Mastercard has reached a collaboration agreement with regtech platform Feedzai to integrate its tools into Mastercard’s CipherTrace Armade product, which focuses on banks.
CipherTrace Armade tracks transactions from 6,000 cryptocurrency platforms in order to perform anti-money laundering (AML) and combat scams.
Using artificial intelligence, Feedzai will enable real-time alerts about suspicious crypto transactions and block them “in a matter of nanoseconds.”
Feedzai holds around 100 patents and continuously adds about 10 patents per year to protect their technologies. According to Feedzai CEO and co-founder, Nuno Sebastio, their algorithms are able to identify fraudulent accounts used for money laundering illegal funds.
The company estimates that approximately 40% of these transactions are directly withdrawn from a bank account to a cryptocurrency exchange. In the past year, Feedzai has verified over $1.7 trillion in transactions.