Hawk

We're a truly international team here at Hawk and many of the nations in the Euro 2024 quarter-finals will be getting some Hawk support! The squad at our Munich HQ is looking forward to tonight's game. If you'd like to join an international company that is united in helping to rid the world of financial crime, check out our current vacancies in Customer Success, Development and Marketing at: https://lnkd.in/dGG4sr8D Let us know which team you're rooting for in the comments! #eurocup2024 #uefa #football #teamactivity #germany #ai #aml #fincrime #antimoneylaundering #aml #financialcrime #employeespotlight

Exciting news! Hawk has been recognized in the Deloitte EMEA Technology Fast 500 as one of the fastest-growing tech firms in the region. Hawk's growth is being driven by banks and payment companies recognizing the value that explainable AI can bring to their anti-financial crime operations. Hawk is helping financial institutions to implement AI and increase AFC effectiveness by detecting more risk, while increasing efficiency by reducing false positives. Request a demo today to see our solutions in action: https://lnkd.in/dbeh25Zk #aml #fincrime #awards #artificialintelligence #ai #deloitte #deloittetechnologyfast500 #emeatechfast500

“AI particularly works well when you give it rich data. The more attributes you can give it about a person or an entity, the more it can discern whether the type of behavior that person is exhibiting is normal or abnormal...So, I see entity resolution and other data preparation techniques as the foundation for really good quality AI.” - Michael Shearer, Chief Solution Officer at Hawk. Hear what Michael had to say about the role of data preparation and entity resolution in the fight against financial crime when he spoke to Karl Ivo 🎧 Sokolov recently in a podcast episode. He covered: - How does the quality of data affect the performance of AI? - Why is it crucial to provide AI with rich, multi-source data? - How does entity resolution enhance AI effectiveness? Watch the full podcast episode here: https://lnkd.in/eNzpYTZt Want to know how Hawk's new solution, Entity Risk Detection, can help you with data consolidation, entity resolution, and real-time risk detection? Request a demo today and find out: https://lnkd.in/dbeh25Zk #aml #ai #artificialintelligence #entityresolution #entityriskdetection #networkanalysis #antifraud #financialinstitutions #banks #fincrime #frauddetection

You probably don’t need another introduction to what Generative AI is, so let’s cut right to the chase – Gen AI offers huge potential for financial institutions that want to increase risk coverage and reduce the cost of their anti-financial crime operations. How? In this month's edition of The Audit, our Chief Product Officer & Co-founder, Wolfgang Berner, outlines four use cases for Gen AI in AML and fraud prevention. We also take a closer look at how AI-powered AML technology can solve BaaS challenges, and how financial institutions can join the dots in their datasets with Hawk's latest product release, Entity Risk Detection. Make sure to subscribe to the newsletter for more upcoming deep dives and updates about AI technology in anti-financial crime. #financialcrime #fincrime #afc #genai #ai #aml #moneylaundering #fraud #frauddetection #ainews #amlnews #fraudnews #entityresolution

Hawk is today announcing a groundbreaking innovation in anti-financial crime. Entity Risk Detection enables financial institutions to combine entity resolution, real-time risk detection, and network analysis to improve their ability to identify risk and complete thorough, efficient investigations. "Money launderers are constantly trying to create a smokescreen to throw financial crime detection systems and professionals off course," said Wolfgang Berner, Chief Product Officer and Co-founder of Hawk. "As a result, financial institutions are exposing themselves to risk, by missing the links and other clues that lead to suspicious activity." "Entity Risk Detection helps to clear the smokescreen. For example, it can help financial institutions to see that Customer A is using Product X and does not appear to present a risk to the business, but they are in fact the same person as Customer B using Product Y – and Customer B is linked to Firm C, which is on a sanctions list.”  The new module is fully integrated with Hawk’s award-winning anti-financial crime platform. This provides banks and payment providers with a comprehensive technology suite for AML, sanctions screening, and transaction fraud prevention, with unified real-time detection, self-service configuration, and case management. Hawk customers will also benefit from boosted AI performance, as the consolidated and enriched data from Entity Risk Detection can be used to power stronger prevention, detection and investigation capabilities.  “AI thrives on good data. The organizations that can fuel their AI with rich, high-quality data will be in a significantly stronger position to maximize risk coverage and operational efficiency. Entity Risk Detection can help to optimize the data for this purpose,” said Berner.  Read more: https://lnkd.in/e6vmN5my #aml #antimoneylaundering #fincrime #banking #payments #sanctions #fraud #entityresolution #datamanagement 

