Mastercard launches new product to help banks combat crypto-related crime
Summary
Mastercard announced it would debut a software product that helps banks detect and block fraudulent transactions from going through crypto exchanges, according to a report on October 4, 2022. When banks and other card issuers use Crypto Secure platform, they will arrive at a dashboard that shows color-coded ratings that represent the severity of risks associated with cryptocurrency transactions and activities. The product was designed to align stakeholders with managing their compliance obligations in “the complex regulatory landscape” and to foster trust for digital asset transactions among its consumers, banks, and merchants, explained Mastercard’s president of cyber and intelligence business, Ajay Bhalla. Biden’s cryptocurrency regulation framework, called “Ensuring Responsible Development of Digital Assets,” highlighted the need to protect consumers, prevent crypto-related crime, bring down fraud, and convene government agencies to ensure the crypto space advances responsibly. The regulations will also subject stablecoin issuers to maintaining sufficient reserves to meet redemption requests in the event of mass withdrawals.
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