Mastercard has teamed up with Feedzai in a smart move to strengthen protection against the uptick of crypto-based scams. It’s worth pointing out that Feedzai is an expert in stopping web-based financial tricks and money laundering with the help of artificial intelligence (AI).
In the meantime, this alliance highlights Mastercard’s dedication to safeguarding cryptocurrency dealings, pushing for their place in the common financial rules.
Mastercard is taking bigger steps in battling crypto fraud. They’ve teamed up with Feedzai, a tech platform well-respected for handling online money scams using artificial intelligence. A recent interview with CNBC confirmed this partnership.
What’s this team-up about? It’s about improving fraud detection. How? By combining Feedzai’s tech with Mastercard’s CipherTrace Armada. Additionally, this isn’t your ordinary API access. Feedzai’s link-up with Mastercard alerts about fishy crypto deals in real-time. This helps provide regular people with another defense line against scams.
Feedzai and Mastercard Join Forces Against Crypto Scams & Money Laundering
Moreover, Feedzai CEO Nuno Sebastio says the alliance isn’t just about stopping crypto scams. It also aims to prevent possible money laundering and mule accounts abuse. These are accounts fraudsters use to clean dirty money. With about 40% of scam dealings from bank accounts to crypto marketplaces, this joint effort is key to protecting financial exchanges in the ever-changing crypto world.
However, Mastercard is joining forces with Feedzai. Their goal: to make cryptocurrency a valid financial item, just like regular money. In a time where banks and money businesses play with digital currency, working together helps calm fears. The industry worries a lot about crypto’s missing rules and ties to fraud and scams.
Mastercard’s President, Ajay Bhalla, states that the digital financial world is complex, offering both danger and possibility. The rise in deceptive crypto activities, which is said to be five times greater than normal money deals, has led to a partnership with Feedzai. This initiative helps banks identify honest and doubtful transactions.
Additionally, this collaboration enhances Mastercard’s prior acquisition of CipherTrace in 2021. Mastercard is dedicated to securing the crypto sphere with cutting-edge tech.
Related Reading | Ukraine Boosts Crypto Crime Fighting with Advanced Training
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
Comments (No)