Mastercard has partnered with Feedzai, a specialist in financial crime prevention, to assist banks in addressing the rise of AI-powered scams.
Scammers stole over $1 trillion last year, as reported by Feedzai and the Global Anti-Scam Alliance. Feedzai’s AI-native Financial Crime Prevention Platform analyzes every digital transaction—from card purchases to real-time transfers—in real time for various risk indicators.
This partnership will facilitate the quicker implementation of Mastercard’s Consumer Fraud Risk (CFR) solution for clients in several key global markets. In terms of account-to-account payments, CFR offers both the sending and receiving financial institutions the intelligence needed to detect and prevent scams in real time. Since launching in the UK in 2023, data from the Payment Systems Regulator has shown that the value of Authorised Push Payment (APP) scams has decreased by over 12%.
Johan Gerber, EVP and head of security solutions at Mastercard, stated, “Together with Feedzai’s global platform, we will scale our unique scams solution to more markets, enabling more financial institutions to combat financial crime more effectively.”