CSI has announced that it has formed a strategic partnership with Carefull to improve the ability of financial institutions to prevent fraud. The partnership will enable banks and credit unions to offer AI-based tools that detect fraud before it occurs. The tools will be designed to protect older consumers from sophisticated scams.
The requirement for better protection against scams is growing at a rapid rate. According to the FBI’s latest figures, in the United States alone, Americans aged 60 years and above lost $4.86 billion in 2024. The average loss per victim was over $33,000. The increasing sophistication of cybercriminals in using AI-based voice cloning, deepfake impersonations, and phishing attacks makes it imperative that financial institutions have better tools to prevent such scams.
Carefull’s tool helps detect fraud by analyzing behavior and context that is unique to the elderly. The tool will be integrated with CSI’s digital banking channels and will be able to detect over 70 fraud patterns. The tool will be able to detect unusual spending habits, sudden financial changes, and suspicious transactions.
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“Elder fraud is one of the fastest-growing threats facing our industry, and financial institutions are often on the front lines of protecting vulnerable account holders,” said Linda Fischer, chief commercial officer at CSI. “Through our partnership with Carefull, we’re helping banks and credit unions extend their role beyond transactions, providing protection for older consumers and their families while strengthening the relationships that are central to community banking.”
Additionally, the system offers access to the caregiver, which enables selected members to receive notifications while keeping the account secure. This ensures that families receive understandable notifications, which are critical in their response, while the aggregated insights provide the institution with the effectiveness of the program.
The system offers access to more than just fraud monitoring; there is access to more tools, including identity protection, risk assessment, and document storage. The solution can be deployed quickly, allowing institutions to deliver added value with minimal integration effort.
“Financial institutions have an opportunity to strengthen customer relationships in ways that drive long-term growth,” said Todd Rovak, co-founder at Carefull. “Banks and credit unions are often at the center of major family financial decisions, especially as consumers navigate aging, caregiving and generational wealth transitions. By working with CSI, we’re helping institutions deliver added value that builds trust, deepens multigenerational engagement, improves retention and supports deposit growth by positioning them as a true ally to the families they serve.”