🏴‍☠️Anti-fraud: SWIFT and leading banks test the use of AI for data sharing

🏴‍☠️Anti-fraud: SWIFT and leading banks test the use of AI for data sharing

The tests were conducted on 10 million transactions involving 13 of the largest banks.

▶️ Among the participants were ANZ🇳🇿, BNY🇺🇸, and Intesa Sanpaolo🇮🇹, working alongside technology partners such as Google Cloud.

▶️The testing involved privacy-enhancing technologies (PET), allowing institutions to securely exchange fraud-related information in a cross-border format. Certain PET options enabled participants to verify intelligence on suspicious accounts in real time.

▶️On the AI side, models were integrated directly into each bank’s infrastructure, making it possible to flag abnormal transactions locally, without the need to transfer sensitive information.

▶️The combined use of PETs and AI led to a twofold increase in fraud detection capabilities.

▶️Key takeaway: earlier this year, SWIFT introduced an AI-driven Payment Controls Service, designed to help small and mid-sized financial institutions detect suspicious transactions with greater accuracy and respond more swiftly.

#news #world_wide #fraud

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