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CSI and Hawk AI partner to release AI-driven solutions for fraud and AML

By Leandra Monteiro

April 03, 2023

  • AML
  • CSI
  • Financial Crimes Enforcement Network

CSICSI, a provider of end-to-end FinTech and RegTech solutions, announced it has partnered with Hawk AI, a global provider of anti-money laundering (AML) and fraud prevention technology for banks and payment companies, to deliver its latest products, WatchDOG® Fraud and WatchDOG® AML.

The products’ artificial intelligence (AI) and machine learning (ML) models create multi-layered, automated oversight that monitors, detects and reports fraudulent or suspicious activity in real-time.

“The proliferation of digital technologies—not just in financial services but across categories like ecommerce and digital currencies—has created more opportunities for bad actors to launder money and more risk for businesses to lose it,” said Allison Maddock, chief product officer of CSI. “Rules and regulations are not necessarily enough to stop fraud and money laundering. To avoid human error and employees that spend hours manually monitoring these concerns, all organizations need to consider AI-backed fraud protections and AML support.”

WatchDOG Fraud monitors transaction behaviour to detect fraudulent patterns across all channels and payment methods. Using transaction data augmented by non-financial data such as IP addresses and device IDs, it protects businesses by detecting and preventing fraud in real-time.

WatchDOG AML leverages the same AI and ML capabilities to analyse customer behaviour, generate alerts and file reports in real-time. It identifies suspicious activity and automatically creates suspicious activity reports (SAR) to reduce manual reporting and maintain compliance with Financial Crimes Enforcement Network (FinCEN) regulations. The product strengthens anti-money laundering programs for banks and non-bank financial institutions that are required to develop AML programs under FinCEN regulations.

“We believe that cutting-edge, real-time financial monitoring technology can deliver the change needed to fight today’s sophisticated fraud and money laundering. Operating a safe financial ecosystem requires fintechs, banks and other organizations to deploy technology-backed tools and infrastructure that accurately inform and alert institutions to impending concerns,” said Tobias Schweiger, CEO and co-founder of Hawk AI. “We are excited to aid CSI’s empowerment of its customers against the constantly evolving threats of fraud and money laundering with explainable AI.”

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