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Mastercard Teams Up with Feedzai to Bolster Anti-Money Laundering Efforts in Digital Currencies

AI/MLMastercard Teams Up with Feedzai to Bolster Anti-Money Laundering Efforts in Digital Currencies

Mastercard (NASDAQ: MA) has joined forces with Feedzai, an AI platform, to combat money laundering and fraud related to digital currencies. Through this partnership, Feedzai will integrate with Mastercard’s CipherTrace Armada financial monitoring tool, providing real-time alerts to digital currency exchanges on suspicious transactions, with a specific focus on mule accounts. The collaboration aims to enhance fraud detection, protect consumers, and identify potential money laundering activities. Feedzai, known for its advanced AI capabilities, scans thousands of transactions in seconds, preventing billions of dollars from falling into the hands of scammers. The partnership addresses a gap in existing fraud detection software, extending monitoring to lesser-known entities in the digital currency space. Mastercard continues to leverage emerging technologies, including AI, to enhance consumer protection and support digital assets. In a related move, Google has also entered the space with an AI-based anti-money laundering service designed to identify transaction anomalies for retail and commercial banking, emphasizing the growing importance of AI-powered fraud detection tools.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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