Swift tests AI-driven fraud detection

Pilot projects aim to detect fraudulent activity and improve information sharing

Swift at Sibos
Photo: Daniel Hinge

The international payments consortium Swift is launching two pilot programmes to test the viability of artificial intelligence (AI) in detecting fraud, it announced on May 30.

The first programme will use live traffic data to amend the existing Payment Controls service, while the second aims to enhance information sharing between financial institutions.

“AI has great potential to significantly reduce fraud in the financial industry,” Swift’s chief innovation officer Tom Zschasch said. “Swift has a

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