Mastercard Bolsters Crypto Security Against Fraud
Mastercard and AI company Feedzai recently unveiled a groundbreaking collaboration, as reported by CNBC.
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.
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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.