Mastercard has launched a platform to help card issuers comply with the complex regulatory landscape of the crypto sector, assessing the risk profile of 2,400 crypto exchanges
Mastercard Crypto Secure combines insights and technology from CipherTrace with proprietary information that can help card issuers better estimate the risks of crypto exchanges and other providers. The solution will allow deciding which purchases of cryptocurrency and virtual assets to approve.
Instead of a one-size-fits-all approach, issuers will be able to identify and turn away transactions with selected crypto merchants prone to fraud. The customised security solution would not restrict legitimate activity. Besides, it will increase consumer confidence, creating the same trust they expect when paying with Mastercard.
Crypto Secure would provide each issuer with a colour-coded dashboard showing where their cardholders are buying cryptocurrency. This way, the issuers may accurately identify the crypto exchanges to measure their exposure to crypto risk through a single score.
Firms will also be able to access a benchmark rating for comparison to a peer group of financial institutions. It will improve and automate the decision-making on transaction approvals and declines.