Mastercard combats crypto fraud with latest AI integration


20 Nov 2023 1:29 PM

Mastercard’s CipherTrace Armada platform is a tool available to banks for monitoring transactions from thousands of crypto exchanges for fraud and other suspicious activities....

  • Mastercard has partnered with AI firm Feedzai to enhance its ability to detect and prevent fraud in cryptocurrency exchanges.
  • Feedzai's software, integrated with Mastercard's CipherTrace Armada platform, can quickly identify and block suspicious transactions using AI.
  • Data from Feedzai shows that around 40% of scam transactions involve transfers from bank accounts to crypto exchanges.
  • The technology aims to protect consumers from fraud, detect money laundering, and identify mule accounts.
  • Mastercard has been actively involved in the Web3 space, launching crypto-based Mastercards and participating in CBDC trials.

The article highlights Mastercard's partnership with Feedzai to enhance fraud detection in cryptocurrency exchanges. The sentiment is generally positive, as the integration of AI technology is expected to protect consumers and prevent fraudulent activities.

Go to publisher site

You May Ask

What is the purpose of Mastercard's partnership with Feedzai?How does Feedzai's software help in detecting and preventing fraud in cryptocurrency exchanges?What percentage of scam transactions involve transfers from bank accounts to crypto exchanges, according to Feedzai's data?Apart from the partnership with Feedzai, what other initiatives has Mastercard taken in the Web3 space and cryptocurrencies?Has Mastercard provided any further comments on the development?

Suggested Reads