Mastercard Teams Up with A.I. Firm to Fight Cryptocurrency Fraud
Mastercard is joining forces with an artificial intelligence (AI) firm to combat digital currency fraud. According to a recent press release, Mastercard will integrate its cryptocurrency intelligence solution, CipherTrace Armada, with a platform developed by financial management of risk solution Feedzai.
Feedzai’s data implies that 40% of scam transactions moves directly from a bank account to a cryptocurrency exchange. By using its AI-driven platform, RiskOps, Feedzai intends to analyze transaction data and prevent fraud and financial crime, while CipherTrace Armada is designed to assist banks, cryptocurrency exchanges, wallets and other digital asset corporations assess fraud risk in cryptocurrency transactions.
Ajay Bhalla, Mastercard’s president of cyber and intelligence, states integrating the two fraud-prevention products will assist stop fraudulent cryptocurrency 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 digital currency space.
Hot Take: Enhancing Cryptocurrency Security for Consumers
Mastercard’s partnership with Feedzai reflects the increasing demand for enhanced security measures in the digital currency space. By leveraging A.I. solutions, this collaboration intends 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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