Mastercard Integrates Feedzai’s Security Solution to Safeguard Transactions
Mastercard, the global financial services giant, has partnered with Feedzai, the financial transactions security provider focusing on regulatory compliance, to enhance security for crypto-native transactions in real-time without relying on APIs. Feedzai, whose clientele cuts across retail, industrial and commercial markets, brings its acclaimed service to hundreds of millions of Mastercard clients powered by AI.
The partnership will see Feedzai integrate Microsoft’s CipherTrace Armada platform to monitor transactions for fraud, money laundering and other risks across over 6,000 crypto exchanges. Feedzai will deploy its technology, currently securing over $1.7 trillion worth of transactions, to Mastercard’s wide network of global financial services which phases new threats in the crypto era.
Feedzai’s innovative approach to crypto-era security needs
Feedzai has won over several leading institutions with its security technology entrusted to enable adherence to critical risk and compliance regulations while preserving client privacy. It offers an extra layer of security without using API-based access, thereby ensuring a seamless client experience.
In a world where cryptocurrencies are becoming more popular by the day, it has become quite difficult to trace certain fraudulent or risky transactions. Criminals take advantage of the decentralisation and privacy offered by crypto to hide stolen funds behind a complex web of transactions, often involving risky crypto exchanges. This has not only made it difficult to trace the trail of crime, but also created another hurdle in the fight against money laundering.
Feedzai’s partnership with Mastercard will involve real-time scanning of transactions, detecting and preventing fraud before it occurs. Equally important, this will happen seamlessly, safeguarding client details and ensuring excellent customer experience. Beyond fraud, Feedzai will also scan transactions for risk exposure, enabling financial institutions to analyse the level of risk associated with each transaction or customer activity.
In addition, the partnership will likely encourage more institutions to adopt crypto-fiat payments. According to Feedzai, about 40% of all fiat-denominated fraudulent transactions end up in crypto exchanges.
With crypto monitoring becoming more complex, many institutions have opted to block support for crypto transactions, including denial of service for crypto exchanges. This is a major hindrance to crypto adoption, but proven and reliable security solutions such as the one offered by Feedzai could convince more institutions to open up to crypto.