Mastercard took action to catch suspicious transactions made on cryptocurrency exchanges.
Mastercard teamed up with Feedzai, which fights money laundering using artificial intelligence.
Feedzai allows banks to receive data from more than 6 thousand cryptocurrency exchanges. suspicious transactions It will integrate with the CipherTrace Armada platform that it uses to detect Mastercard acquired CipherTrace in 2021.
“This will enable greater detection of frauds by protecting unprepared customers, and will additionally detect transactions and accounts of (money) couriers to launder the proceeds of crime,” said Feedzai CEO Nuno Sebastio. said.
According to Feedzai data, 40% of fraudulent transactions today originate either directly from a bank account or a cryptocurrency exchange.
“Many banks that think they are cracking down on illegal cryptocurrency transactions are actually only stopping transactions associated with widely recognized and regulated entities in the crypto space, leaving the rest behind,” Sebastio said. said.
Feedzai claims that the software it uses can detect suspicious transactions within nanoseconds.