Mastercard and Feedzai Collaborate to Increase Crypto Fraud Protection for 900 Million Consumers Globally

Mastercard is collaborating with Feedzai to “increase crypto fraud extortion for hundreds of millions of consumers.” In pairing the technologies offered by the 2 companies, “Feedzai’s customers, who collectively support implicit 900 cardinal consumers globally, volition present beryllium capable to place and forestall transactions involving fraudulent crypto exchanges earlier they occur,” Mastercard explained.

Mastercard Expanding Crypto Fraud Protection

Mastercard announced Monday that the institution is collaborating with Feedzai, a starring supplier of fiscal transgression and hazard absorption solutions, to “increase crypto fraud extortion for hundreds of millions of consumers.”

The outgo elephantine elaborate that Feedzai volition “leverage Mastercard’s Ciphertrace crypto quality solutions to trim the hazard of account-to-account fraud flowing into crypto exchanges.” This integration volition impact integrating Mastercard’s Ciphertrace Armada into Feedzai’s Riskops platform, which analyzes transaction information totaling implicit $1.7 trillion annually. Riskops besides offers a broad suite of artificial quality (AI)-based solutions designed to halt fraud and fiscal transgression astatine the source.

Noting that “Ciphertrace Armada allows banks, crypto exchanges, wallets, crypto ATMs, and different virtual plus work providers (VASPs) to amended measure the fraud hazard successful integer plus transactions,” Mastercard described:

In pairing these technologies together, Feedzai’s customers, who collectively support implicit 900 cardinal consumers globally, volition present beryllium capable to place and forestall transactions involving fraudulent crypto exchanges earlier they occur.

“The combined quality means that fiscal institutions tin halt transactions involving precocious hazard and perchance fraudulent crypto exchanges successful existent time, alerting the lawsuit to the hazard earlier wealth leaves their account,” the payments elephantine noted.

The announcement further explains that currently, an estimated 40% of fraudulent transactions straight travel from a slope relationship to a cryptocurrency exchange. As per Feedzai’s latest study connected planetary anti-money laundering compliance, effectual monitoring of cryptocurrency remains 1 of the important challenges for fiscal institutions.

Feedzai CEO Nuno Sebastião commented: “Criminals usage crypto arsenic portion of their scam strategies, with the scam proceeds often ending up being funneled to an unauthorized oregon different risky crypto exchange. It besides continues to stay a situation for AML professionals arsenic criminals go ever much blase and wealth laundering techniques advance.” The enforcement continued:

This planetary concern volition further empower banks to support their customers’ against the risks associated with crypto and instill further spot successful the ecosystem.

What bash you deliberation astir Mastercard and Feedzai collaborating to grow crypto fraud extortion for hundreds of millions of consumers worldwide? Let america cognize successful the comments conception below.