Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds
Release: 2023/11/20 17:00 Reading: 208
In a strategic move to bolster its defenses against the surging wave of crypto-related fraud, Mastercard has exclusively revealed its collaboration with Feedzai. Notably, Feedzai is a regulatory technology platform specializing in combating online financial scams and money laundering using artificial intelligence (AI).
Meanwhile, this partnership underscores Mastercard’s commitment to securing cryptocurrency transactions and its bid to bring digital assets under mainstream financial regulations.
Mastercard Partners Feedzai To Combat Financial Crimes
Mastercard is intensifying its fight against cryptocurrency fraud by teaming up with Feedzai, a regulatory technology platform known for its prowess in combating online financial scams through artificial intelligence. In a recent interview with CNBC, Mastercard confirmed the collaboration.
At the same time, this unique partnership is intended to improve fraud detection by seamlessly integrating Feedzai's technology with Mastercard's CipherTrace Armada platform. Unlike conventional API access, Feedzai's seamless integration provides real-time alerts about suspicious cryptocurrency transactions, adding an additional layer of protection for unsuspecting consumers.
Quoting Feedzai CEO Nuno Sebastio, the partnership not only boosts crypto scam detection but also targets potential money laundering activity and the exploitation of mule accounts—accounts used by fraudsters to launder illicit funds. Notably, with an estimated 40% of scam transactions originating from bank accounts to crypto exchanges, this alliance becomes pivotal in safeguarding financial transactions in the evolving crypto landscape.
Also Read: Pepe Coin Soars As Devs Deposits Over 400 Bln PEPE To Binance
Mastercard’s Crypto Legitimization Drive
The partnership between Mastercard and Feedzai represents a strategic effort to establish cryptocurrency as a widely accepted financial asset, regulated and governed by the same rules and compliance frameworks as traditional assets. As the banking and financial sectors explore the potential of cryptocurrencies, this collaboration aims to address concerns within the industry regarding the absence of comprehensive regulations and the vulnerability of digital assets to fraud and scams.
Mastercard President Ajay Bhalla highlights the risks and opportunities brought by the interconnectedness of the modern digital finance landscape. In addition, there is a growing concern about the rise in fraud within cryptocurrency transactions, which is reported to be five times higher than traditional fiat transactions. To address this issue, the partnership with Feedzai allows financial institutions to effectively differentiate between legitimate and suspicious transactions.
Meanwhile, this partnership builds upon Mastercard’s previous acquisition of CipherTrace in 2021, reinforcing its commitment to securing the crypto space with advanced technologies.
Also Read: OpenAI Turns To Ex-Twitch CEO Emmett Shear Post Altman’s Exit
The post Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds appeared first on CoinGape.
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