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Technology Drives Sustainability Initiatives

Corporations using technology solutions

Enhancing Crypto Security with AI and Blockchain Analysis: Tackling Fraud in the Fintech Industry Globally
November 22, 2023
AI generated representative image.

The financial technology sector, particularly within cryptocurrency, faces significant sustainability challenges, including the increasing prevalence of fraud, scams, and money laundering. The rapid growth of digital assets has outpaced regulatory measures, leading to a 79% increase in crypto-related losses globally in recent years. These issues threaten the legitimacy of cryptocurrencies as a mainstream financial asset and pose significant risks to both consumers and financial institutions.

Mastercard, in partnership with Feedzai, is addressing these challenges by leveraging advanced technologies. Feedzai’s AI-driven platform, integrated with Mastercard’s CipherTrace Armada, enhances the detection and prevention of fraudulent activities in the crypto space. This collaboration enables real-time monitoring and blocking of suspicious transactions, offering banks and financial institutions a robust tool to manage risks associated with digital assets. By embedding blockchain analysis and AI within their systems, Mastercard and Feedzai are driving the adoption of secure and regulated cryptocurrency transactions, contributing to the stabilization and legitimacy of the broader financial ecosystem.

Source: CNBC

Technologies Used:

  • Artificial Intelligence (AI): Employed by Feedzai to analyze and block suspicious transactions in real-time, enhancing fraud detection.
  • Blockchain Analysis: Integrated through CipherTrace Armada, a platform that monitors transactions across crypto exchanges to detect fraud and money laundering.
  • Regulatory Technology (RegTech): Utilized by Feedzai to combat money laundering and financial scams by monitoring online transactions.

Companies Involved:

  • Mastercard: Leads the initiative by integrating Feedzai’s AI capabilities with its CipherTrace Armada platform to enhance fraud detection and secure crypto transactions globally.
  • Feedzai: Provides AI-driven technology and RegTech solutions that identify and block fraudulent transactions, playing a crucial role in preventing financial crimes.
  • CipherTrace (acquired by Mastercard): Offers blockchain sleuthing technology used to monitor and secure crypto transactions, helping banks identify and block suspicious activities.

SDGs Impacted:

  • SDG 16: Peace, Justice, and Strong Institutions: The initiative combats financial crime, fraud, and money laundering, thus contributing to the development of effective, accountable, and transparent institutions.
  • SDG 8: Decent Work and Economic Growth: By ensuring secure and fraud-free financial transactions, the initiative supports stable economic growth and the legitimacy of digital financial markets.

Initiative ID: 2311-01

Geographic Focus: Global

Sustainability Focus: Fraud Prevention

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