Mastercard Teams Up with AI Firm to Fight Crypto Fraud
Mastercard is joining forces with an artificial intelligence (AI) firm to combat cryptocurrency fraud. According to a recent press release, Mastercard will integrate its crypto intelligence solution, CipherTrace Armada, with a platform developed by financial risk management solution Feedzai.
Feedzai’s data suggests that 40% of scam transactions moves directly from a bank account to a crypto exchange. By using its AI-driven platform, RiskOps, Feedzai aims to analyze transaction data and prevent fraud and financial crime, while CipherTrace Armada is designed to help banks, crypto exchanges, wallets and other digital asset firms assess fraud risk in crypto transactions.
Ajay Bhalla, Mastercard’s president of cyber and intelligence, states integrating the two fraud-prevention products will help stop fraudulent crypto transactions in real time.
Following its acquisition of CipherTrace in 2021, Mastercard continues to invest in digital asset security to protect customer data and prevent fraudulent transactions in the cryptocurrency space.
Hot Take: Enhancing Crypto Security for Consumers
Mastercard’s partnership with Feedzai reflects the increasing demand for enhanced security measures in the cryptocurrency space. By leveraging AI solutions, this collaboration aims to provide more robust fraud prevention and protection for consumers. As the adoption of digital assets continues to grow, such initiatives are essential to reinforce trust and security.
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