Anti-fraud RegTech platform HAWK:AI has teamed up with Aux to boost the fight against fraud within credit unions.
Their partnership will provide credit unions with easy access to HAWK:AI’s suite of advanced financial fraud and AML solutions. Its platform combines advanced technologies such as machine learning and AI with regular rules-based fraud detection capabilities.
Speaking on the partnership, HAWK:AI CEO and co-founder Tobias Schweiger said, “In an environment where fraud is on the rise and becoming increasingly more sophisticated, relying only on rules-based systems is costing Credit Unions billions of dollars in undetected fraud and ineffective team resources.
“Since fraud and money-laundering are increasingly converging, managing both together in one interface and in real-time has become crucial to win the fight against modern financial crime.”
Founded in 1992, Aux is a credit union service organisation that serves over 200 credit unions across the US. It offers a selection of back-office services, including accounting, compliance, and data analytics. Aux is a leader in credit union innovation, cooperation, and research.
Aux VP of compliance services Gaye DeCesare said, “We have reviewed the HAWK:AI solution and find it to be easier to use and more cost effective than other legacy products on the market today. HAWK:AI’s solution is cloud-based, making it more efficient and secure and it comes with a full suite of AML core modules that are regularly being enhanced with new features and functionality.”
HAWK:AI recently named Steve Liu as a general manager for the US. Liu is responsible for driving growth in the US and the Americas, which is a key market for growth.
The RegTech company has made a number of partnerships this year. It recently teamed up with payment orchestration platform IXOPAY. As part of the deal, HAWK:AI will provide its fraud prevention technology to IXOPAY.
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