Lucinity, an AI-powered FinCrime investigation platform, and Resistant AI, specialists in fraud and money laundering detection, have partnered to enhance financial crime detection.
In 2023 $3.1 trillion in illegal transactions were made. More than $800 billion was connected to drug trafficking, $350 billion to human trafficking, and another $500 billion was lost to fraud.
This collaboration addresses the limitations of current technology for improved detection and investigation capabilities, a response to increasingly sophisticated financial crimes.
Benefits of the partnership
Resistant AI’s behavioral detection complements Lucinity’s scenario-based monitoring to tackle both current and emerging financial crime threats.
While Lucinity’s Case Manager, powered by the GenAI copilot Luci, delivers real-time investigative support and actionable insights, Resistant AI focuses on advanced threats like synthetic identities and AI-driven fraud tactics.
Together, they provide a robust, end-to-end solution that ensures regulatory compliance and addresses the growing sophistication of financial crime, enabling financial institutions to detect and prevent threats with greater speed and precision.
Key benefits of the partnership include:
- Improved Detection: Resistant AI’s library of behavioral models identify complex crimes, while alert triage prioritizes high-risk alerts and reduces false positives.
- Faster Investigations with Intuitive Tools: Luci, Lucinity’s generative AI copilot, streamlines the investigation process by analyzing large datasets, extracting key insights, and guiding investigators through the next steps with its advanced workflow engine.
- Seamless Integration: The smooth integration of Luci and Resistant AI’s solution allows benefitting from class-leading case management and AI-based detection. Lucinity’s system-agnostic platform also integrates easily with various data sources and systems, eliminating the need for major overhauls while implementing the collaborative solution.
This partnership has the potential to save financial institutions millions of dollars through reduced fraud and improved operational efficiency.
Resistant AI has already helped UK FIs reduce potential APP fraud reimbursement liabilities by millions and it has enabled the detection of sophisticated fraud rings, sleeper accounts, and money mules, both human and AI-based. Meanwhile, Lucinity’s system cuts investigation times from three hours to 30 minutes, translating into productivity savings of up to $25 million for large banks.
“This partnership represents a perfect synergy of capabilities. By integrating advanced behavioral detection, transaction forensics, scenario-based monitoring, AI-driven triaging, and AI-powered investigations, we’re delivering the most robust financial crime prevention system the market has ever seen.”
“Resistant AI delivers a highly efficient solution for combating financial crime by leveraging AI to uncover hidden threats. It works in real time via seamless integration with existing transaction monitoring. Through our collaboration with Lucinity, financial institutions can protect themselves from APP fraud and other criminal threats, significantly reducing false positives and enabling faster, more effective case resolutions.”
Conclusion
Together, Lucinity and Resistant AI deliver secure, explainable, and auditable FinCrime compliance. Resistant AI employs an ensemble of models to detect activities overlooked by traditional systems, enhancing accuracy and transparency. Lucinity’s configurable platform allows users to tailor data sources and outputs for a secure and custom-built FinCrime solution.