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Mastercard and Feedzai Will Use Artificial Intelligence To Detect Cryptocurrency Fraud

source-logo  cryptonews.net 20 November 2023 13:38, UTC

Mastercard is stepping up its efforts to detect and prevent fraud on crypto exchanges. Mastercard announced a partnership with Feedzai, a regulatory technology platform that uses artificial intelligence to combat online money laundering and cryptocurrency fraud.

Through this collaboration, Feedzai will integrate directly with Mastercard’s CipherTrace Armada platform, designed to help banks monitor transactions from more than 6,000 crypto exchanges for fraud, money laundering and suspicious activity. Unlike traditional API usage, Feedzai will build CipherTrace Armada directly into its technology, allowing for real-time alerts on questionable crypto transactions.

Feedzai CEO Nuno SEBASTIO highlighted the partnership’s potential to improve fraud detection, protect consumers and identify potential money laundered and accounts used by fraudsters to launder illicit funds. According to Feedzai, about 40% of fraudulent transactions currently involve transferring funds directly from a bank account to a crypto exchange. The collaboration will give Mastercard access to Feedzai’s artificial intelligence capabilities, allowing it to quickly identify and block suspicious transactions while recognizing legitimate ones.

Image: CoinGape