Mastercard is a leading global technology company in the payments industry. In a strategic move to strengthen global cryptocurrency security, it has joined forces with a prominent financial crime and risk management solution. Mastercard has joined forces with Feedzai to enhance cryptocurrency fraud protection for millions of consumers globally.
Mastercard’s Global Initiative: Combating Fraud in Cryptocurrency Transactions
As per the press release, about 40% of fraudulent transactions go from bank accounts to crypto exchanges. This makes effective cryptocurrency monitoring a top priority for financial institutions. In response, Mastercard and its tech partner have collaborated to enhance fraud protection for millions of consumers globally.
The collaboration involves integrating Mastercard’s Ciphertrace Armada, a top-tier crypto intelligence solution, into the unique RiskOps platform of the financial crime and risk management solution. This platform, analyzing over $1.7 trillion in transaction data annually, empowers banks, crypto exchanges, wallets, and other Virtual Asset Service Providers (VASPs) to better assess the fraud risk in digital asset transactions.
Moreover, by combining forces, Mastercard and its tech partner aim to provide a robust solution for Anti Money Laundering compliance. They want to effectively address the challenges posed by criminals using cryptocurrency as part of their scam strategies.
Mastercard’s Global Effort to Strengthen Cryptocurrency Security and Combat Fraud
This collaboration enables financial institutions to proactively identify and prevent transactions involving fraudulent crypto exchanges in real-time. With Mastercard’s recent introduction of an AI-powered solution, Consumer Fraud Risk, designed to help banks identify scams in account-to-account payments, the partnership further strengthens real-time intervention capabilities.
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Nuno Sebastião, CEO of the financial crime and risk management solution, emphasized the alignment of Mastercard’s commitment to global customer protection with the collaborative mission. Ajay Bhalla, President of Cyber and Intelligence at Mastercard, expressed excitement about this step in securing the digital ecosystem.
The global partnership between Mastercard and its tech partner represents a significant advancement in the ongoing efforts to combat cryptocurrency fraud and enhance the security of digital transactions worldwide. “Mastercard Partners for Global Cryptocurrency Fraud Protection” reflects the commitment to reinforcing trust and providing customers with increased choice and security in the evolving landscape of digital transactions.