- Mastercard and Feedzai have announced a new partnership.
- The collaboration will see the firms merge technologies.
- Working in tandem, the two firms will expand crypto fraud protection.
Global payments technology company Mastercard is taking proactive steps to detect and prevent fraud within crypto exchanges.
On November 20, Mastercard announced a new partnership with Feedzai, a regulatory technology platform that leverages artificial intelligence (AI) to curb money laundering and online financial scams.
Mastercard Joins Hands with Feedzai to Detect Crypto Scams
Per the press release, the collaboration will see the two companies merge their fraud protection technologies to enhance AML solutions and mitigate bank-to-crypto fraud, which Feedzai estimates accounts for 40% of scam transactions.
Feedzai will integrate directly with Mastercard’s CipherTrace Armada technology, a platform leveraged by banking institutions to monitor transactions from over 6,000 crypto exchanges for suspicious activities, such as fraud and money laundering.
With the partnership, Feedzai will embed CipherTrace Armada in its technology rather than accessing it through an API, enabling real-time alerts on flagged transactions.
According to Ajay Bhalla, president of Cyber and Intelligence at Mastercard, besides flagging money laundering activities, the integration will protect unwary customers by detecting mule accounts and preventing scams before they happen.
“We are delighted that, through this new partnership, we are able to go further, by helping to stop fraud and payments to scams before they take place, giving customers more choice, security, and, most importantly, reinforcing trust.” Bhalla stated.
Per the announcement, the collaboration also gives Mastercard access to Feedzai’s AI software.
Mastercard Taps Feedzai’s RiskOps Platform
The partnership gives Mastercard access to Feedzai’s RiskOps platform, which analyzes over $1.7 trillion worth of transactions annually and offers wide-ranging AI-based solutions for monitoring, detecting, and stopping crimes at the source.
With this combined intelligence, crypto is poised to snowball to the mainstream as financial institutions will be able to quickly identify and block suspicious transactions while recognizing legitimate ones.
Read more about Mastercard’s Multi-Token Network (MTN):
Mastercard Launches New Crypto Product: Here’s What It Does
Stay updated on Mastercard’s CBDC revolution plan:
Mastercard Eyes CBDC Revolution with Ripple and Consensys