Mastercard Teams Up with Feedzai to Strengthen Cryptocurrency Fraud Protection
Mastercard has collaborated with Feedzai, an AI-powered management of risk system, to improve protection against cryptocurrency fraud on trading platforms. The partnership intends 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 cryptocurrency exchange.
Feedzai’s data indicates that 40% of scam transactions originate from a financial institution and end up in a cryptocurrency exchange. According to Ajay Bhalla, President of Cyber and Intelligence at Mastercard, cryptocurrency 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 Cryptocurrency Fraud
Mastercard’s partnership with Feedzai signifies a whole lot of step in addressing the growing concern of cryptocurrency fraud. By integrating A.I. and blockchain technology, the collaboration intends to provide real-time protection and reinforce trust in cryptocurrency transactions.
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