Payments giant Mastercard is teaming up with an artificial intelligence (AI) company 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 go directly from a bank account to a crypto exchange.
The AI risk management company’s platform, RiskOps, analyzes transaction data and aims to prevent fraud and financial crime with AI-based solutions. CipherTrace Armada aims to help banks, crypto exchanges, wallets and other digital asset companies assess fraud risk in crypto transactions.
Ajay Bhalla, president of cyber and intelligence at Mastercard, said the integration of the two fraud prevention products will help stop fraudulent crypto transactions in real time.
“We provide financial institutions with the insights they need to prevent transactions involving fraudulent crypto exchanges. We are pleased that this new partnership will allow us to go further, helping to stop fraud and payment scams before they happen, giving customers more choice, security and most importantly, confidence.”
Feedzai works with companies that have more than 900 million customers worldwide.
Mastercard acquired CipherTrace in 2021 for an undisclosed price.
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