Mastercard combats crypto fraud with latest AI integration
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.