**Mastercard and Feedzai Join Forces to Combat the Rising Tide of AI-Powered Scams**

The digital age has brought about incredible advancements, but it has also opened up new avenues for fraud. As payments evolve, so do the tactics of scammers, who are increasingly leveraging artificial intelligence (AI) to deceive consumers. This alarming trend prompted Mastercard to partner with Feedzai, a leading financial crime prevention company, to equip financial institutions with the tools to fight back against AI-powered scams.

**The Growing Threat of AI-Driven Scams**

In 2024, scams surpassed all other forms of fraud, resulting in over $1 trillion in losses globally. More than half of consumers reported encountering at least one scam attempt weekly. This highlights the urgent need for robust fraud prevention measures. These scams often involve sophisticated social engineering techniques that manipulate individuals into authorizing fraudulent transactions or revealing sensitive account information.

**Mastercard and Feedzai: A Powerful Alliance Against Fraud**

Mastercard is integrating Feedzai’s AI-powered fraud prevention platform into its Consumer Fraud Risk (CFR) solution. This platform, utilized by financial institutions in over 90 countries, analyzes vast amounts of transaction data in real-time to identify and prevent scams.

A key element of this collaboration is the global rollout of Mastercard’s CFR solution. This technology provides critical intelligence to financial institutions involved in account-to-account payments, enabling them to detect and stop scams before they occur. The success of CFR is already evident in the UK, where its implementation led to a significant 12% reduction in authorized push payment (APP) scam values since 2023.

**Leveraging AI to Fight AI**

Feedzai’s platform employs advanced AI and machine learning algorithms to detect anomalies and patterns indicative of fraudulent activity. This allows financial institutions to make faster and more accurate decisions, protecting billions of consumers and trillions of dollars in transactions annually. By combining Mastercard’s extensive network and expertise with Feedzai’s cutting-edge technology, this partnership aims to significantly reduce the global impact of scams.

**PYMNTS Intelligence Underscores the Urgency**

Research from PYMNTS Intelligence confirms the severity of the problem. Their findings indicate that scam-related fraud surged by 56% in the past year, with financial losses skyrocketing by 121%. Relationship/trust and product/service scams were identified as the most prevalent, highlighting the manipulative nature of these crimes. The research also shows a growing trend among financial institutions to adopt AI and machine learning for fraud detection. This reinforces the importance of leveraging advanced technologies to stay ahead of increasingly sophisticated fraudsters.

**The Future of Fraud Prevention**

The collaboration between Mastercard and Feedzai signifies a crucial step in the ongoing fight against financial crime. By combining resources and expertise, these companies are setting a new standard for fraud prevention in the face of evolving threats. As AI continues to play a larger role in both commerce and criminal activity, collaborations like this will be essential to safeguarding the financial system and protecting consumers worldwide.

To learn more about how AI is transforming fraud prevention, visit www.tepiai.com or contact info@tepiai.com. Tepi AI offers workshops, internships, and AI boot camps designed to equip individuals and organizations with the knowledge and skills needed to navigate the complexities of AI in various industries, including finance and security.