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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.
Meanwhile, this exclusive collaboration aims to enhance fraud detection by integrating Feedzai’s technology directly with Mastercard’s CipherTrace Armada platform. Unlike traditional API access, Feedzai’s seamless integration allows real-time alerts about suspicious crypto transactions, offering an extra layer of protection to 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.
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Mastercard’s Crypto Legitimization Drive
Mastercard’s collaboration with Feedzai signifies a strategic move to legitimize cryptocurrency as a mainstream financial asset, subject to the same rules and compliance frameworks as traditional assets. Notably, in a world where banks and financial institutions increasingly experiment with crypto, the partnership aims to address the industry’s concerns about digital assets’ lack of comprehensive regulations and susceptibility to fraud and scams.
According to Mastercard President Ajay Bhalla, the interconnectedness of today’s digital finance landscape brings both risk and opportunity. Meanwhile, with increasing fraud in crypto transactions, reportedly five times higher than regular fiat transactions, the alliance with Feedzai equips financial institutions to distinguish 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.
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