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Swift to launch AI-powered fraud defence for cross-border payments

Swift

We’re launching an AI-powered enhancement to our Payment Controls Service (PCS) that will help banks detect potential fraud in real time.

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Starting in January 2025, we’ll be rolling out an AI-powered fraud detection capability that aims to help the financial industry tackle increasingly sophisticated forms of financial crime.

This enhancement builds on our existing Payment Controls Service (PCS) and follows a successful pilot with financial institutions across Europe, North America, Asia and the Middle East. The rollout is part of our broader collaboration with our global community of more than 11,500 banks and financial institutions to test how AI can solve pan-industry challenges.

Fraud was estimated to cost the global financial services industry USD 485 billion in 2023 alone. To help solve this problem, we’re harnessing AI to give financial institutions stronger and more accurate insights into the occurrence of potentially fraudulent activity.

Using pseudonymised data from billions of transactions across our network, the enhanced service will detect and flag suspicious activity, enabling banks to respond more quickly than was possible before.

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