Feedzai and Mastercard Join Forces to Bolster Crypto Fraud Protection

In a bid to enhance cryptocurrency transaction security, Feedzai and Mastercard have partnered to safeguard consumers from crypto fraud. Approximately 40% of scam transactions flow directly from bank accounts to crypto exchanges, posing challenges for financial institutions in upholding anti-money laundering practices. To address this, Feedzai and Mastercard will integrate Mastercard’s Ciphertrace Armada into Feedzai’s RiskOps platform. This collaboration empowers banks to promptly identify and prevent fraudulent transactions, bolstering trust in the crypto ecosystem. Mastercard’s Consumer Fraud Risk system also helps banks identify scams in real-time, preventing funds from leaving victims’ accounts. The partnership aims to counter the risks associated with crypto and provide enhanced security for customers.