Mastercard has joined forces with financial crime prevention specialist Feedzai to help banks tackle the next generation of AI-powered scams.
Scammers stole more than $1 trillion dollars last year, according to a report from Feedzai and the Global Anti-Scam Alliance.
Feedzai’s AI-native Financial Crime Prevention Platform analyses every digital transaction — from card purchases to real-time transfers — for multiple risk signals in real time.
It will now be used to expedite the deployment of Mastercard’s Consumer Fraud Risk (CFR) solution to customers across a host of key markets around the world.
In account-to-account payments, CFR provides both the sending and the receiving financial institution with intelligence to help detect and prevent scams in real time. Since it went live in the UK in 2023, data from the country’s Payment Systems Regulator shows that the value of APP scams has reduced by over 12%.
Johan Gerber, EVP, head of security solutions, Mastercard, says: "Together with Feedzai’s global platform we will scale our first-of-its-kind scams solution to more markets, helping more financial institutions combat financial crime faster than before."