Mastercard Partners with Feedzai to Combat Crypto Fraud Using AI
Date: 2023-11-22 Author: Dima Zakharov Categories: IN WORLD
Strengthening Crypto Fraud Prevention
In a bid to tackle fraudulent activities within cryptocurrency exchanges, Mastercard announced a strategic collaboration with Feedzai, a regulatory technology platform utilizing AI to combat online money laundering and cryptocurrency scams.
Advanced Integration for Real-time Alerts
Through this partnership, Feedzai will directly integrate with Mastercard's CipherTrace Armada platform. This platform aids banks in monitoring transactions across more than 6,000 crypto exchanges for fraud, money laundering, and suspicious activities. Unlike traditional API usage, Feedzai will embed CipherTrace Armada directly into its technology, enabling real-time alerts on suspicious crypto transactions.
Potential Impact and Focus on Consumer Protection
Nuno Sebastião, CEO of Feedzai, highlighted the partnership's potential in enhancing fraud detection, safeguarding consumers, and identifying potential money laundering activities and accounts used by fraudsters. According to Feedzai, around 40% of fraudulent transactions are currently linked to transferring funds directly from a bank account to a cryptocurrency exchange. This collaboration grants Mastercard access to Feedzai's AI capabilities, allowing swift identification and blockage of suspicious transactions while recognizing legitimate ones.
