Global: Feedzai and Mastercard Join Forces to Enhance Crypto Fraud Protection

IMG 8192
Share this article

In a collaborative effort to bolster crypto fraud protection for millions of consumers, Feedzai, a financial crime and risk management solution, and Mastercard, a global technology company in the payments industry, are integrating their technologies.

Approximately 40% of fraudulent transactions currently originate from bank accounts and flow directly to crypto exchanges. According to Feedzai’s recent report, “The State of Global Anti Money Laundering (AML) Compliance Report 2023,” effectively monitoring cryptocurrency remains a significant challenge for financial institutions.

Addressing this challenge, Feedzai and Mastercard will work together to integrate Mastercard’s leading crypto intelligence solution, Ciphertrace Armada, into Feedzai’s RiskOps platform. RiskOps, analyzing over $1.7 trillion in transaction data annually, offers an AI-based suite of solutions designed to halt fraud and financial crime at the source, enabling banks to receive alerts in nanoseconds for potentially fraudulent transactions.

Ciphertrace Armada enhances the assessment of fraud risk in digital asset transactions for banks, crypto exchanges, wallets, and other Virtual Asset Service Providers (VASPs). Through this collaboration, Feedzai’s customers, collectively safeguarding over 900 million consumers globally, gain the ability to identify and prevent transactions involving fraudulent crypto exchanges proactively.

This partnership follows Mastercard’s recent introduction of a solution aiding banks in identifying scams in account-to-account payments. Leveraging AI, Mastercard Consumer Fraud Risk allows banks to intervene in real time, preventing a payment before funds leave a victim’s account.

The combined intelligence of Feedzai and Mastercard empowers financial institutions to halt high-risk transactions involving potentially fraudulent crypto exchanges in real time, notifying customers of potential risks before any funds leave their accounts.

Nuno Sebastião, CEO of Feedzai, expressed, “This global partnership will further empower banks to protect their customers against the risks associated with crypto and instill further trust in the ecosystem.”

Ajay Bhalla, President of Cyber and Intelligence at Mastercard, commented, “We’re providing financial institutions with the insights they need to prevent transactions involving fraudulent crypto exchanges. Through this new partnership, we are able to go further by helping to stop fraud and payments to scams before they take place, giving customers more choice, security, and, most importantly, reinforcing trust.”

Share this article

Global: Canadian Fintech Leaders Advocate for Swift Action on Open Banking

Previous article

Nigeria: MoMo PSB Aims to Serve 20 Million SMEs with Financial Services

Next article

You may also like


Comments are closed.

More in Global