Mastercard Integrates AI to Combat Crypto Fraud


20 Nov 2023 2:09 PM

On November 20, CNBC reported that financial services provider Mastercard announced a new partnership with artificial intelligence (AI) company Feedzai,...

  • Mastercard has partnered with AI company Feedzai to enhance its ability to detect and prevent fraud in cryptocurrency exchanges.
  • The integration between Feedzai and Mastercard's CipherTrace Armada platform will allow banks to monitor transactions from thousands of cryptocurrency exchanges for fraudulent or suspicious activities.
  • Feedzai's AI software can detect and block dubious transactions in nanoseconds.
  • Nearly 40% of fraudulent transactions flow directly from bank accounts to cryptocurrency exchanges.
  • The technology aims to increase fraud detection, protect consumers, and detect money laundering activity.

The article highlights a positive development in the fight against fraud in cryptocurrency exchanges. The partnership between Mastercard and Feedzai, along with the integration of AI technology, is expected to enhance fraud detection and protect consumers.

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You May Ask

What is the purpose of Mastercard's partnership with Feedzai?How does Feedzai's AI software detect and prevent fraudulent transactions?What percentage of fraudulent transactions flow directly from bank accounts to cryptocurrency exchanges?What other initiatives has Mastercard undertaken in the cryptocurrency sector?How does Mastercard's partnership with Feedzai benefit consumers and financial institutions?

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