Swift Leverages AI and Data Solutions to Combat Cross-Border Payment Fraud – Fintech Schweiz Digital Finance News

Join our free newsletter for the latest Fintech Switzerland news directly in your inbox! Swift, the Belgium-based financial messaging cooperative, has recently conducted experiments showcasing how AI and secure cross-border data collaboration can significantly combat fraud in international payments. Collaborating with 13 global financial institutions, Swift applied privacy-enhancing technologies (PETs) to facilitate the secure exchange of fraud-related insights. Through real-time verification of suspicious accounts and the application of federated learning, the experiments showed substantial effectiveness in detecting fraud. Rachel Levi, Head of AI at Swift, emphasized the necessity of industry-wide collaboration, stating that fostering a united fraud defense will greatly minimize losses—estimated at US$485 billion in 2023. With plans for further trials using real transaction data, Swift continues to explore AI capabilities in financial services, recently launching an AI-enhanced Payments Controls Service to aid smaller institutions in identifying fraudulent activities swiftly.

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