Covert channels (CCs) in wireless chips pose a serious security threat, as they enable the exfiltration of sensitive information from the chip to an external attacker. In this work, we propose an AI-based defense mechanism deployed at the RF receiver, where the model directly monitors raw I/Q samples to detect, in real time, the presence of a CC embedded within an otherwise nominal signal. We first compact a state-of-the-art convolutional neural network (CNN), achieving an 80% reduction in parameters, which is an essential requirement for efficient edge deployment. When evaluated on the open-source hardware Trojan (HT)-based CC dataset, the compacted CNN attains an average accuracy of 90.28% for CC detection and 86.50% for identifying the underlying HT, with results averaged across SNR values above 1 dB. For practical communication scenarios where SNR > 20 dB, the model achieves over 97% accuracy for both tasks. These results correspond to a minimal performance degradation of less than 2% compared to the baseline model. The compacted CNN is further benchmarked against alternative classifiers, demonstrating an excellent accuracy-model size trade-off. Finally, we design a lightweight CNN hardware accelerator and demonstrate it on an FPGA, achieving very low resource utilization and an efficiency of 107 GOPs/W. Being the first AI hardware accelerator proposed specifically for CC detection, we compare it against state-of-the-art AI accelerators for RF signal classification tasks such as modulation recognition, showing superior performance.