Feedzai and Mastercard to expand crypto fraud protection for consumers globally
OpenText survey reveals companies don ’ t believe they are targets for ransomware
CISO news
Feedzai and Mastercard to expand crypto fraud protection for consumers globally
eedzai , a financial crime and risk management solution , and Mastercard – a global technology company in the payments
F 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 worldleading 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 .”
OpenText survey reveals companies don ’ t believe they are targets for ransomware
O penText has released results of its annual 2023 OpenText Cybersecurity Global Ransomware Survey .
Findings show a similarity in how small-to-medium sized businesses ( SMBs ) and enterprises ( with more than 1,000 employees ) think about ransomware attacks , including a disconnect about who is a target and growing concern about the use of AI by threat actors .
While the majority of organisations don ’ t believe they will be attacked , they do understand the business risks as evidenced by increased security spending and plans to expand security teams .
“ The conviction ‘ it won ’ t happen to me ’ is a risky mindset . Cyberattacks have become increasingly common and can have serious consequences ; no business is immune to an attack ,” said Prentiss Donohue , Executive Vice President , OpenText Cybersecurity .
“ While many businesses take the right defensive steps like using access controls , deploying backup and monitoring for threats , a layered security approach that includes education remains the best defence against ransomware . On-going education of the risks as well as the techniques used to perpetuate an attack is essential to avoid falling victim .”
A total of 43 % of enterprises plan to increase the number of employees working on cybersecurity , and of these , almost half ( 46 %) plan to increase the number of employees working on cybersecurity by 5 % to 10 %.
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