Swiss banking software company Temenos has rolled out an AI-based suspicious activity prevention solution that helps protect banks and their customers from fraud.

Dubbed Temenos Financial Crime Mitigation (FCM), the new product provides banks with the lowest levels of false positives rate of around 2.5% compared to industry rates of nearly 5% to 7%.

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Temenos stated that the new technology also reduces total cost of ownership (TCO) by approximately 50%.

The new fraud mitigation solution uses modern filtering techniques and advanced analytic capabilities to reduce banks’ manual processes and meet their clients’ expectations of speedy digital banking services.

Using a mixture of AI-based, self-learning algorithms and expert business rules, the new module obstructs doubtful transactions based on real-time behavioural analysis, thereby enabling clients to recognise and trap fraudulent and money laundering transactions as they occur.

Additionally, the new Suspicious Activity Prevention capability further improves the Temenos Financial Crime Mitigation product which includes analytical capabilities and surveillance, anti-money laundering, sanctions screening, enhanced due diligence (KYC) and now fraud.

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The new solution uniquely builds customer profiles to detect and stop suspicious transactions that deviate from normal and expected behaviour, the technology company claims.

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

“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.