Conventional fraud detection methods have a hard time keeping up with increasingly sophisticated criminal tactics. Existing systems often rely on the limited data of individual institutions and this hinders the detection of intricate schemes that span multiple banks and jurisdictions.
To better combat fraud in cross-border payments, Swift is working with Google Cloud to develop anti-fraud technologies that use advanced AI and federated learning.
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Google Cloud is collaborating with Swift, along with technology partners including Rhino Health and Capgemini, to develop a secure, privacy-preserving solution for financial institutions to combat fraud
This approach uses federated learning techniques, combined with privacy-enhancing technologies (PETs), to enable collaborative intelligence without compromising proprietary data.
Rhino Health will develop and deliver the core federated learning platform and Capgemini will manage the implementation and integration of the solution.
Rachel Levi, head of artificial intelligence, Swift, said: “Swift is in a unique position in the financial industry – a trusted and cooperative network that is integral to the functioning of the global economy. As such, we are ideally placed to lead collaborative, industry-wide efforts to fight fraud. This exploration will help the community validate whether federated learning technology can help financial institutions stay one step ahead of bad actors through sharing of fraud labels, and in turn enabling them to provide an enhanced cross-border payments experience to their customers.”
Andrea Gallego, Managing Director, global GTM incubation, Google Cloud, added: “At Google Cloud, we are committed to empowering financial institutions with cutting-edge technology to combat the evolving threat of fraud. Our collaboration with Swift exemplifies the transformative potential of federated learning and confidential computing. By enabling secure collaboration and knowledge sharing without compromising data privacy, we are fostering a safer and more resilient financial ecosystem for everyone.”
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