Mastercard and Feedzai Collaborate to Combat AI-Powered Scams

Mastercard has teamed up with Feedzai to tackle the growing threat of AI-powered scams, announced in a press release. This collaboration aims to assist financial institutions worldwide in identifying and preventing scams by leveraging Feedzai's advanced fraud platform.

The partnership will expedite the deployment of Mastercard's Consumer Fraud Risk (CFR) solution across key markets. CFR provides real-time intelligence to both sending and receiving financial institutions in account-to-account payment transactions, helping to detect and prevent scams. Since its introduction in the UK in 2023, the value of authorized push payment (APP) scams has decreased by over 12%.

Feedzai's AI-native Financial Crime Prevention Platform, which is already used by leading financial institutions to protect over a billion consumers globally, will be instrumental in this initiative. The platform analyzes digital transactions for multiple risk signals in real time, allowing for the quick identification of suspicious activities and prevention of fraudulent payments before they occur.

Johan Gerber, Executive Vice President and Head of Security Solutions at Mastercard, emphasized the importance of this partnership, stating that the scale of scam fraud is surpassing the GDP of many economies. By combining Mastercard's global data expertise with Feedzai's risk scoring capabilities, the collaboration aims to combat financial crime more effectively and swiftly.