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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 <a href="https://coingape.com/glossary/artificial-intelligence/" target="_blank" rel="noopener noreferrer nofollow">artificial intelligence (AI)</a>.
Meanwhile, this partnership underscores Mastercard’s commitment to securing <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> transactions and its bid to bring digital assets under mainstream financial regulations.
<h2 id="mastercard-partners-feedzai-to-combat-financial-crimes">Mastercard Partners Feedzai To Combat Financial Crimes</h2>
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 <a rel="noopener noreferrer nofollow" href="https://www.cnbc.com/2023/11/20/mastercard-partners-with-feedzai-to-detect-and-tackle-crypto-fraud.html" target="_blank">interview</a> 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 <a href="https://coingape.com/blog/how-to-spot-a-crypto-scam/" target="_blank" rel="noopener noreferrer nofollow">crypto scam</a> 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 <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener noreferrer nofollow">crypto exchanges</a>, this alliance becomes pivotal in safeguarding financial transactions in the evolving crypto landscape.
Also Read: <a href="https://coingape.com/pepe-coin-soars-as-devs-deposits-over-400-bln-pepe-to-binance/" target="_blank" rel="noopener noreferrer nofollow">Pepe Coin Soars As Devs Deposits Over 400 Bln PEPE To Binance</a>
<h2 id="mastercard-s-crypto-legitimization-drive">Mastercard’s Crypto Legitimization Drive</h2>
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 <a href="https://coingape.com/mastercard-acquires-blockchain-security-outfit-ciphertrace/" target="_blank" rel="noopener noreferrer nofollow">Mastercard’s previous acquisition of CipherTrace</a> in 2021, reinforcing its commitment to securing the crypto space with advanced technologies.
Also Read: <a href="https://coingape.com/breaking-openai-turns-to-ex-twitch-ceo-emmett-shear-post-altman-exit/" target="_blank" rel="noopener noreferrer nofollow">OpenAI Turns To Ex-Twitch CEO Emmett Shear Post Altman’s Exit</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/mastercard-taps-feedzai-to-fortify-defense-against-crypto-frauds/">Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds

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