Global digital transformation pioneer ​​GFT is strengthening Canadian credit unions’ defenses so they can exceed compliance requirements and effectively combat fraud with the expansion of their GFT Compliance Suite. With proven success in the other regions GFT operates in, the GFT Compliance Suite leverages AI so credit unions can effortlessly identify, escalate and stop even the most historically effective threats including identity theft and unauthorized payments. By minimizing human intervention and automating key security protocols, credit unions will be able to report suspicious transactions as soon as possible, meeting the Canadian government’s regulatory requirements for compliance and protecting the billions of assets Canadians entrust to them in the process. 

Cyber attacks are evolving and as they become more advanced, hackers are increasingly slipping in through cracks in credit unions’ defenses. With Canadians entrusting $236.6B to credit unions last year alone, the non profit institutions are protecting a climbing number of assets amidst the spike in attacks - making it increasingly difficult to be compliant with regulation reporting’s quick turnaround. To protect Canadians’ money and data while remaining regulatory compliant, manpower alone is no longer enough.

GFT has been infusing AI into financial institutions’ fraud defenses and compliance protocols in order to quickly and effectively combat key threats. The company is now bringing this solution to Canadian credit unions’ fraud prevention strategies to deliver the same level of proactive risk management and member protection. For each specific threat, GFT’s Compliance Suite has dedicated AI features to prevent losses including:

• Payment screening to identify fraudulent transactions. As credit unions increasingly adopt real-time payments, the rising speed at which transactions take place can be capitalized on by scammers, allowing them to move funds before the consumer or institution realizes it's gone. By implementing real time transaction monitoring that uses AI to detect deviations from a consumer’s common payment patterns, credit unions can identify and halt suspicious activity before funds leave member accounts. GFT trains the AI on data from both the sending and receiving institutions for a holistic view of the individual’s known behavior, enhancing the speed and accuracy of threat containment. This extends to all payments, enabling screening for any transaction that takes place safeguarding customers’ money. 

• Customer credential verification to catch impostors. A growing threat to Canadian financial institutions are scammers who masquerade as credit union members, accessing accounts either by stolen pin codes or by hacking into phones to intercept one-time passwords. While it has historically been difficult to pinpoint imposters who use these methods, with the GFT Compliance Suite, credit unions can automatically verify the identity of anyone attempting to access personal or business accounts with AI. By drawing data from the institutions’ customer portfolios and training AI models on it, the GFT Compliance Suite has in depth knowledge of all account owners’ usual behaviors and money management, and can flag suspicious activity in real time. 

“Credit unions have successfully carved out their own place in the financial market, and as memberships grow, the need for advanced protection against fraud also has to grow,” said André Gagné, CEO, GFT Canada. “To ensure a safe and trusted environment for members while remaining compliant with government requirements, credit unions need to begin implementing AI solutions designed specifically for proactively preventing attacks in the highly regulated market.”