Security

Mastercard, Feedzai to offer crypto fraud protection

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December 5, 2023

Feedzai, a financial crime and risk management solutions provider, is teaming with Mastercard to combat cryptocurrency fraud. Mastercard will integrate its crypto intelligent platform Ciphertrace Armada into Feedzai's RiskOps platform, according to a press release.

Ciphertrace allows banks, crypto exchanges and other companies to assess fraud risks with transactions, while RiskOps analyzes transaction data and offers a suite of AI-based solutions to combat fraud and alert banks when a transaction is suspicious.

"Mastercard's commitment to protecting its global customer base from fraud aligns perfectly with Feedzai's mission," Nuno Sebastiao, CEO of Feedzai, said in the release. "Criminals use crypto as part of their scam strategies, with the scam proceeds often ending up being funneled to an unauthorized or otherwise risky crypto exchange. It also continues to remain a challenge for AML professionals as criminals become ever more sophisticated and money laundering techniques advance. This global partnership will further empower banks to protect their customers against the risks associated with crypto and instill further trust in the ecosystem."