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Mastercard Partners With AI Firm Feedzai to Curb Crypto Scams

Mastercard is increasing its endeavors to detect and thwart fraud within cryptocurrency exchanges. The company has revealed a collaboration with Feedzai, a regulatory technology platform that utilizes artificial intelligence to tackle online money laundering and cryptocurrency scams.

Mastercard and Feedzai to Leverage AI to Detect Crypto Scams

In this partnership, Feedzai will integrate directly with Mastercard’s CipherTrace Armada platform, which is crafted to aid banks in scrutinizing transactions from more than 6,000 cryptocurrency exchanges to identify and prevent fraud, money laundering, and suspicious activities.

Diverging from the conventional use of an API, Feedzai will seamlessly incorporate CipherTrace Armada into its technology, enabling instantaneous alerts for dubious cryptocurrency transactions.

Nuno Sebastio, CEO of Feedzai, underscored the collaboration’s capacity to elevate fraud detection, safeguard consumers, and pinpoint potential instances of money laundering and mule accounts—accounts exploited by fraudsters for illicit fund laundering.

Feedzai Analyzes Transactions Totalling Over $1.7 Trillion Annually

Around 40% of fraudulent transactions currently entail the direct transfer of funds from a bank account to a cryptocurrency exchange, as per data from Feedzai.

Through this partnership, Mastercard will gain access to Feedzai’s AI capabilities, facilitating the prompt identification and prevention of suspicious transactions while accurately recognizing legitimate ones.

Feedzai’s RiskOps platform assesses transactions amounting to over $1.7 trillion annually, and the company holds nearly 100 patents to fortify its technology.

Nuno Sebastio highlighted a common lapse among some banks, noting that many only block transactions involving recognized and regulated entities within the cryptocurrency space, overlooking others.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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