ECB picks Portuguese AI startup Feedzai to prevent digital euro fraud
The European Central Bank (ECB) has chosen Portuguese AI startup Feedzai to help prevent frauds in the upcoming digital euro.
Over the next four years, Feedzai and PwC will create an AI model to spot risky transactions by flagging unusual customer behavior—a deal valued up to €237 million.
Digital euro could replace cash in Europe
The digital euro is the ECB's big move toward financial independence for Europe, aiming to offer a central bank digital currency as a response to the dominance of giants like Visa and Mastercard.
If EU lawmakers give the green light by mid-2026, you could see the digital euro rolling out in 2029.
Feedzai already processes payments for banks
Feedzai, registered in Coimbra, Portugal, already processes $8 trillion in payments each year for banks like Novobanco and Wio Bank.
Their skill with AI-powered fraud prevention is set to help make sure the digital euro is both safe and smooth when it finally launches.