Mastercard resorts to artificial intelligence to combat cryptocurrency fraud

 

Mastercard resorts to

artificial intelligence to

combat cryptocurrency fraud

Payment giant Mastercard has collaborated with Feedzai

an artificial intelligence platform, in partnership to

combat money laundering and fraud related to digital currencies.

This partnership includes the integration of

Feedzai platform with Mastercard's

financial monitoring tool CipherTrace Armada.

According to a CNBC report

Feedzai will provide real

time alerts on suspicious transactions in

cryptocurrency exchanges, focusing on suspicious accounts.

Nuno Sebastiou

co-founder of Feedzai, said

This cooperation will contribute to the further detection of fraud

and the protection of non-suspicious consumers, detection of

potential money laundering activities and illegal accounts.

Mastercard's partnership

with Feedzai has been described as a step forward in

the company's efforts to protect consumers

from cryptocurrency fraud and other fraudulent activities.

Using advanced AI power

 Feedzai claims that its software can screen thousands of

transactions in a few seconds to identify and prevent suspicious transactions.

Feedzai announced that it

inspects transactions worth $1.7 trillion per year

Preventing billions of

dollars in losses as a result of manipulation and fraud

innovations are an essential part of Feedzai's operations

The company has received more than 100 patents since

its inception, averaging 10 patents per year.

Feedzai

and Mastercard confirm that

other fraud detection software usually focuses on

major cryptocurrency exchanges

ignoring the less well-known entities in this area.

Nuno Sebastiou

co-founder of Feedzai

believes the partnership with Mastercard will provide a strong solution

for consumers, service providers and law enforcement

agents seeking to increase their oversight of the sector.

many banks that

believe they prevent illicit transactions in cryptocurrencies in

fact only prevent transactions involving widely recognized

and regulated entities in the field of cryptocurrencies

and ignore the remainder .

Mastercard expresses its

willingness to integrate emerging technologies into

its offerings

and confirms its support for digital assets and artificial intelligence.

In July

the company launched an AI-based tool to protect consumers

from the risk of payment and fraud fraud.

Artificial Intelligence Fraud Detection Tools Gain More Power

With the increase in fraud cases

Google has announced the launch of a new Anti-Money Laundering

(AML) 

service using artificial intelligence technology to

detect unusual cases in financial transactions.

Google aims to

provide banking services to individuals and companies

She emphasized that the new tool is capable of detecting anomalies up to

four times more than traditional systems

This reduces the time needed to

track down potential customers performing fraudulent activities.

Google explained:

AI-based transaction control gradually replaces manual

and rule-based methods

It leverages the data power available in financial institutions to

train advanced machine learning models

with a view to providing a comprehensive view of risk levels.