{"id":68056,"date":"2022-10-04T12:44:21","date_gmt":"2022-10-04T09:44:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68056"},"modified":"2025-09-07T11:59:44","modified_gmt":"2025-09-07T08:59:44","slug":"mastercard-to-roll-out-tool-to-detect-fraud-in-bitcoin-transactions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/mastercard-to-roll-out-tool-to-detect-fraud-in-bitcoin-transactions\/","title":{"rendered":"Mastercard to roll out tool to detect fraud in Bitcoin transactions"},"content":{"rendered":"<p>The Mastercard payment network will launch the Crypto Secure tool. It will enable banks to identify and block transactions with crypto exchanges implicated in fraudulent practices, <a href=\"https:\/\/www.cnbc.com\/2022\/10\/04\/mastercard-deepens-crypto-push-with-tool-for-preventing-fraud.html\"> CNBC<\/a> reports.<\/p>\n<p>Crypto Secure was developed by CipherTrace, which<a href=\"https:\/\/forklog.com\/en\/news\/mastercard-to-acquire-blockchain-analytics-firm-ciphertrace\"> became part of Mastercard<\/a> in 2021.<\/p>\n<p>The system uses &#8220;advanced&#8221; AI algorithms, blockchain data and other sources. Users are presented with a monitoring dashboard showing risk ratings for each transaction. The decision to approve or deny it lies with the payment-network partner itself.<\/p>\n<p>Mastercard uses a similar technology to prevent fraud in fiat transactions.<\/p>\n<p>Ajay Bhalla, Mastercard&#8217;s president for cybersecurity, declined to disclose exact figures on cryptocurrency-related transactions, noting that their number per minute already runs into the thousands.<\/p>\n<p>Earlier, Visa<a href=\"https:\/\/forklog.com\/en\/news\/visa-processed-2-5-billion-in-crypto-card-transactions-over-three-months\"> said that users of cryptocurrency cards on the network carried out transactions<\/a> worth $2.5 billion in October\u2013December 2021.<\/p>\n<p>In September, Visa<a href=\"https:\/\/forklog.com\/en\/news\/visa-consensys-and-a16z-back-sardine-platform-in-51-5-million-round\"> participated<\/a> in a $51.5 million funding round for Sardine, a platform for fraud detection.<\/p>\n<p>According to Chainalysis, in 2021 the volume of crypto-related transactions linked to such illicit activity<a href=\"https:\/\/forklog.com\/en\/news\/chainalysis-in-2021-cryptocurrency-scammers-earned-a-record-14-billion\"> amounted to $14 billion<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 news on cryptocurrencies, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Mastercard payment network will launch the Crypto Secure tool. It will enable banks to identify and block transactions with crypto exchanges implicated in fraudulent practices, CNBC reports.<\/p>\n","protected":false},"author":1,"featured_media":68057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1911,1154,70],"class_list":["post-68056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cipher-trace","tag-crimes","tag-mastercard"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68056"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68056\/revisions"}],"predecessor-version":[{"id":68058,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68056\/revisions\/68058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68057"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}