Lucinity and Resistant AI Partner to Deliver Advanced AI-Powered FinCrime Prevention Solutions

November 13, 2024 at 12:18 PM EST

New York, USA - Lucinity and Resistant AI have partnered to enhance financial crime detection with AI-driven solutions, combining Lucinity's case management and investigation capabilities with Resistant AI's advanced behavioral detection to address both current and emerging threats.

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 occurred globally, including more than $800 billion tied to drug trafficking, $350 billion to human trafficking, and $500 billion lost to fraud. This collaboration addresses limitations in current technology, providing enhanced detection and investigation capabilities in response to increasingly sophisticated financial crimes.

Resistant AI’s behavioral detection technology complements Lucinity’s scenario-based monitoring, tackling both current and emerging financial crime threats. Lucinity’s Case Manager, powered by the Generative AI copilot Luci, delivers real-time investigative support and actionable insights, while Resistant AI focuses on advanced threats like synthetic identities and AI-driven fraud tactics. Together, they offer a robust, end-to-end solution that ensures regulatory compliance and improves speed and precision in detecting and preventing financial crimes.

Key benefits of the partnership include:

Improved Detection: Resistant AI’s library of behavioral models identifies complex criminal activity, while its alert triage system 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 next steps with an advanced workflow engine.

Seamless Integration: The integration of Luci and Resistant AI’s solutions allows users to benefit from best-in-class case management and AI-based detection. Lucinity’s system-agnostic platform integrates with various data sources and systems, eliminating the need for major overhauls when implementing the joint 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 financial institutions reduce potential Authorized Push Payment (APP) fraud reimbursement liabilities by millions, while enabling the detection of sophisticated fraud rings, sleeper accounts, and money mules — both human- and AI-based. Lucinity’s system reduces investigation times from three hours to just 30 minutes, generating productivity savings of up to $25 million for large banks.

Udi Nessimyan, President and Chief Revenue Officer of Lucinity, commented, “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.”

Martin Rehak, CEO of Resistant AI, added, “Resistant AI delivers a highly efficient solution for combating financial crime by leveraging AI to uncover hidden threats. Our solution works in real-time via seamless integration with existing transaction monitoring systems. Through our collaboration with Lucinity, financial institutions can better protect themselves from APP fraud and other criminal threats, significantly reducing false positives and enabling faster, more effective case resolutions.”

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, custom-built FinCrime solution.

About Resistant AI

At Resistant AI, we’ve been using machine learning to hunt cybercriminals for over 16 years, and we’ve followed them into the field of financial crime. Resistant AI specializes in cutting-edge financial security solutions, focusing on detecting and preventing fraud and money laundering. Our Transaction Forensics technology can seamlessly integrate with existing transaction monitoring systems, enhancing them with AI-driven insights that identify novel threats in real-time.

Unlike traditional, rules-based systems, Resistant AI uses a versatile ensemble of models to dynamically analyze customer behaviors by leveraging transactional and non-transactional data. This allows financial institutions to uncover hidden fraud and money laundering activities by connecting seemingly unrelated data points and stopping criminals before they have the opportunity to exploit the system.

Our adaptive, AI-powered approach is effective against a wide range of threats, including Authorized Push Payment (APP) fraud, ensuring financial institutions stay ahead of evolving threats while maintaining compliance.

Backed by GV (formerly Google Ventures), Index Ventures, Credo Ventures, Seedcamp, Notion Capital, and several angel investors specializing in financial technology and security, Resistant AI is headquartered in Prague with offices in London and New York. Our client roster includes Payoneer, Bank of Valletta, Verto, Holvi, and Finom. Visit resistant.ai to learn more.

About Lucinity

Lucinity is an AI software company for financial crime compliance, founded in 2018 and headquartered in Reykjavik, Iceland. The company's mission is to transform FinCrime investigations from hours to minutes, providing actionable intelligence to accelerate workforce efficiency.

Lucinity's core offerings include Luci, the world's first Generative AI Copilot for FinCrime, a Case Manager for workflow automation, and Customer 360 for comprehensive insights. Lucinity consolidates fragmented systems into a unified case management platform and delivers actionable insights for faster and smarter decision-making.

Lucinity boosts productivity with AI-powered automation, reducing investigation times from 3 hours to 30 minutes. The platform's intuitive, modern user interface is designed to be user-friendly for analysts, enhancing consistency, accuracy, auditability, and explainability. Lucinity Labs, the company's R&D arm, drives innovation with notable patents for federated learning and homomorphic encryption of PII data. Remain regulatory compliant and reduce operational costs with Lucinity.

For more information, visit https://lucinity.com/

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Lucinity and Resistant AI Partner to Deliver Advanced AI-Powered FinCrime Prevention Solutions

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