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Swift Announces AI-Enhanced Fraud Detection for Global Payments

Author

Slice of Finance Team
18 Oct

Key Highlights:

  • AI-driven fraud detection service launching January 2025

  • Collaboration with over 11,500 banks to address global financial crime

  • Real-time identification of suspicious transactions on the Swift network

  • Federated learning technology enables secure, data-driven fraud insights

  • Swift’s Payment Controls Service enhanced with AI to boost security

Notable Quotes:

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"Bad actors are using increasingly sophisticated tactics to commit financial crime, and the global financial industry needs to raise its defences higher to ensure their customers can continue to transact globally with confidence."

Jerome Piens, Chief Product Officer at Swift
❝

"Collaboration across the banking sector is crucial to enhancing fraud detection, and by sharing data and leveraging AI, we empower ourselves to stay ahead."

Olivier Nautet, Head of Cybersecurity at BNP Paribas
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"By leveraging the power of AI, Standard Bank Group reaffirms its commitment to innovation and safeguarding the financial assets of its clients."

John McHugh, Head Operations Control, Standard Bank

Our Take:

Swift’s AI-enhanced fraud detection is a major advancement in protecting global financial transactions from increasingly complex cyber threats. The use of federated learning and privacy-enhancing technologies reflects Swift’s dedication to innovation, security, and compliance. Collaboration across 11,500+ institutions is key to bolstering global financial infrastructure against the USD 485 billion fraud threat. As AI continues to evolve, its role in shaping a more secure and resilient payments ecosystem will undoubtedly grow, positioning Swift and its partners at the forefront of financial crime prevention.