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The global messaging system collaborated with 13 banks on experiments using privacy-enhancing technologies (PETs) to let institutions securely share fraud insights across borders, according to a Monday press release.
“These experiments demonstrate the convening power of Swift as a trusted cooperative at the heart of global finance,” Rachel Levi, head of AI for Swift, said in the release. “A united, industry-wide fraud defense will always be stronger than one put up by a single institution acting alone. The industry loses billions [of dollars] to fraud each year, but by enabling the secure sharing of intelligence across borders, we’re paving the way for this figure to be significantly reduced and allowing fraud to be stopped in a matter of minutes, not hours or days.”
