Mastercard moves to protect 'risky and frisky' crypto transactions
Supposedly ingenious schemes to revolutionize the finance industry with crypto are not hard to find – nor are their failures. And scarcely a day passes on which a cryptocurrency venture's infosec is not found wanting. That sad situation is causing financial institutions sufficient pain that Mastercard thinks the time is ripe for a service that helps lenders to understand if their customers' crypto purchases are dangerous.
Card issuers are nearly always banks, and laws around the world mean issuers are often on the hook for fraudulent transactions made with credit cards.Measure transaction approvals and declines;Access a benchmark rating for comparison to a peer group of financial institutions.asked Mastercard if it has ever offered a service of this sort for any other class of asset or merchant.
Independent payments expert Brad Kelly, managing director of Australian company Payment Services, said he's never seen a similar sector-specific service offered by a card scheme.that crypto exchanges are currently rated as similar risks to purveyors of gambling and prostitution – sectors known as"risky and frisky" in the payments industry.
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