{"id":5801,"date":"2024-10-17T15:43:19","date_gmt":"2024-10-17T20:43:19","guid":{"rendered":"https:\/\/www.darkreading.com\/cyber-risk\/swift-to-launch-ai-powered-fraud-defence-to-enhance-cross-border-payments"},"modified":"2024-10-17T15:43:19","modified_gmt":"2024-10-17T20:43:19","slug":"swift-to-launch-ai-powered-fraud-defence-to-enhance-cross-border-payments","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/10\/17\/swift-to-launch-ai-powered-fraud-defence-to-enhance-cross-border-payments\/","title":{"rendered":"Swift to Launch AI-Powered Fraud Defence to Enhance Cross-Border Payments"},"content":{"rendered":"
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PRESS RELEASE<\/span><\/span><\/p>\n

Brussels, 16 October 2024 \u2013 <\/span><\/span>Swift today announced that it is rolling out new AI-enhanced fraud detection to help the global payments industry step up its defence as bad actors grow increasingly sophisticated. Available from January 2025, the service is the result of extensive collaboration with banks from around the world and a successful pilot earlier this year.   <\/span><\/p>\n

The new capability builds on Swift\u2019s existing Payment Controls Service \u2014 used by many small and medium-sized financial institutions \u2014 by drawing on pseudonymised data from the billions of transactions that flow over the Swift network each year to identify and flag suspicious transactions so that action can be taken in real-time. <\/span><\/p>\n

The rollout is part of Swift\u2019s broader collaboration with its global community of more than 11,500 banks and financial institutions to test how AI can solve cross-industry challenges. With global industry estimates putting the total cost of fraud in financial services at USD 485 billion in 2023 alone , Swift is focused on using AI to give financial institutions stronger and more accurate insights into instances of potentially fraudulent activity.<\/span><\/p>\n

Jerome Piens, Chief Product Officer at Swift, said: \u201cBad 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. Swift has a long track record of supporting our community by staying one step ahead to maintain the security and resilience that our network is known for – and now we\u2019re doing so again by harnessing the latest technology.\u201d<\/span><\/p>\n

Since February, Swift has been working with leading global financial institutions to explore how federated learning, combined with privacy-enhancing technologies, could enable market participants to share information without revealing their proprietary data. The group has so far developed a number of fraud detection use cases which are set to be tested in a sandbox environment. <\/span><\/p>\n

The rollout of this enhanced service is a key milestone in Swift\u2019s strategic vision to make end to end international transactions instant and frictionless, while maintaining trust, security and compliance.<\/span><\/p>\n

“Collaboration across the banking sector is crucial to enhancing fraud detection, and by sharing data and leveraging AI, we empower ourselves to stay ahead. At BNP Paribas, we are fully committed to supporting Swift\u2019s innovative initiative in that regard, as it marks a key step forward in protecting the integrity of our financial ecosystem.” <\/span><\/p>\n

Olivier Nautet, Head of Cybersecurity, BNP Paribas; Nicolas Trimbour, Head of Fraud Prevention, Cash Management, BNP Paribas, and Su Yang, Head of Artificial Intelligence, Transaction Banking, BNP Paribas<\/span><\/p>\n

\u201cStandard Bank Group, Africa\u2019s biggest bank by assets, has participated in Swift\u2019s initiative for AI fraud detection capability to enhance the security of its customers\u2019 transactions. The technology will identify suspicious patterns in real-time, reducing fraud-risk and ensuring a safer banking experience for clients. By leveraging the power of AI, Standard Bank Group reaffirms its commitment to innovation and safeguarding the financial assets of its clients – who are our main asset.\u201d  <\/span><\/p>\n

John McHugh, Head Operations Control \u2013 CIB at Standard Bank<\/span><\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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