Mastercard Bolsters Crypto Security Against Fraud

Mastercard and AI company Feedzai recently unveiled a groundbreaking collaboration, as reported by CNBC.

Mastercard’s recent collaboration with Feedzai represents a significant leap in fortifying fraud detection mechanisms within the complex web of cryptocurrency exchanges.

This strategic partnership integrates Feedzai’s cutting-edge AI capabilities directly into Mastercard’s CipherTrace Armada platform, facilitating lightning-fast identification and prevention of fraudulent activities.

Revelations from Feedzai, indicating that almost 40% of fraudulent transactions stem from direct transfers between bank accounts and crypto exchanges, underscore the critical need for such technological advancements in the industry.

Nuno Sebastio, CEO of Feedzai, stresses the pivotal role of this technology not only in shielding consumers but also in actively combating potential money laundering activities.

This collaborative venture builds upon Mastercard’s recent introduction of an AI-powered fraud-combatting tool in July, further solidifying its proactive approach to enhancing security measures.

Moreover, Mastercard’s extensive involvement with prominent exchanges like Nexo and Binance to offer crypto-based Mastercards, alongside its active participation in trials exploring central bank digital currencies (CBDCs), underscores its steadfast dedication and pivotal role in navigating the rapidly evolving crypto sphere.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.