How these new transaction security measures combat fraud and boost consumer confidence
Ric Edelman: It's Monday, June 5th. Mastercard has launched a solution to improve the security of transactions. It's doing this by using blockchain technology. It's called the Mastercard Crypto Credential service and uses a set of common standards for transactions on the blockchain for both consumers and businesses. Mastercard is also making sure that all cross-border transactions comply with global rules for AML and KYC. That's anti-money laundering and the know your customer rules.
In other words, Wall Street brokerage firms and big banks and credit card companies, they're not allowed to do business with customers unless they know who the customer is. This is all to thwart terrorism, financing, drug cartels and tax evaders. And so Mastercard is now teaming up with several blockchain firms, including Aptos Labs, Ava Labs, Polygon Labs and the Solana Foundation, to use crypto technology to improve the security of transactions on a global basis.
Mastercard also says this is going to enhance verification with non-fungible tokens, ticketing, enterprise and other payment solutions. This is a big deal. I've been telling you for years that among the benefits that you get from blockchain technology is that it allows businesses to operate faster, cheaper, safer. And this is an illustration of that.
When you've got one of the biggest credit card companies on the planet, Mastercard, getting behind this and using this tech. You just have to shake your head whenever anybody says crypto. That's just a fad, really.
Tell that to Mastercard.
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