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Mastercard and Feedzai Team Up to Fight AI-Driven Financial Scams

by Raxer X.
02/19/2025
in Fraud & Scams, Security & Risk

Mastercard and Feedzai have joined forces to help banks and financial companies better spot and stop scams that use artificial intelligence (AI). This partnership is a response to the increasing problem of AI-enabled fraud that affects people and businesses globally.

In 2024, scams led to over $1 trillion in losses around the world, with many consumers reporting they encounter scams at least once a week. To address this, Mastercard plans to combine its Consumer Fraud Risk (CFR) solution with Feedzai’s cutting-edge fraud prevention tools, which are already used by financial institutions in over 90 countries. This integration will give banks real-time insights during transactions, making it easier to detect and prevent fraud.

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Since launching in the UK in 2023, the CFR solution has helped reduce authorized push payment scams by more than 12%, according to data from the UK’s Payment Systems Regulator. By bringing this solution to other countries through Feedzai’s platform, they hope to achieve similar results globally.

Johan Gerber, Mastercard’s Executive Vice President and Head of Security Solutions, underscored that scams not only harm consumers but also exceed the economic output of many countries. He is hopeful that partnering with Feedzai will speed up the availability of effective fraud prevention solutions to more financial institutions around the world.

Feedzai’s AI-driven Financial Crime Prevention Platform is key to this effort, analyzing many types of digital transactions—like card payments and instant transfers—to spot potential risks in real time. Using technology that assesses device information, network activity, and user behavior, the platform can detect suspicious actions as they happen, allowing for quick intervention to prevent losses.

Nuno Sebastião, CEO of Feedzai, stressed the need for banks to use AI and real-time solutions given the sharp rise in scams. He is excited to work with Mastercard to bring the proven benefits of the CFR solution to additional markets and strengthen the global fight against financial crime.

Experts like Julie Conroy, Chief Insights Officer at Datos Insights, see a critical need for new technological strategies to counter growing fraud and scams. She emphasized the importance of using third-party data in fraud prevention efforts. The collaboration between Mastercard and Feedzai combines Mastercard’s worldwide data expertise with Feedzai’s advanced risk assessment tools, giving banks better resources to protect their customers from increasingly clever scams.

This partnership represents a proactive strategy to secure the digital payment landscape, aiming to rebuild and strengthen trust among consumers and businesses as they face evolving financial crime tactics.

Get the latest supply chain report news at The Supply Chain Report. Learn more about international trade with tools from ADAMftd.com.

#MastercardFeedzaiPartnership #AIFraudDetection #FinancialCrimePrevention #BankingSecurity #RealTimeFraudProtection #ConsumerFraudRisk #SecureDigitalPayments #AIEnabledScamPrevention #GlobalFraudSolutions #CybersecurityInnovation

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