{"id":86497,"date":"2023-11-20T03:37:40","date_gmt":"2023-11-20T08:37:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/mastercard-partners-with-ai-firm-feedzai-to-curb-crypto-scams\/"},"modified":"2023-11-20T03:37:41","modified_gmt":"2023-11-20T08:37:41","slug":"mastercard-partners-with-ai-firm-feedzai-to-curb-crypto-scams","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86497","title":{"rendered":"Mastercard Partners With AI Firm Feedzai to Curb Crypto Scams"},"content":{"rendered":"<div>\n<figure id=\"attachment_133386\" aria-describedby=\"caption-attachment-133386\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-133386\" class=\"wp-caption-text\">Source: Adobe Stock<\/figcaption><\/figure>\n<p>Mastercard is intensifying its efforts to identify and prevent fraud within crypto exchanges. Mastercard announced a partnership with Feedzai, a regulatory technology platform leveraging artificial intelligence to combat online money laundering and crypto scams.<\/p>\n<h2>Mastercard and Feedzai to Leverage AI to Detect Crypto Scams<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Through this collaboration, Feedzai will directly integrate with Mastercard\u2019s CipherTrace Armada platform, designed to assist banks in monitoring transactions from over 6,000 crypto exchanges for fraud, money laundering, and suspicious activities.<\/p>\n<p>Unlike the traditional use of an API, Feedzai will embed CipherTrace Armada directly into its technology, allowing for real-time alerts on questionable crypto transactions.<\/p>\n<p>Feedzai CEO Nuno Sebastio emphasized the partnership\u2019s potential to enhance fraud detection, protecting consumers and identifying potential money laundering and mule accounts\u2014accounts exploited by fraudsters to launder illicit funds.<\/p>\n<h2>Feedzai Analyzes Transactions Totalling Over $1.7 Trillion Annually<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Approximately 40% of scam transactions currently involve funds moving directly from a bank account to a crypto exchange, according to Feedzai data.<\/p>\n<p>The collaboration will grant Mastercard access to Feedzai\u2019s AI capabilities, enabling quick identification and blocking of suspicious transactions while recognizing legitimate ones.<\/p>\n<p>Feedzai\u2019s RiskOps platform analyzes transactions totaling over $1.7 trillion annually, with the firm holding nearly 100 patents to safeguard its technology.<\/p>\n<p>Sebastio highlighted a common oversight by some banks, stating that many only block transactions involving recognized and regulated entities within the crypto space, omitting others.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/mastercard-partners-with-ai-firm-feedzai-to-curb-crypto-scams.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe Stock Mastercard is intensifying its efforts to identify and prevent fraud within crypto exchanges. Mastercard announced a partnership with Feedzai, a regulatory technology platform leveraging artificial intelligence to combat online money laundering and crypto scams. Mastercard and Feedzai to Leverage AI to Detect Crypto Scams Through this collaboration, Feedzai will directly integrate with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mastercard Partners With AI Firm Feedzai to Curb Crypto Scams | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Adobe Stock Mastercard is intensifying its efforts to identify and prevent fraud within crypto exchanges. 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