- Mastercard partners with Feedzai to enhance fraud detection in the cryptocurrency space
- Feedzai’s integration with Mastercard’s CipherTrace Armade platform enables real-time monitoring of transactions from over 6,000 crypto exchanges for fraud and money laundering
- The partnership reflects Mastercard’s efforts to legitimize crypto as a mainstream financial asset and subject it to the same rules and compliance frameworks as traditional assets
In a recent development, Mastercard has announced a strategic partnership with Feedzai, a leading AI-powered risk management platform, to enhance its fraud detection and prevention capabilities in the crypto space.
The partnership aims to address the growing concern of fraudulent activities in the cryptocurrency sector, as digital currencies continue to gain popularity among consumers and businesses. With the increasing adoption of cryptocurrencies, the need for robust fraud detection and prevention measures has become imperative.
Through this collaboration, Mastercard will leverage Feedzai’s advanced machine learning and AI technology to strengthen its ability to identify and prevent fraudulent transactions in the crypto space. This will enable Mastercard to provide its customers with a more secure and reliable payment experience when using cryptocurrencies.
Tofido, the Chief Operating Officer of Mastercard, expressed his excitement about the partnership, stating, “As the use of cryptocurrencies continues to grow, it is essential for us to stay ahead of emerging fraud trends and protect our customers. Our partnership with Feedzai will allow us to enhance our fraud detection and prevention capabilities in the crypto space, ensuring that our customers can transact with confidence.”
Feedzai’s CEO, Nuno Sebastiao, also commented on the partnership, highlighting the company’s focus on leveraging AI and machine learning to combat fraud. “We are thrilled to partner with Mastercard to strengthen its fraud detection and prevention capabilities in the crypto space. Our advanced AI technology will enable Mastercard to stay ahead of the curve and provide a more secure payment experience for its customers,” he said.
With the collaboration between Mastercard and Feedzai, it is expected that consumers and businesses using cryptocurrencies for their transactions will benefit from enhanced security and protection against fraudulent activities. As the crypto industry continues to evolve, partnerships like this will play a crucial role in safeguarding the integrity of digital transactions.