The two companies will provide artificial intelligence (AI) and machine learning (ML) products that monitor, detect and report fraudulent or suspicious activity in real-time.

The announcement comes shortly after Salv and Veriff launched a collaboration to strengthen the fight against financial crime.

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Allison Maddock, chief product officer of CSI, welcomed the new partnership with Hawk AI.

“The proliferation of digital technologies—not just in financial services but across categories like e-commerce and digital currencies—has created more opportunities for bad actors to launder money and more risk for businesses to lose it”, Maddock stated.

“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”, she added.

Impact of fraud worldwide

In the US, the Federal Trade Commission (FTC) reported 2.4 million fraud cases in 2022, accounting for $8.8bn in losses. That shows an increase of over $2bn in losses from $6.1bn registered in 2021. 

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Sam Murrant, lead analyst for Payments at GlobalData, said in a GlobalData webinar that 39% of fraud reported in 2022 was social-engineering based.

Overall, fraud losses reached 0.04% of global card payment value in 2022, according to GlobalData’s “Trends in Payment Fraud” report, published on 16 February.

CSI is a provider of end-to-end fintech and regtech services. The fintech’s 2023 Banking Priorities Executive Report identified peer-to-peer fraud as a top cybersecurity concern for banking executives in 2023.

“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”, Schweiger continued.