✔️ Information reviewed and updated in May 2024 by Eduardo López
A Strategic Alliance: Mastercard and Feedzai Unite Against Crypto Fraud
Mastercard, a leader in financial services, has taken a crucial step in the fight against fraud in the cryptocurrency space. In partnership with artificial intelligence company Feedzai, Mastercard announces a new integration aimed at strengthening its ability to detect and prevent fraud on cryptocurrency exchanges.
Feedzai and the Armada CipherTrace Platform: A Comprehensive Approach to Financial Security
Feedzai, specialized in artificial intelligence, will integrate directly with Mastercard's CipherTrace Armada platform. This tool allows banks to monitor transactions from thousands of cryptocurrency exchanges for fraudulent activity. The combination of Feedzai technology and the CipherTrace Armada platform promises efficient fraud detection in “nanoseconds.”
Feedzai CEO and co-founder Nuno Sebastio assures that this technology will not only strengthen fraud detection, protecting unsuspecting consumers, but will also be effective in identifying money laundering activities and mule accounts.
Mastercard at the Forefront of Cryptocurrency Innovation
This integration adds to Mastercard's continued efforts to lead in the Web3 and cryptocurrency space. The company has not only launched cryptocurrency-based Mastercard cards in collaboration with prominent exchanges such as Nexo and Binance, but has also participated in trials involving central bank digital currencies (CBDCs) on blockchains.
A Constant Commitment against Fraud
This is not the first time that Mastercard uses artificial intelligence in its anti-fraud strategy. In July, the company introduced an AI-powered tool to help banks combat payment fraud and scams in real time.
This significant step by Mastercard demonstrates its continued commitment to financial security in the world of cryptocurrencies.
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