CSI: CSI unveils check fraud detection tool for NuPoint customers

The tool enables real-time fraud detection for bank tellers · Retail Banker International In This Article: Fintech firm CSI has introduced its proprietary check fraud detection solution for NuPoint customers, powered by Mitek Systems. This new tool provides real-time fraud detection capabilities to bank tellers, with alternative deposit methods being evaluated overnight. Check fraud incidents have seen a significant upsurge, with a 90% jump in suspicious activity related to check fraud from 2021 to 2023, with the trend continuing into 2024, highlighted the company. In response, CSI's solution utilises insights from Mitek's consortium of financial institutions to enhance detection rates and streamline review processes. The solution offers "high-resolution image analysis" of 24 scorable check attributes, enabling the immediate identification and disruption of potential fraud at the teller line. Mitek Systems general manager and senior vice president Michael Diamond said: "We're thrilled to partner with CSI to integrate Mitek's Check Fraud Defender into their NuPoint solution, expanding our collective impact in the fight against check fraud. "With our expertise in real-time fraud prevention and consortium-based data sharing, this collaboration enables more banks to detect fraud instantly at the teller line, strengthening in-branch security and helping financial institutions stay ahead of evolving threats." The tool benefits from consortium sharing, learning continuously to offer protection against fraud at varying levels of complexity and potentially foreseeing future trends. Analysts can assess check attributes against profiles in a secure, cloud-hosted environment with advanced end-to-end encryption, following ISO 27001-certified security protocols. CSI chief risk and information security officer Steve Sanders said: "As check fraud schemes continue to become more sophisticated and difficult to detect, it is essential to have a solution that delivers fast, consistent protection. "CSI's check fraud detection solution is the first of its kind at the teller line. By leveraging computer vision and AI technology, we can reduce fraud losses and ensure our customers receive the most advanced protection available." "CSI unveils check fraud detection tool for NuPoint customers" was originally created and published by Retail Banker International , a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.