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Temenos launches AI-based capability to protect banks from fraud

Tom Belger | 14:15 Thursday 17th May 2018

Temenos has expanded its financial crime mitigation product to include an AI-based suspicious activity prevention solution protecting banks and their customers from fraud.

The banking software company said that demand for financial compliance and the increasing levels of financial crime were putting huge pressure on banks.

The new suspicious activity prevention capability further enhances Temenos' financial crime mitigation (FCM) product, which includes surveillance and analytical capabilities, sanctions screening, anti-money laundering, enhanced due diligence (KYC) and now fraud.

The new module uses a combination of AI-based, self-learning algorithms and expert business rules to block suspicious transactions based on real-time behavioural analysis, allowing clients to identify and trap fraudulent and money-laundering transactions as they occur.

It also builds customer profiles to spot and stop suspicious transactions that deviate from normal and expected behaviour.

“We are proud to be helping over 100 clients globally to tackle their financial crime, compliance and screening needs,” said Adam Gable, product director for financial crime mitigation, treasury and risk at Temenos.

“Our financial crime mitigation product is a complete solution offering banks an unparalleled line of defence across all channels allowing them to not only avoid regulatory fines, detect fraud and mitigate reputations risks, but also give our clients the confidence to bring new and innovative products to market through multiple channels.”

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