Mastercard has announced a strategic partnership with Feedzai, a regulatory technology platform, to enhance its efforts in detecting and preventing crypto fraud. The partnership aims to address the increasing risk of fraud in cryptocurrency transactions, with Mastercard’s latest data showing that fraud on transactions involving crypto is five times higher than regular fiat transactions.
Through this collaboration, financial institutions will be equipped to distinguish between legitimate and fraudulent transactions, leveraging Feedzai’s artificial intelligence capabilities. The partnership comes as part of Mastercard’s commitment to protecting its global customer base from fraud, aligning with Feedzai’s mission to combat money laundering and financial scams using advanced AI technology.
Feedzai will integrate directly with Mastercard’s CipherTrace Armada platform, enabling banks to monitor transactions from over 6,000 crypto exchanges for fraud, money laundering, and other suspicious activities. This move represents a significant push from Mastercard into the crypto space, specifically focusing on cleaning up the industry from fraud and scams.
The collaboration between Mastercard and Feedzai is expected to bolster efforts to reduce the risk of account-to-account fraud flowing into crypto exchanges. By leveraging Feedzai’s technology, which can identify and block suspicious transactions in a matter of nanoseconds, Mastercard aims to provide enhanced protection for hundreds of millions of consumers globally.
Mastercard’s partnership with Feedzai is a significant step in combating fraud in cryptocurrency transactions. Feedzai’s AI and machine learning algorithms are designed to detect and prevent various types of financial fraud, including credit card fraud, payment fraud, and other banking fraud.
This collaboration is poised to strengthen Mastercard’s position in the global payment processing landscape, emphasizing its commitment to addressing the challenges posed by the increasing digital penetration of finance and the interconnectedness of modern life.