Mastercard Unveils Secure Tool To Fight Growing Crypto Fraudulent Activities

Amid the growing frauds in the crypto sector, the multinational financial service organization, Mastercard, has unveiled a new feature to prevent and detect crypto-related fraud operations within its network.

Cryptocurrency’s broad adoption by the mainstream has pushed global business platforms to include it. But unfortunately, it also opened a way for fraudsters and cybercriminals to loot people’s hard-earned money in crypto. The worth of cryptocurrencies that moved to criminals’ wallet addresses spiked to a whopping $14 billion in the last year, per Chainalysis.

The new initiative will manipulate data gathered from blockchain and public transaction records, among other sources, to assess the risk of criminal activity on crypto exchanges linked with Mastercard Network. Currently, around 2,400 exchanges have partnered with the giant financial firm.

The new crypto fraud protocol, Crypto Secure, will find