Following this announcement, Feedzai is set to use Mastercard’s Ciphertrace crypto intelligence solutions to reduce the risk of account-to-account fraud that is currently flowing into crypto exchanges. The tool will be incorporated into Feedzai’s RiskOps platform, a product that was developed to analyse transaction data and offer a comprehensive suite of AI-based services that can be used to stop fraud and financial crime at the source. This will allow banks, customers, and businesses to be alerted when a transaction appears fraudulent in a faster and more efficient way.
As fraudsters use more sophisticated money laundering techniques, including crypto as part of their scam strategies, AML professionals and enterprises around the world need to optimise their solutions in order to protect their users against those risks. Through this partnership, Feedzai’s clients will be enabled to identify and prevent transactions that involve fraudulent crypto exchanges before they occur, securing the privacy of their customers and optimising their overall experience.
US-based Feedzai had multiple collaborations and developments in the last couple of months, covering several different geographic areas around the world.
In November 2023, the company announced its partnership with CoreCard in order to safeguard the processing market against fraud by using artificial intelligence (AI)-powered defense systems. Following this strategic deal, CoreCard aimed to optimise its fraud detection and prevention offerings to develop its existing spending control competencies. The incorporation also supports CoreCard’s commitment to offer comprehensive and secure services to its customers and collaborators, as well as to optimise its mission as a card management system and processing solutions provider.
In addition, the companies focused on improving CoreCard’s long-term strategy of expanding its issuer processing capabilities, in order to include a wider range of value-added products, as well as providing clients with a simplified route to a successful card program. According to the press release published at the time, CoreCard also aimed to offer its users fraud detection solutions, while also underlying their plan to deliver safe technology and products.
Earlier in August 2023, Brazil-based B2B fintech Dock announced its collaboration with Feedzai in order to provide its users with new security tools. Dock customers were given the possibility to leverage Feedzai’s application AI and machine learning models, as well as its cloud-first model, which facilitates access to optimise technology in all Latin American countries.
At the same time, clients and businesses of all sizes were enabled to access Feedzai’s RiskOps Platform, while both companies focused on incorporating Feedzai’s ML prevention tools as well. The product was developed in order to ensure a 360-degree view of real-time possible risks, fraud, and other online threats. Users were allowed to benefit from the platform’s native behavioral biometrics module as well, only if they were interested in adding to their service and transactional analysis a secure and efficient digital footprint.
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