SWIFT with 13 global banks develop AI-powered tools to share fraud intelligence securely across borders, doubling real-time detection and providing a blueprint for global FC prevention

The trials, involving over 10 million test transactions, demonstrated the effectiveness of privacy-enhancing technologies (PETs) in facilitating secure data sharing among institutions. In one use case, the PETs enabled participants to verify intelligence on suspicious accounts in real-time, a development which could speed up the time taken to identify complex international financial crime networks and avoid fraudulent…