Lucinity, an AI-powered financial crime investigation platform, and Resistant AI, experts in detecting fraud and money laundering, have joined forces.
This collaboration aims to overcome the limitations of existing technologies and boost the detection and investigation of financial crimes, which have become increasingly sophisticated.
The partnership is established in response to the staggering $3.1 trillion in illegal transactions reported in 2023, with significant portions attributable to drug trafficking ($800m), human trafficking ($350m), and fraud ($500m). By integrating their advanced technologies, Lucinity and Resistant AI seek to deliver more effective financial crime prevention solutions to the market.
Lucinity is renowned for its scenario-based monitoring capabilities and real-time investigative support through its GenAI copilot, Luci, which offers actionable insights to financial investigators. Conversely, Resistant AI specialises in combating sophisticated financial crimes, including those involving synthetic identities and advanced AI-driven fraud tactics, through its robust behavioral detection models.
The partnership leverages Resistant AI’s extensive library of behavioral models to identify complex crimes while Lucinity’s Luci helps in streamlining the investigation process. This collaboration ensures faster response times to high-risk alerts, significantly reducing false positives and improving overall operational efficiency. The integrated solution facilitates seamless compatibility with various data sources and systems, thus simplifying implementation for financial institutions.
This collaborative effort not only aims to mitigate financial losses through enhanced detection and prevention strategies but also promises substantial cost savings. Resistant AI’s technologies have notably aided UK financial institutions in reducing potential fraud liabilities by millions, while Lucinity’s innovative approaches have cut investigation times significantly, achieving productivity savings estimated at up to $25m for major banks.
This strategic alliance is poised to set new standards in financial crime prevention, offering a comprehensive, end-to-end solution that addresses both current and emerging threats. The seamless integration of advanced AI technologies ensures that financial institutions are well-equipped to tackle increasingly complex financial crimes with greater precision and speed.
“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,” stated Udi Nessimyan, president and chief revenue officer of Lucinity.
Martin Rehak, CEO of Resistant AI, also expressed enthusiasm about the collaboration: “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.”
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