Mastercard and Feedzai Partner to Enhance Fraud Protection
Mastercard has joined forces with Feedzai to strengthen their anti-financial crime technology and protect customers from fraudulent transactions. By integrating Mastercard’s Cypher Armada into Feedzai’s RiskOps platform, banks can now receive immediate alerts when suspicious transactions occur.
Fighting Scam Transactions
A recent report by Feedzai reveals that 40% of scam transactions involve transfers from bank accounts to crypto exchanges. To combat this, the collaboration between Mastercard and Feedzai aims to prevent fraudulent transactions before they even happen, safeguarding 900 million consumers worldwide.
A Global Partnership for Enhanced Security
Nuno Sebastião, CEO of Feedzai, emphasizes that this partnership aligns with their mission to protect customers from fraud. Criminals frequently use crypto in their scams, making it crucial for banks to stay vigilant. Ajay Bhalla, President of Cyber and Intelligence at Mastercard, expresses excitement about providing financial institutions with the tools to prevent transactions involving fraudulent crypto exchanges and reinforcing trust in the ecosystem.
Hot Take: Mastercard Teams Up with Feedzai to Combat Crypto Fraud
Mastercard’s collaboration with Feedzai marks a significant step towards securing the digital ecosystem. By combining their expertise, they can proactively identify and prevent fraudulent transactions involving cryptocurrencies. This partnership not only enhances customer protection but also strengthens trust in the crypto industry. With cybercriminals becoming increasingly sophisticated, it is crucial for financial institutions to stay one step ahead in the fight against fraud. By leveraging innovative technologies, such as Mastercard’s Cypher Armada and Feedzai’s RiskOps platform, banks can better safeguard their customers’ assets and contribute to a more secure crypto environment.
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