In financial services trust is everything. Consumers need to trust their money is secure. Regulators need to trust that banks are defending against financial crime. To build trust, everyone in the ecosystem must work together and prioritize safety. 

The problem is that the bad actors who erode this trust are continuously finding new ways to exploit the financial ecosystem to their benefit. Just last year alone, the volume of suspicious activity banks reported to the US Financial Crimes Enforcement Network, more commonly known as FinCEN, increased 6.8%.

For banks and companies offering banking products, the way they monitor transactions for illegal and unusual activity has to keep up. That is why Synctera has partnered with Hawk, a leader in machine learning-driven fraud detection and anti-money laundering (AML) solutions.

Hawk’s direct integration with the Synctera Platform provides Synctera’s customers and bank partners with everything they need to build an adaptive and effective program for fighting fraud and money laundering. Hawk’s technology monitors end-user transactions in real-time, across all channels, and triggers alerts when it detects suspicious activity.

Then, within the Synctera Console, risk and compliance teams can view the specific reason the transaction was flagged, conduct their investigation, and save all documentation for easy auditability. All in one centralized platform.

Additionally, with Synctera Insights users can create dashboards or reports to identify trends and maintain oversight over the entire fraud and AML process.  

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Machine Learning: A Smarter Way to Fight Financial Crime

AI is enhancing the accuracy and efficiency of how banks and FinTechs fight fraud and money laundering. Unlike rule-based fraud detection systems, systems that leverage AI can continuously adapt in real-time, identifying emerging fraud patterns faster than traditional methods.

With Hawk’s advanced machine learning capabilities, every transaction processed through the Synctera Platform feeds into and strengthens the system’s ability to detect suspicious activity.

Synctera’s broad range of customers, across multiple banks and geographies, provides Hawk’s technology with a diverse dataset to learn from. By observing fraud trends across the entire Synctera ecosystem, Hawk’s machine learning technology can rapidly identify new illegal behavior, reduce false positives, and stop fraudulent activity before it escalates.

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Fighting Fraud at Scale

Together, Synctera and Hawk provide complete data transparency and control over how sponsor banks, FinTechs, and companies launching embedded banking products fight fraud and money laundering. As Synctera continues to scale, the network effects created will lead to faster fraud detection, reduced fraud losses, and lower compliance operational burden for our customers and bank partners.

With Hawk, we’re excited to continue helping companies leverage best-in-class compliance technology from day one of their programs, enabling them to create a safe and secure financial ecosystem for their end-customers.