Mastercard and Feedzai unite to fight crypto fraud with AI
Fraud and crypto have long been intertwined.
Mastercard has partnered with Feedzai to beef up its efforts to fight crypto fraud.
Feedzai says c.40 per cent of scam transactions currently exit directly from a bank account to a crypto exchange. w
“Criminals use crypto as part of their scam strategies, with the scam proceeds often ending up being funnelled to an unauthorized or otherwise risky crypto exchange,” Feedzai’s CEO Nuno Sebastião said.
“It also continues to remain a challenge for AML professionals as criminals become ever more sophisticated and money laundering techniques advance,” he added.
Mastercard and Feedzai's partnership will mean hundreds of millions of customers globally will benefit by the former's crypto intelligence solution Ciphertrace Armada being integrated into Feedzai’s RiskOps platform.
Ciphertrace Armada helps banks, crypto exchanges, wallets, crypto ATMS and other Virtual Asset Service Providers (VASPs) to better assess the fraud risk in digital asset transactions while RiskOps monitors over $1.7trn of transaction data.