Mastercard wants to make crypto purchases less risky

Crypto is still fraught with uncertainty, but Mastercard is betting it can reassure buyers. The credit card giant has launched a Crypto Secure service aimed at boosting confidence in crypto purchases. The offering uses AI from CipherTrace (a blockchain security company that Mastercard bought in 2021) to “risk profile” digital asset providers and help card issuers decide whether or not to approve a transaction. Your bank may block a purchase if a merchant has significant fraud issues.

The system displays color-coded risk ratings ranging from green (safe) to red (dangerous). Mastercard also offers a “benchmark” rating to compare against a peer financial group and helps issuers track the volume of approved and rejected transactions. The company is already using a similar method for traditional currencies – it’s just moving the concept to the crypto space.

The service may not wow you when a seemingly innocuous crypto purchase falls apart. As explained by Mastercard’s Ajay Bhalla CNBCHowever, it is just as much about helping companies as customers. Crypto Secure ideally helps card providers navigate the current virtual asset regulatory maze. They shouldn’t get in trouble by agreeing to a shady deal that will leave people stuck.

As it stands, Mastercard has a vested interest in improving the reliability of crypto transactions. It started supporting some cryptocurrency payments in 2021, allowing more retailers to adopt the technology. The more trustworthy these payments are, the more Mastercard can benefit from them. Regardless of the motivation, you might not mind finding more places to spend your Bitcoin or Ethereum.

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https://www.engadget.com/mastercard-crypto-secure-200559003.html?src=rss Mastercard wants to make crypto purchases less risky

Russell Falcon

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