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Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds

Mastercard teams up with Feedzai to combat crypto fraud, integrating AI for real-time alerts and enhancing the legitimacy of digital assets.
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Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds

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.

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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.

Also Read: Pepe Coin Soars As Devs Deposits Over 400 Bln PEPE To Binance

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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.

Also Read: OpenAI Turns To Ex-Twitch CEO Emmett Shear Post Altman’s Exit

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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