Sunday, June 23, 2024
Mastercard and Feedzai are working together to enhance crypto fraud protection for hundreds of millions of consumers. Mastercard explained that by combining the technologies of the two companies, Feedzai’s customers, who collectively protect over 900 million consumers globally, will now be able to identify and prevent transactions involving fraudulent crypto exchanges before they occur.

The collaboration between Mastercard and Feedzai will integrate Mastercard’s Ciphertrace crypto intelligence solutions into Feedzai’s Riskops platform. This will enable the analysis of transaction data totaling over $1.7 trillion annually and provide AI-based solutions to stop fraud and financial crime at the source.

According to Mastercard, the integration of these technologies means that financial institutions can stop transactions involving high risk and potentially fraudulent crypto exchanges in real time, alerting the customer to the risk before money leaves their account.

Feedzai CEO Nuno Sebastião commented that criminals use crypto as part of their scam strategies, posing a significant challenge for AML professionals as criminals become more sophisticated and money laundering techniques advance.

This global partnership will further empower banks to protect their customers against the risks associated with crypto and instill further trust in the ecosystem.

What are your thoughts on Mastercard and Feedzai collaborating to expand crypto fraud protection for hundreds of millions of consumers worldwide? Let us know in the comments section below.

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