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Mastercard combating crypto fraud with AI integration

Financial services provider Mastercard has revealed a new partnership with AI firm Feedzai.  Mastercard says this integration aims to boost its ability to detect and prevent fraud routed through cryptocurrency exchanges.

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Financial services provider Mastercard has revealed a new partnership with AI firm Feedzai.  Mastercard says this integration aims to boost its ability to detect and prevent fraud routed through cryptocurrency exchanges.

According to the report, Feedzai will be integrated directly with Mastercard’s CipherTrace Armada platform, a bank tool to monitor transactions from thousands of crypto exchanges for fraud and other suspicious activities.

Feedzai’s software was built to identify and block suspicious transactions in “nanoseconds” using AI. Data from Feedzai says that nearly 40% of scam transactions go directly from bank accounts to crypto exchanges.

Nuno Sebastio, the CEO and co-founder of Feedzai, said the technology will “increase fraud detection by protecting unwary consumers” while also detecting any money laundering activity or mule accounts.

This comes after Mastercard announced another AI-powered tool in July, deployed to help banks fight fraud and payment scams involving real-time payments. 

The financial services provider has made its presence known in the Web3 and crypto space. It has launched crypto-based Mastercards in partnership with major crypto exchanges, such as Nexo and Binance.

Mastercard has also recently been involved in trials wrapping central bank digital currencies on blockchains. On Oct. 12, it announced a successful attempt in collaboration with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre CBDC, with participation from Cuscal and Mintable.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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