Bundesbank Strengthens Fraud Prevention with Hawk Technology

Deutsche Bundesbank has selected Hawk, the leading provider of AI-powered financial crime detection technology, as a service provider for fraud detection and sanctions screening. The goal is to expand the existing portfolio of monitoring applications with additional protection and control mechanisms.  

The contract was awarded as part of a tender process. With Hawk's platform, Bundesbank will be able to expand its fraud detection and sanctions screening capabilities through Hawk's modular software. This software supports the prevention of fraud in cashless payments, sanctions violations, and terrorist financing.  

As a first step, the implementation of fraud detection will effectively protect against "other criminal acts." At a later date, the use will be extended to other functions, including sanctions screening, terrorist financing monitoring, as well as Application Management Services (AMS), System Integration Services (SIS), and Know Your Customer (KYC), which are procedures for verifying the identity of customers.