Global digital transformation firm GFT is expanding its Compliance Suite to strengthen fraud prevention efforts in Canadian credit unions, enabling them to meet regulatory requirements more effectively.
Already in use in other regions where GFT operates, the Compliance Suite integrates artificial intelligence to help institutions identify, escalate, and address threats such as identity theft and unauthorised payments.
By reducing the need for manual intervention and automating core security processes, credit unions can detect suspicious transactions more quickly, aligning with Canadian regulatory expectations and safeguarding the significant assets entrusted to them.
As cyber threats become increasingly sophisticated, credit unions are facing growing challenges in keeping pace, especially given the US$236.6 billion entrusted to them by Canadians in the past year alone.
Traditional approaches to fraud detection and compliance are proving insufficient under the pressure of rising attack volumes and the rapid turnaround times required by regulators.
To address this, GFT is introducing its AI-driven Compliance Suite to Canadian credit unions, offering tools that enhance fraud prevention and support regulatory compliance.
The Compliance Suite includes features such as payment screening, which monitors transactions in real time to identify anomalies in consumer behaviour that may indicate fraud.
This is particularly relevant as more credit unions adopt real-time payment systems, which can be exploited by scammers moving funds before detection is possible.
The AI analyses data from both the sending and receiving institutions to build a comprehensive picture of normal activity and flag irregularities before funds leave an account.
Another function is credential verification, which uses AI to detect unauthorised access attempts.
With threats such as intercepted one-time passwords and stolen PINs becoming more common, credit unions can use the system to compare login behaviour and financial activity against existing customer data, helping to distinguish legitimate users from imposters.
“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 of 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.”
Featured image credit: GFT
