Global payments network Swift will launch an artificial intelligence-powered fraud detection service in January 2025 to help banks combat financial crime, upgrading its existing security infrastructure, the banking network said in a news release.
The new system will analyze pseudonymized data from billions of annual transactions on Swift’s network to flag suspicious activity in real-time, building upon Swift’s Payment Controls Service currently used by small and medium-sized financial institutions. The rollout follows successful pilots with banks across Europe, North America, Asia and the Middle East, and it comes as industry estimates put financial services fraud losses at $485 billion in 2023.
“Bad actors are using increasingly sophisticated tactics to commit financial crime, and the global financial industry needs to raise its defenses higher to ensure their customers can continue to transact globally with confidence,” said Jerome Piens, Swift’s chief product officer.