#GlobalBanking

Swift to Launch AI-Powered Fraud Defence to Enhance Cross-Border Payments

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October 17, 2024 at 04:50PM Swift announced the launch of AI-enhanced fraud detection for global payments in January 2025, following successful collaboration with banks. This service builds on existing capabilities, using data to identify suspicious transactions in real-time. The initiative aims to combat financial fraud, which cost the industry $485 billion in 2023. **Meeting Takeaways: … Read more

Industrial and Commercial Bank of China hit by ransomware attack

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November 9, 2023 at 02:59PM ICBC, the Industrial & Commercial Bank of China, is in the process of restoring systems and services after a ransomware attack caused disruption in the U.S. Treasury market and equities clearing issues. The attack impacted ICBC’s ability to settle U.S. Treasury trades for other market participants. While the bank has … Read more