Swift Announces AI-Enhanced Fraud Detection for Global Payments
Slice of Finance Team
10/18/2024
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
Source: Business Wire
Quotes
“ "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
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.
