Banking Giant Mastercard Wages War Against Crypto Currency Scams!

According to the news published by CNBC today and attributed to the company. MasterCardplans to develop new software to help banks and card providers combat cryptocurrency-related fraud.

Mastercard to Combat Cryptocurrency Fraud with New Software

Crypto Secure Blockchain security startup acquired by Mastercard using artificial intelligence algorithms CipherTrace assesses the risk associated with crypto exchanges through

Crypto Secure offers banks and card issuers a dashboard that aims to visually detail whether a crypto-related activity is suspicious and, if so, how suspicious.

Cryptocurrency and bitcoin Despite the massive declines in prices, crypto-related scams are increasing day by day. Regulators continue to scrutinize the industry.

Top US officials are asking Congress to pass multiple laws that strengthen the rules for the blockchain and digital asset industry. Meanwhile, the European Union’s own Crypto Asset regulations continue to be on the global agenda.

In late August, House of Representatives Raja Krishnamoorthi urged US federal legislators and leading cryptocurrency exchanges to review their anti-fraud policies and take responsibility.

Authorities’ continued focus on crypto-related scams is likely to help Mastercard’s competitors make similar moves.

Last month, fraud detection platform Sardine, managed by Andreessen Horowitz (a16z) and Visacompleted a $51.5 million Series B funding round, in which .

*Not investment advice.