Mastercard has partnered with artificial intelligence (AI)-driven financial crime prevention solution provider Feedzai to enhance fraud detection and prevention for banks worldwide.
The collaboration aims to combat the increasing use of AI by fraudsters, which contributed to global scam losses exceeding $1 trillion last year. More than half of consumers reported encountering scams at least once a week, said Mastercard.
By leveraging Feedzai’s advanced fraud detection platform, the partnership is expected to accelerate the global rollout of Mastercard’s Consumer Fraud Risk (CFR) solution.
Currently, Feedzai’s platform operates in over 90 countries.
Feedzai CEO Nuno Sebastiao said: “The exponential growth in scams underscores the urgency for financial institutions to adopt AI-based, real-time solutions.
“We’re excited to be working together with Mastercard to help bring the proven value of its CFR score to new markets for the first time.”
CFR offers intelligence to both sending and receiving financial institutions in account-to-account transactions, helping detect and prevent scams in real time.
Since its launch in the UK in 2023, CFR has contributed to a more than 12% decline in the value of authorised push payment (APP) scams, according to the UK’s Payment Systems Regulator (PSR).
Feedzai’s AI-native financial crime prevention platform analyses transactions, including card purchases and real-time transfers by assessing multiple risk signals in real time.
The system integrates device intelligence, network data, and behavioural biometrics to identify suspicious activity as it occurs. It enables banks to intervene before financial losses occur.
Mastercard security solutions head and executive vice president Johan Gerber said: “With more than half the world’s population affected, the scale of scam fraud is not only having a devastating impact on consumers, but also surpassing the GDP of many individual economies.
“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.”
