Feedzai a financial crime and risk management solution, and Mastercard – a global technology company in the payments industry – are combining technologies to increase crypto fraud protection for hundreds of millions of consumers, reducing the risk of account-to-account fraud flowing into crypto exchanges.
An estimated 40% of scam transactions exit directly from a bank account to a crypto exchange. According to Feedzai’s recent report, The State of Global Anti Money Laundering (AML) Compliance Report 2023, the monitoring of cryptocurrency effectively is still one of the biggest challenges for financial institutions.
Addressing the need to implement effective AML solutions, Feedzai and Mastercard will collaborate to integrate Mastercard’s world-leading crypto intelligence solution, Ciphertrace Armada into Feedzai’s unique RiskOps platform. RiskOps analyses transaction data totaling over US$1.7 trillion annually and offers a comprehensive suite of AI-based solutions designed to stop fraud and financial crime at the source – allowing banks to be alerted in nanoseconds when a transaction appears fraudulent.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard, said: “This is an exciting step in our journey to secure the digital ecosystem. We’re providing financial institutions with the insights they need to be able to prevent transactions involving fraudulent crypto exchanges. We are delighted that, through this new partnership, we are able to go further, by helping to stop fraud and payments to scams before they take place, giving customers more choice, security and, most importantly, reinforcing trust.”