Mastercard Inc. announced it has teamed up with Feedzai to expand crypto fraud protection for all users worldwide. The credit card issuer is making this move to further increase its efforts in detecting and dealing with crypto fraud.

As part of the tie-up, Mastercard will add Feedzai’s artificial intelligence (AI) tool, which will help detect and ultimately prevent fraud rooted in crypto exchanges. This integration is expected to bolster the company’s fight against fraud involving crypto transactions.

Feedzai AI on Mastercard

Cointelegraph reported that the addition of the Feedzai AI tool comes not long after Mastercard integrated another AI tool in July. This one was installed to provide support so banks can combat fraud and payment scams related to real-time payments.

In this new partnership, Mastercard will directly integrate Feedzai with its own CipherTrace Armada platform, which is a tool that banks can use to keep an eye on transactions from thousands of crypto exchanges. This will detect fraudulent dealings, money laundering, and other suspicious activities.

Mastercard Secures Access to Feedzai’s AI Capabilities

The AI-powered software was specially designed to spot and immediately bar any suspicious transactions. Based on the information from Feedzai’s data, almost 40% of scam deals go directly from bank accounts to crypto exchanges, and the tool aims to prevent this. Aside from improving its fraud detection power, the partnership also granted Mastercard access to Feedzai’s cutting-edge AI technology, Cryptopolitan reported.

“Mastercard’s commitment to protecting its global customer base from fraud aligns perfectly with Feedzai’s mission. 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,” Matercard’s chief executive officer, Nuno Sebastião, said in a press release. “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.”

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