Swift is rolling out new AI-enhanced fraud detection, collaborating with banks globally to strengthen the defense against sophisticated bad actors in the payments industry by using pseudonymised transaction data, with a focus on reducing the estimated $485 billion fraud cost in financial services in 2023, leveraging AI for real-time suspicious activity identification and testing fraud detection use cases with leading financial institutions, aiming to make international transactions secure, fast, and compliant, emphasizing the importance of collaboration and data sharing across the banking sector, receiving positive feedback from banks like BNP Paribas and Standard Bank Group for enhancing security measures in cross-border payments. ```
https://www.darkreading.com/cyber-risk/swift-to-launch-ai-powered-fraud-defence-to-enhance-cross-border-payments