Hawk very much welcomes this news from The Wolfsberg Group. "The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime....this paper encourages all parties to be proactive in the development of innovative techniques and supporting technologies which we believe will deliver more effective end-to end risk detection capabilities." More to follow! #aml #ai #fincrime #antifraud #wolfsberggroup #artificialintelligence #financialcrime

How should BaaS providers, banks and fintechs be using AML technology to manage risk and meet compliance regulations? In this article, we provide an example of how AI-powered AML technology can be used effectively by all of the participants in the BaaS ecosystem: - A community bank partners with a BaaS provider to offer a new instant payments product - The BaaS provider relies on a sponsor bank to provide licensed banking products - The sponsor bank has modern, AI-powered AML technology in place that can monitor activity down the chain - The banks and BaaS provider also use AI-powered AML technology to screen customers and payment counterparties, monitor transactions, and produce customer risk ratings (also known as perpetual KYC, or pKYC) - As transactions occur, the AI models flag suspicious activity using anomaly detection and pattern recognition - Human investigators at both banks review the AI's findings in a case manager that aggregates relevant contextual information - Simultaneously, the AI models analyze rule-based alerts and prioritize them for investigators with behavioral analytics, reducing false positives (and therefore costs) - The AI models deliver human language explanations to the sponsor banks’ investigative teams for every decision they make - The bank can now easily file suspicious activity reports (SARs) and defend their AML controls and risk-based approach to regulators in their periodic exams - Both banks and the BaaS provider have thereby unlocked a valuable partnership from the BaaS model, while protecting themselves from potential regulatory actions and reputational damage Read the full article by Chris Caruana (MBA, CAMS) that explains how the benefits of BaaS can be balanced with regulatory compliance: https://lnkd.in/dTsMeHcx Alternatively, request a demo to see how Hawk helps banks and BaaS providers to improve their AML and fraud risk coverage. Visit https://hawk.ai/ #fincrime #aml #baas #bankingasaservice #fraud #ai #artificialintelligence #financialinstitutions #banks #frauddetection #sponsorbanks #fintech

A few of our US Hawks turned pirate for an escape room adventure this week - they made it out with ease, proving once again that 'Our Team Is Why We Win' here at Hawk. We're hiring in Customer Success, Development and Marketing, so if you'd like to come and fly with the Hawks, check out our vacancies at https://lnkd.in/dGG4sr8D A big shout-out to the crew that made light work of cracking codes and solving riddles: Chris Caruana (MBA, CAMS), Falk Schubert, Paola Battisti, Bryant Bland, Jeff Shikowitz, and Michaela Caizzi. We look forward to solving further challenges together! #escaperoom #piratethemedadventure #teamactivity #ai #aml #fincrime #antimoneylaundering #aml #financialcrime #employeespotlight

One of the benefits of using AI for anti-money laundering is that AI models can be trained faster, which allows you to mitigate AML risk earlier. The manual rule tuning process looks like this: 1. Find a new behavior in individual casework 2. Collectively identify the new typology 3. Codify the typology into quantifiable behaviors 4. Set thresholds, segments, test, and tune 5. Deploy the rule to production While this process is happening, AML risk is accumulating. The process to retrain an AI model is much faster: 1. Find a new behavior in casework 2. Retrain model periodically 3. Deploy to production With AI, you don't have to go through the entire cycle manually. The system automatically encodes emerging behavior and investigator expertise into a robust set of AI-generated "rules". This means you can find and mitigate risk earlier. Hawk's AI-powered solutions for AML and fraud detection can help you achieve the highest levels of efficiency and effectiveness in your financial crime operation. Request a demo today to see our solutions in action: https://lnkd.in/dbeh25Zk #aml #ai #artificialintelligence #antifraud #financialinstitutions #banks #fincrime #ruletuning #aimodel #frauddetection

What approach should financial institutions take in adopting AI for AML and fraud prevention? "It's very achievable to overlay an AI-based solution to reduce the number of false positives by considering more data factors than a rules-based system can." "This can be integrated relatively easily into your process, giving you more operational efficiency quickly. Once comfortable, you can add in anomaly detection to enrich the alerting process more." - Michael Shearer, Chief Solution Officer at Hawk. In a recent podcast episode hosted by Karl Ivo 🎧 Sokolov, Michael talked about: - How can AI reduce false positives in financial crime detection? - What are the benefits of combining AI with a rules-based approach? - How does AI-powered anomaly detection enhance the alerting process? Watch the full podcast episode here: https://lnkd.in/eNzpYTZt If you'd like to know more about how AI can help your organization to enhance the efficiency and effectiveness of your AFC operations, book a demo with us at https://hawk.ai/ #aml #fincrime #banking #bankingtech #compliance #ai #machinelearning #financialinstitutions