Mastcard is in the crypto news sphere again, as they announced that they are doubling down its efforts to detect and prevent fraud that’s routed through cryptocurrency exchanges.
The company told CNBC that it’s partnered with Feedzai. I had not heard of Feedzai, but it look like they are a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence. Feedzai will integrate directly with Mastercard’s CipherTrace Armada platform, which is used to help banks monitor transactions from over 6,000 crypto exchanges. They will be monitoring for fraud, money laundering and other suspicious activity. I thought it pretty intresting that rather than using an API they will be directly linked to enable real-time alerts about suspicious transactions. This link will give Mastercard access to Feedzai’s AI which has the power to identify and block suspicious transactions in a matter of nanoseconds! The AI will also recognize transactions that are legitimate according to company. Currently, this technology analyzes transactions worth over $1.7 trillion annually so when the integration happens I can only imagine how much volume they will be monitoring as Mastercard is one of the largest providers in the world.
This news is exciting, because if this not a sign of adoption I don't know what is. This move marks a push from Mastercard for legitimizing crypto by subjecting it to the same rules and compliance frameworks as traditional assets. Banks have been wary of crypto because of the lack regulations and applications to deject fraud and scams. So with more oversight come more attention. Just look at the most recent news about banks and other large financial institutions looking at spot ETFs. If we see these financial products get approval I think we will be pushed into the next bull market cycle.
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I hope it builds more legitimacy in the system but I have a feeling that the crooks will find a way around it. Either way, I am looking forward to when the ETF decision is made. They can only delay it so long.
I think these types of moves will build more confidence in the system. Once we get efts and mainstream financial institutions sell products to retail we should get a wave of adoption.
That is pretty cool. I hadn't heard this, but it definitely seems like a good thing. I think this next year is going to be nuts.
AI is the buzz word this year. I think it's pretty cool tech that can help legitimize the crypto sphere in the eyes of the masses. I don't want to get too excited but it feels like we are at the start of a bull cycle.
Definitely at the start of something...
I don't have visa card. But think i have mastercard on my debit card. I just use it to withdraw money thats all. I need to find out if its reliable to use !
I use both visa and Mastercard so I think the news is pretty cool and good for everyone.
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that's good for crypto users.