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Home»HACKING NEWS»Feedzai and Mastercard Expand Cryptocurrency Fraud Prevention for Consumers Globally
HACKING NEWS

Feedzai and Mastercard Expand Cryptocurrency Fraud Prevention for Consumers Globally

By Crypto FlexsNovember 24, 20233 Mins Read
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Feedzai and Mastercard Expand Cryptocurrency Fraud Prevention for Consumers Globally
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Feedzai and Mastercard Expand Cryptocurrency Fraud Prevention for Consumers Globally

November 20, 2023

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Feedzai will leverage Mastercard’s Ciphertrace crypto intelligence solution to reduce the risk of cross-account fraud flowing into cryptocurrency exchanges.

Feedzai, a financial crime and risk management solution, and Mastercard, a global technology company in the payments industry, are combining technologies to strengthen cryptocurrency fraud prevention for hundreds of millions of consumers.

Today, approximately 40% of fraudulent transactions are transferred directly from bank accounts to cryptocurrency exchanges. According to Feedzai’s latest report, Global Anti-Money Laundering (AML) Compliance Report 2023: cryptocurrencyCryptocurrency (or cryptocurrency) is a digital asset. In fact, it still remains one of the biggest challenges for financial institutions. To address the need to implement effective AML solutions, Feedzai and Mastercard will collaborate to integrate Ciphertrace Armada, Mastercard’s world-leading crypto intelligence solution, into Feedzai’s unique RiskOps platform. RiskOps analyzes transaction data totaling over $1.7 trillion annually1 and offers a comprehensive suite of AI-based solutions designed to stop fraud and financial crime at the source. This allows banks to be alerted within nanoseconds when a transaction appears fraudulent.

Ciphertrace Armada accepts banks, cryptocurrency exchanges, wallets, cryptocurrency ATMS and other services. virtual assetsThe term “virtual asset” refers to any digital representation. Service providers (VASPs) are better able to assess fraud risk in digital asset transactions. By combining these technologies, Feedzai’s customers, who collectively protect more than 900 million consumers2 globally, can now identify and prevent transactions involving fraudulent cryptocurrency exchanges before they occur.

The partnership comes just months after Mastercard announced a new solution to help banks identify fraud in account-to-account payments. Mastercard Consumer Fraud Risk uses AI to allow banks to intervene in real time to stop payments before funds leave a victim’s account.

The combined intelligence means financial institutions can stop transactions involving high-risk, potentially fraudulent cryptocurrency exchanges in real time and warn customers of the risk before their money leaves their accounts.

Nuno Sebastião, CEO of Feedzai, said: “Mastercard’s commitment to protecting our global customer base from fraud aligns perfectly with Feedzai’s mission. Criminals use cryptocurrency as part of their fraud strategies, and the proceeds are often funneled to unauthorized or risky cryptocurrency exchanges. Additionally, as criminals become increasingly sophisticated and money laundering techniques advance, it remains a challenge for AML professionals. “This global partnership will enable the bank to protect customers from risks associated with cryptocurrencies and further strengthen trust in the ecosystem.”

Ajay Bhalla, President, Cyber ​​and Information, Mastercard, said: “This is an exciting step in our journey to protect the digital ecosystem. We are providing financial institutions with the insight they need to prevent transactions involving fraudulent cryptocurrency exchanges. We are delighted.

“This new partnership allows us to go further by preventing fraud and fraudulent payments before they occur, giving customers more choice and security, and most importantly, strengthening trust.”

Want to know more? Contact us today.

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