NEWS
Feedzai and Mastercard to expand crypto fraud protection for consumers globally
Feedzai , a financial crime and risk management solution , and
Mastercard – a global technology company in the payments industry – are combining technologies to increase crypto fraud protection for hundreds of millions of consumers , reducing the risk of account-to-account fraud flowing into crypto exchanges .
An estimated 40 % of scam transactions exit directly from a bank account to a crypto exchange . According to Feedzai ’ s recent report , The State of Global Anti Money Laundering ( AML ) Compliance Report 2023 , the monitoring of cryptocurrency effectively is still one of the biggest challenges for financial institutions .
Addressing the need to implement effective AML solutions , Feedzai and Mastercard will collaborate to integrate Mastercard ’ s world-leading crypto intelligence solution , Ciphertrace Armada into Feedzai ’ s unique RiskOps platform . RiskOps analyses transaction data totaling over US $ 1.7 trillion annually and offers a comprehensive suite of AI-based solutions designed to stop fraud and financial crime at the source – allowing banks to be alerted in nanoseconds when a transaction appears fraudulent .
Ajay Bhalla , President of Cyber and Intelligence at Mastercard , said : “ This is an exciting step in our journey to secure the digital ecosystem . We ’ re providing financial institutions with the insights they need to be able to prevent transactions involving fraudulent crypto exchanges . We are delighted that , through this new partnership , we are able to go further , by helping to stop fraud and payments to scams before they take place , giving customers more choice , security and , most importantly , reinforcing trust .”
SumUp introduces Tap to Pay on iPhone for UK and Netherlands merchants
The availability for SumUp customers means that merchants – even the smallest , or most recently launched ventures – can accept contactless payments anywhere , as long as they have a compatible iPhone and the SumUp iOS app . Tap to Pay on iPhone is an ideal steppingstone for nano merchants as they look to scale their business and consider payment solutions , alongside other business tools . The service is therefore an important step in democratising digital payments , something which SumUp has pioneered and led for over a decade .
Tap to Pay on iPhone is now available for SumUp customers in the UK and Netherlands . Using Tap to Pay on iPhone , SumUp merchants can now seamlessly and securely accept all forms of contactless payments , including Apple Pay , contactless credit and debit cards and other digital wallets , using only an iPhone and the free SumUp iOS app , with no additional hardware needed .
Giovanni Barbieri , SumUp Senior Strategic Growth Manager , said : “ SumUp is pleased to announce the availability of Tap to Pay on iPhone . Our mission is to make business simple for our merchants and this roll-out is an extension of our existing work supporting SMEs and merchants of all sizes to get paid . Importantly , Tap to Pay on iPhone is easy , secure and private ; protecting both sides of the transaction . I am especially pleased with the exceptional functionality of the product and the fact it lowers barriers to entry , with the potential to fuel entrepreneurship .” www . intelligentfin . tech
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