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Oct 13 • 3 mins
Blockchain

Mastercard Launches Crypto Secure to Combat Fraud in Crypto Payments

Published: October 3, 2022
Last updated: June 20, 2025

Mastercard has introduced a new product, Crypto Secure, designed to help banks and financial institutions assess the risk of criminal activity associated with crypto merchant platforms on its network.

Amid a rise in high-profile cyberattacks across the crypto space, the global payments provider launched the software on October 3, 2022. The goal: enhance security, detect illicit transactions, and reduce fraud across crypto platforms.

Crypto Secure leverages artificial intelligence, blockchain analytics, and public crypto transaction data to evaluate the risk of fraud on Mastercard’s payment network. It builds upon a similar system the company already uses for traditional fiat transactions.

According to Ajay Bhalla, President of Mastercard’s Cyber & Intelligence division, the solution is aimed at helping financial institutions comply with local regulations and improve their ability to combat criminal activity on crypto exchanges.

The platform provides banks and card issuers with a color-coded dashboard, highlighting the risk levels of crypto merchants—green indicates low risk, while red flags high-risk entities.

Crypto Secure is powered by CipherTrace, a blockchain analytics firm that Mastercard acquired in 2021. Importantly, the tool does not block or remove any merchant; instead, it serves as an advisory service, enabling informed decision-making. Mastercard currently has over 2,400 crypto exchanges on its network.

As the use of cryptocurrencies grows, so does the potential for abuse. Both Mastercard and Visa have accelerated their crypto strategies—Visa has reportedly invested over $1 billion in crypto services, while Mastercard is rolling out crypto payment options in countries like Indonesia and Argentina.

The need for solutions like Crypto Secure is underscored by alarming statistics: in 2021, fraudulent wallets received $14 billion worth of crypto, marking a record year for cybercrime in the industry, according to Chainalysis. In Australia, investors lost over $242 million to crypto scams, according to data from the Australian Competition and Consumer Commission (ACCC). Many of these scams were linked to social media platforms. Some industry experts have even compared certain fraudulent schemes to Ponzi scams.

Conclusion

As cryptocurrencies become more mainstream, the demand for robust security measures is greater than ever. Mastercard’s launch of Crypto Secure marks a significant step toward building trust in digital assets by equipping financial institutions with better tools to detect and prevent fraud. While the technology doesn’t eliminate risks entirely, it offers a critical layer of intelligence in an industry where transparency is still evolving. By combining blockchain data, AI, and regulatory insight, Mastercard is not just protecting its network — it’s helping shape a safer future for crypto transactions worldwide.

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    About the author

    Dmitry K.

    CEO and Co-founder of ND Labs
    I’m a top professional with many-year experience in software development and IT. Founder and CEO of ND Labs specializing in FinTech industry, blockchain and smart contracts development for Defi and NFT.

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