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Mastercard will combine its crypto intelligence solution with Feedzai’s RiskOps platform in order to identify fraudulent transactions before they occur.
Payments giant Mastercard has agreed to combine its anti-financial crime technology with Feedzai’s financial crime and risk management solution in order to increase vigilance and protect customers from financial fraud.
Fraudulent transactions identified
As per a recent report by Feedzai, as much as 40% of scam transactions are out of a bank account and into a crypto exchange. It is for this reason that Feedzai has agreed to the integration of Mastercard’s Cypher Armada into its own RiskOps platform, thereby enabling banks to be alerted immediately when any particular transaction appears to be fraudulent.
According to a press release from Feedzai, this new solution will protect 900 million consumers worldwide, allowing a fraudulent transaction to be prevented before it even happens.
A global partnership
Nuno Sebastião, CEO of Feedzai said of the collaboration:
“Mastercard’s commitment to protecting its global customer base from fraud aligns perfectly with Feedzai’s mission. Criminals use crypto as part of their scam strategies, with the scam proceeds often ending up being funneled to an unauthorized or otherwise risky crypto exchange. It also continues to remain a challenge for AML professionals as criminals become ever more sophisticated and money laundering techniques advance. This global partnership will further empower banks to protect their customers’ against the risks associated with crypto and instill further trust in the ecosystem.”
Mastercard’s President of Cyber and Intelligence, Ajay Bhalla said:
“This is an exciting step in our journey to secure the digital ecosystem. We’re providing financial institutions with the insights they need to be able to prevent transactions involving fraudulent crypto exchanges. We are delighted that, through this new partnership, we are able to go further, by helping to stop fraud and payments to scams before they take place, giving customers more choice, security and, most importantly, reinforcing trust.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.