Following this announcement, by leveraging the global availability of Feedzai’s optimised fraud platform, the companies will expedite the deployment of Mastercard’s Consumer Fraud Risk (CFR) solution to clients across many key markets globally.
In addition, both Mastercard and Feedzai will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
As payments continue to evolve and develop, fraudsters are also increasingly using artificial intelligence in order to scam customers. With this in mind, Mastercard is continuously investing in improved technology in order to protect its users, as well as strengthen its collaboration to prevent scams at each stage of the lifecycle, from the account opening to the point the transaction is made.
At the same time, in account-to-account payments, CFR will provide both the sending and the receiving financial institution with artificial intelligence in order to help detect and prevent scams in real time. Feedzai’s platform will continue to analyse every digital transaction, from card purchases to real-time transfers, for multiple risk signals efficiently and in real-time. By integrating device intelligence, network data, and behavioral biometrics, Feedzai AI is expected to identify suspicious activity as it’s happening so fraud can be stopped before any money is lost.
Feedzai’s platform will enable Mastercard to scale its scams solution to more markets, while also focusing on optimising the manner in which financial institutions combat financial crime faster. In addition, by building on Mastercard’s proven CFR score and expanding it for customers across the world, the collaboration aims to allow clients access to the companies’ expertise and purpose-built risk-scoring capabilities.
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