End-to-end financial software and technology provider CSI has launched a new check fraud detection solution for NuPoint customers.
The solution, powered by Mitek Systems, integrates real-time fraud prevention capabilities at bank teller stations. It also evaluates alternative deposit methods collectively overnight.
Mitek Systems specialises in digital identity verification and fraud prevention, offering secure authentication solutions for financial institutions worldwide.
Mitek Systems senior vice president and general manager Michael Diamond said: “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 initiative comes amid a sharp rise in check fraud, which increased by 90% between 2021 and 2023, with incidents continuing into 2024, said CSI. The new system leverages Mitek’s network of financial institutions, representing millions of consumers.
Besides, the new technology offers community banks high-resolution image analysis across 24 scorable check attributes, allowing them to detect and halt suspicious transactions at the teller line.
By continuously learning through consortium data sharing, the solution aims to predict evolving fraud patterns.
According to CSI, analysts can cross-check check attributes against securely stored profiles in a cloud-hosted environment that employs end-to-end encryption and ISO 27001-certified security protocols.
CSI provides financial software and technology solutions for community and regional banks, as well as global organisations.
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.”
