Temenos has joined forces with Microsoft to unveil a new financial fraud solution, allowing banks to protect their customers from financial crime during Covid-19.
The AI-powered Financial Crime Mitigation (FCM) SaaS solution is based on Microsoft’s Azure cloud platform. In addition, banks will have access to a 14-day trial for the solution, which is available until June 30.
Jean-Michel Hilsenkopf, Temenos COO, said: “We are proud to be able to offer our cloud-native and AI technology to support banks in the fight against financial crime, which has increased as a result of the pandemic.
“As a strategic global banking software partner of Microsoft, we are pleased to join efforts to deliver this solution. We are committed to providing robust and up-to-date sanction screening, AML, KYC and fraud management protection. We are combining this with powerful AI-driven transaction monitoring and sanction screening to help banks worldwide.”
Through the collaboration, Temenos is offering system access and online tutorials, enabling users to familiarise themselves with the solution.
Marianne Janik, Country General Manager, Microsoft Switzerland, said: “We have been pioneering with Temenos in the cloud for a decade. We are proud to join forces to help banks use the power of Temenos’ market-leading Financial Crime Mitigation solution based on our secure, scalable and resilient global Azure cloud platform to combat financial crime surge due to Covid-19.”
Rise in fraud
The announcement comes as Covid-19 is expected to accelerate financial crime due to market disruptions and reduced staff. As a result, fraudsters may take advantage and begin adapting their targeting methods.
Last month, the Crown Prosecution Service warned that financial crime could be at an all-time high due to the virus. The National Crime Agency also informed the public that scammers are using fear about the Covid-19 outbreak to hook victims.
Speaking to RBI, Adam Gable, Product Director, Financial Crime, Treasury & Risk, Temenos, discussed how Covid-19 is driving financial threats.
“The increase in the usage of electronic payments and of people accessing financial services via digital channels since the outbreak of Covid-19 has been unprecedented,” he said. “With limitations to public life, criminal activity has become less visible than before. This has resulted in a higher number of crimes taking place online with vulnerable people being particularly susceptible to exploitation.
“Criminals swiftly took advantage of the coronavirus outbreak and are abusing the heightened demand for information and supplies. Levels of cybercrime were already high but now we expect them to increase even further.”
Gable added: “Amid this challenging climate, banks must look to the latest technology to combat surging cybercrime and ensure their business resilience. After all, their ability to remain operational throughout this crisis not only safeguards their businesses and customers, but the economy by extension.”