Hawk Helps Vodafone Fiji Fight Financial Crime
Hawk is working closely with Vodafone Fiji, enabling the mobile services provider to enhance its ability to detect money laundering, comply with regulations and prevent financial crime. Vodafone Fiji has integrated Hawk’s AI-powered anti-money laundering technology into its M-PAiSA platform, which in turn has improved Vodafone Fiji’s risk management process.
AI as a tool to combat financial crime
Hawk’s platform was chosen to support a range of critical functions for Vodafone Fiji, including transaction monitoring, payment screening, customer due diligence, risk profiling and advanced fraud prevention.
The all-in-one model provided by Hawk offers numerous benefits in operational efficiency, as well as improving the quality and speed of investigations. One of the key advantages of Hawk’s technology is its ability to reduce false positive alerts. This ensures that Vodafone Fiji’s compliance team can focus on genuinely suspicious cases, instead of spending valuable time on investigating false alarms.
Hawk’s platform is distinguished by its use of explainable AI, which brings a new level of accuracy, transparency, and efficiency to anti-money laundering, fraud prevention and risk management. The partnership has ultimately transformed Vodafone Fiji’s approach to financial crime prevention from reactive to proactive, with the Hawk solution providing a reason for each flagged alert, streamlining the investigation process for compliance teams.
Hawk technology has also allowed Vodafone Fiji to meet key requirements set by the Reserve Bank of Fiji regarding financial crime prevention. Such a strong collaboration between Hawk and Vodafone Fiji represents a significant step forward in the fight against local financial crime, demonstrating a commitment to providing safe and secure digital financial services to customers alongside building confidence with regulatory authorities.
As Vodafone Fiji continues to expand its fintech offerings and drive digital transformation in the region, its partnership with Hawk will continue to play a crucial role in safeguarding customers and contributing to the economic development of Fiji and the broader Pacific area.
Hawk’s stellar growth has continued in 2024. Founded in 2018 by finance industry veterans, the company has rapidly scaled globally and currently monitors or screens billions of transactions worldwide. The company’s explainable AI approach has proven to be a game-changer in the industry, enabling financial institutions to drastically reduce false positive rates compared to traditional AML/CFT solutions, while also detecting more unseen and novel crime. Hawk’s modular solution can either enhance or replace traditional rules-based systems with AI-powered transaction monitoring, payment screening, perpetual KYC, and fraud prevention in real-time to deliver greater accuracy and reduced noise.
This article appeared in FinTech Magazine (November 2024).