker Wintermute on Sept. 20. Major crypto thefts have varied over the past few months. They fell from $334.3 million in June to $80 million in July, before climbing to nearly $213 million again in August.
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