GFT scales AI compliance to safeguard Canadian credit unions

The GFT Compliance Suite uses AI to help credit unions to detect and prevent threats such as identity theft and unauthorised payments. This minimises the need for human intervention and automates security protocols. As a result, credit unions can promptly report suspicious transactions, ensuring compliance with Canadian regulations and protecting the USD 236.6 billion entrusted to them. Given the increasing sophistication of cyber-attacks, relying solely on human resources is no longer sufficient to safeguard assets and maintain compliance.

Fraud Prevention for Canadian Credit Unions 

GFT has been integrating AI into the fraud defences and compliance protocols of financial institutions to swiftly address threats. The company is now introducing this solution to support Canadian credit unions in increasing their fraud prevention strategies, ensuring a high level of proactive risk management and member protection. For each threat, GFT’s Compliance Suite offers dedicated AI features to prevent losses, including:

• Payment screening to detect fraudulent transactions: by analysing deviations from typical payment patterns, GFT can identify and halt suspicious activity before it impacts member accounts; the company increases its AI training using data from both sending and receiving institutions, which improves threat detection across all transactions and helps safeguard customer funds;

• Customer credential verification to identify impostors: the GFT Compliance Suite addresses this challenge by utilising AI to automatically verify the identities of individuals accessing accounts; by analysing customer data and training AI models, the system learns typical behaviours, enabling real-time detection of suspicious activity.

The GFT Compliance Suite is used by 57 institutions around the globe, including organisations such as the German Bundesbank, the Austrian National Bank, and the Swiss National Bank.