CSI introduces AI-driven AML compliance and fraud detection solutions

CSI has rolled out AI-based platforms TruDetect and TruProtect, for anti-money laundering (AML) compliance and fraud detection.

These tools are powered by B2B SaaS firm DATASEERS.

TruDetect, available currently, aims to enhance clarity and control for compliance teams, enabling them to effectively manage financial crime risks.

Key features of TruDetect include auto-generated and customisable templates for suspicious activity reports (SARs) and currency transaction reports (CTRs), customer behaviour dashboards that consolidate transaction activities, tailored user roles and workflows, and AI-driven risk confidence scoring to assist analysts in making informed decisions.

TruDetect is compatible with any core banking system and is integrated within CSI’s NuPoint core, facilitating quicker implementation and improved data management without the need for third-party configurations, the tech vendor said.

CSI's TruProtect system will utilise an AI engine to monitor suspicious peer-to-peer (P2P), Automated Clearing House (ACH), wire, and card transactions, as well as to detect potential account takeovers.

The company is set to launch the TruProtect solutions powered by DATASEERS later this year.

CSI president and CEO Williamstown Bank said: “The sophistication and volume of fraud attempts in our industry have reached unprecedented levels.

“What excites me about TruDetect is its ability to grow in tandem with our demands and pool data for high-risk customers or other flagged items into one dashboard, making it easier to spot patterns and file SARs when needed.”

Research from Celent indicates that more than 95% of AML alerts are false positives, which contributes to inefficiencies in investigative processes.

A Nasdaq report highlights that AML analysts typically spend between 30 and 70 minutes addressing each alert.

The increase in fraudulent activities, with consumers reporting losses exceeding $12.5bn billion in 2024, has prompted financial institutions to enhance their fraud detection and AML compliance measures to safeguard their operations and clients, according to the company.

In February this year, CSI launched a check fraud detection solution for NuPoint customers, powered by Mitek Systems.

"CSI introduces AI-driven AML compliance and fraud detection solutions" was originally created and published by Retail Banker International, a GlobalData owned brand.

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