AI to the rescue: Mastercard and Feedzai partner to combat crypto fraud

November 21, 2023 04:58 AM AEDT | By Invezz
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Mastercard has announced a new partnership with Feedzai to enhance the detection and prevention of fraud in crypto transactions. According to the press release, Feedzai’s AI-powered fraud prevention solution will be integrated with Mastercard’s CipherTrace Armada technology, which is used to monitor transactions from over 7,000 crypto entities. This partnership aims to fight against crypto fraud, which has been on the rise in recent years.

Feedzai’s AI uses a variety of techniques to detect fraud, including machine learning, pattern recognition, and anomaly detection. Reportedly, the AI can analyze large amounts of data in real-time to identify suspicious transactions. It is also capable of blocking fraudulent transactions before they are completed.

Responding to consumer comfort with traditional money

Interestingly, this development coincides with Mastercard’s observation that consumers are still largely comfortable with traditional money, as opposed to rapidly emerging digital currencies like Central Bank Digital Currencies (CBDCs). This insight highlights the need for strengthened security in conventional financial transactions, which remains the preferred method for many.

Mastercard’s consistent focus on integrating AI into its security infrastructure underlines its commitment to staying ahead of increasingly sophisticated online threats. This partnership follows Mastercard’s recent initiatives to enhance its AI capabilities, as seen in its announcement of leveraging AI for real-time payment scam prevention.

Mastercard’s crypto endeavours

Mastercard expanded its Engage program to help bring cryptocurrency card programs to market, enabling crypto firms to leverage Mastercard’s global network. It also launched a Crypto Credential service for cross-border transfers, using CipherTrace technology for compliance and verification in digital asset transactions. This service is part of Mastercard’s broader strategy to address the complexities of cryptocurrency transactions and ensure compliance with global regulations​​.

The post AI to the rescue: Mastercard and Feedzai partner to combat crypto fraud appeared first on Invezz


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