Mastercard Partners With AI Firm Feedzai to Curb Crypto Scams
Mastercard announced a partnership with Feedzai, a regulatory technology platform leveraging AI to combat crypto scams....
- Mastercard is partnering with Feedzai, a regulatory technology platform, to combat fraud within crypto exchanges.
- Feedzai will integrate with Mastercard's CipherTrace Armada platform to monitor transactions from over 6,000 crypto exchanges for fraud, money laundering, and suspicious activities.
- The partnership aims to enhance fraud detection, protect consumers, and identify potential money laundering and mule accounts.
- Approximately 40% of scam transactions involve funds moving directly from a bank account to a crypto exchange.
- The collaboration will grant Mastercard access to Feedzai's AI capabilities for quick identification and blocking of suspicious transactions.
- Feedzai's RiskOps platform analyzes transactions totaling over $1.7 trillion annually.
The article highlights Mastercard's efforts to combat fraud within crypto exchanges through a partnership with Feedzai. The collaboration aims to enhance fraud detection and protect consumers. The sentiment is positive as it emphasizes the potential benefits of the partnership.