PURCHASE, N.Y.—Mastercard said it is increasing its efforts to detect and prevent fraud that’s routed through cryptocurrency exchanges.
To that end, Mastercard told CNBC it has partnered with Feedzai, a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence.
“Through the partnership, Feedzai will integrate directly with Mastercard’s CipherTrace Armada platform, which is used to help banks monitor transactions from over 6,000 crypto exchanges for fraud, money laundering and other suspicious activity,” CNBC stated.
Directly Embedded
In addition, the report said CipherTrace Armada will be embedded directly in Feedzai’s technology, rather than accessed through an API, or application programming interface, with Feedzai “inhaling” the data to enable real-time alerts about suspicious crypto transactions.
“This will increase fraud detection by protecting unwary consumers, but will also detect potential money laundering activity and mule accounts,” Feedzai CEO and co-founder Nuno Sebastio told CNBC.
Mule accounts are accounts of users that fraudsters exploit to launder their ill-gotten funds.
The Best Way to Start a New Year. With Something Free.
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?