CSI and Hawk AI Partner To Release AI-Driven Solutions for Fraud and Anti-Money Laundering

Powered by an AI/ML-backed system, global regtech leader adds WatchDOG® Fraud and WatchDOG® AML to advanced suite of products to combat financial crimes

CSI, a leading provider of end-to-end fintech and regtech solutions, announced today it has partnered with Hawk AI, a leading 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 multilayered, automated oversight that monitors, detects and reports fraudulent or suspicious activity in real time.

WatchDOG Fraud monitors transaction behavior 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 analyze customer behavior, 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.

“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.”

According to the Federal Trade Commission (FTC), there were 2.4 million fraud reports in 2022 which accounted for $8.8 billion in losses, a 44% increase from the $6.1 billion in 2021. CSI’s own 2023 Banking Priorities Executive Report identified P2P fraud as the top cybersecurity concern for banking executives this year. The company’s newest solutions identify these concerns with out-of-the-box rules and intuitive monitoring solutions to reduce false positives and minimize risk.

“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.”

Thousands of organizations throughout the world use CSI’s sanction screening technology as part of their Know Your Customer (KYC) programs. CSI’s WatchDOG solutions reinforce customers’ ability to protect their reputations and users, mitigate risk, maintain compliance and enhance due diligence in the fight against financial crime.

“CSI is a leader in the regulation technology space. Our customers rely on us to provide them with modern solutions that can adapt to and meet a constantly evolving financial crime and regulatory landscape,” said David Culbertson, CEO and president of CSI. “Our partnership with Hawk AI and the deployment of automated fraud and AML products is the latest example of CSI’s commitment to accelerating time to market and placing our customers at the forefront of innovation in financial and regulatory technology.”

Both WatchDOG products help customers remain fully compliant with government rules and regulations, including the USA PATRIOT Act of 2001, the AML Act of 2020 and the Bank Secrecy Act (BSA).

For more information on CSI, visit csiweb.com.

About CSI

As a forward-thinking technology partner, Computer Services, Inc. (CSI) delivers fintech, regtech and cybersecurity solutions to financial institutions and corporate customers, both foreign and domestic. In addition to its reputation for providing expert service, CSI focuses on propelling crucial technology advancements, accelerating speed-to-market and deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed IT services and cybersecurity, real-time payments, open banking, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners that’s designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.

About Hawk AI

Hawk AI helps banks, payment companies and Fintechs fight financial crime with AML and fraud surveillance. Powered by explainable AI (patent-pending) and cloud technology with a core focus on information sharing, Hawk AI improves the efficiency and effectiveness of anti-financial crime teams. Fully modular, cloud-native, and enhanced with machine learning, Hawk AI makes customer and transaction surveillance more efficient and ensures regulatory compliance. Using traditional rules combined with artificial intelligence to detect suspicious behavior in real-time, Financial Crime specialists can investigate true instances of suspicious activity. The solution drastically reduces false positive rates by over 70% compared to legacy AML/CFT solutions. Founded in 2018 by experienced Fintech veterans, the company has scaled globally, processing billions of transactions across 60 countries. Hawk AI works with leading financial institutions and partners such as North American Bancard, Moss, Banco do Brasil Americas, Mambu, Visa, and Lexis Nexis. For more information, visit hawk.ai.

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