Mastercard Teams Up with Feedzai to Enhance Crypto Fraud Protection
Mastercard has collaborated with Feedzai, an AI-powered risk management system, to improve protection against crypto fraud on trading platforms. The partnership aims to integrate Mastercard’s blockchain forensic product, Ciphertrace Armada, into Feedzai’s RiskOps platform. This will enable financial institutions to intervene in unauthorized transactions in real-time, preventing funds from leaving a victim’s account on a crypto exchange.
Feedzai’s data indicates that 40% of scam transactions originate from a financial institution and end up in a crypto exchange. According to Ajay Bhalla, President of Cyber and Intelligence at Mastercard, crypto fraud is five times higher than regular fiat transactions. The alliance between Mastercard and Feedzai is expected to differentiate between legitimate and fraudulent transactions.
Mastercard’s acquisition of CipherTrace in 2021 was a strategic move to strengthen its crypto-related capabilities. The financial details of the acquisition were not disclosed.
Hot Take: Mastercard’s Move to Combat Crypto Fraud
Mastercard’s partnership with Feedzai signifies a significant step in addressing the growing concern of crypto fraud. By integrating AI and blockchain technology, the collaboration aims to provide real-time protection and reinforce trust in crypto transactions.
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