Swift, the global banking co-operative, is set to launch an AI-powered anomaly detection service in January 2025. The service aims to proactively detect and defend against financial crime in real-time by analyzing billions of transactions.
Key Features:
- Enhanced Security: This new capability is built on Swift’s Payment Controls Service and leverages pseudonymised data to identify suspicious transactions across its global network.
- Global Rollout: After a successful pilot with banks across Europe, North America, Asia, and the Middle East, Swift will make this service available to small and medium-sized financial institutions.
- Real-Time Detection: Banks will be able to act in real-time on flagged transactions, helping to reduce potential fraud and cybercrime threats.
Jerome Piens, chief product officer at Swift, emphasized that as financial crime tactics evolve, so must the global industry’s defenses. This initiative helps to raise the bar in ensuring secure global transactions for customers.
Collaborative Efforts:
Since February, Swift has been working with its member banks to explore how federated learning and privacy-enhancing technologies could allow financial institutions to share data without exposing proprietary information. Olivier Nautet, head of cybersecurity at BNP Paribas, praised the initiative, highlighting how cross-bank collaboration and the use of AI can enhance fraud detection.