Fraud and money laundering prevention providers eagle $56 million in new funds have been raised.
The German-based company says its C Series, Announce Tuesday (April 8) will help it fund further product innovation and fuel expansion efforts, especially in the United States
“Haoke enables banks to go beyond traditional rule-based approaches to anti-money laundering and fraud,” the company said in a press release. “Traditional systems create significant problems for compliance teams, including a large number of them.” False alarm This needs to be reviewed, which in turn leads to staffing challenges and costs. ”
The company added that criminals can also find ways to subvert the rules, thus ignoring illegal activities. Hawke says its artificial intelligence (AI) power tools can improve accuracy to discover more Financial Crimewhile reducing false alarms.
“Every financial institution that wants to reduce compliance efforts and improve the accuracy of risk detection should use AI to achieve these goals,” Hawke CEO said. Tobias Schweiger said in the press release.
“The results are compelling – in some cases we have been able to improve alert accuracy to almost 90%, while significantly reducing false positives. We have also discovered twice as many “novel” criminal activity as previously undetected.”
This round comes as banks call for stronger anti-money laundering (AML) and fraud protection. At a hearing before Congress last week, witnesses in the industry called for a “wide government” approach to combating payment and investment scams.
Darrin McLaughlinExecutive Vice President and Chief AML and Sanctions Officer Flagpole Bank,represent American Bankers Associationsaid that one in three American adults have experienced financial fraud in the past 12 months.
“Bad actors use cutting-edge technology. Social Media He told the House Financial Services Subcommittee on the House Financial Services Subcommittee for National Security, Illegal Finance and International Financial Institutions.
“We need a strategic approach” that includes banking, government and other stakeholders, and “regulatory reforms have kept us focused on real threats.”
Meanwhile, research on PYMNTS intelligence shows that in line with Schweiger's argument, most financial institutions (FIS) use technologies such as AI and machine learning (ML) to Discover and prevent fraud.
“Attitudes to protect accelerated payments from fraud,” A report on cooperation INGO Payment71% of FIS used AI and ML for fraud detection last year, up from 66% in 2023. PYMNTS writes that these tools can identify anomalies and patterns that may evade human analysts, allowing decision-making to be made faster.
