Payments giant Mastercard is partnering with an artificial intelligence (AI) firm to combat crypto fraud.
Mastercard plans to integrate its crypto intelligence solution, CipherTrace Armada, with a platform developed by financial risk management solution Feedzai, according to a recent press release.
Feedzai estimates that 40% of scam transactions exit directly from a bank account to a crypto exchange.
The AI risk management firm’s platform, RiskOps, analyzes transaction data and aims to prevent fraud and financial crime with AI-based solutions. CipherTrace Armada aims to assist banks, crypto exchanges, wallets and other digital asset firms with assessing fraud risk in crypto transactions.
Ajay Bhalla, Mastercard’s president of cyber and intelligence, says integrating the two fraud-prevention products will help stop fraudulent crypto transactions in real time.
“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.”
Feedzai works with companies that have more than 900 million combined customers around the globe.
Mastercard acquired CipherTrace in 2021 for an undisclosed price.
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