American multinational financial services corporation Mastercard has partnered with its recently acquired subsidiary CipherTrace to launch a new product called Crypto Secure that helps banks assess the risk of crime associated with cryptocurrency merchants on their network.

This latest product is the company’s direct attempt to stop the growing incidence of criminal activity perpetrated through exchanges. CNBC reported that participating banks would block illicit transactions emanating from crypto exchanges integrated with Mastercard’s payment network through the service.

CipherTrace, known as a leading security outfit helping governments and organizations fight crime in the blockchain ecosystem, will power the new offering using a suite of advanced Artificial Intelligence (AI). technology.

The Crypto Secure product will help interested parties determine the criminal risk associated with cryptocurrency exchanges on the Mastercard payment network. The data on which the AI ​​algorithm will be based will be derived from on-chain data obtained from linked blockchains.

As detailed by CNBC, the Crypto Secure product will present a dashboard to participating banks. It will brandish a color-coded representation of the level of risks associated with transactions emanating from trading platforms. For simpler profiles, ‘Red’ means the severity of the risk is high, while ‘Green’ means it is low.

Mastercard is one of the major stakeholders in today’s crypto ecosystem, enabling payment transactions on most merchant platforms connected to its network. With the prevalence of crime including money laundering activities on exchanges today, the Crypto Secure product will seek to help restore much-needed sanity as dubious traders will find it more difficult to move funds.

Mastercard’s exploits in conjunction with CipherTrace, which it acquired last year, are not a pioneering advancement in the crypto ecosystem. As a security startup in the industry, CipherTrace has launched a number of related products to help track illicit transactions across the board.

The Crypto Secure product will be one that will have greater accessibility through Mastercard’s global influence.

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