SAN JOSE, Calif., June 29, 2020 /PRNewswire/ -- Silicon Valley
analytic software firm FICO has been awarded 13 new patents related
to fraud, artificial intelligence (AI) and decision
management. In total, FICO currently holds 198 US and foreign
patents and 103 pending patent applications.
Five of the patents are for ground-breaking analytic technology
used by FICO's industry-leading FICO® Falcon® Platform for
fraud management:
- Cloud Process for Rapid Data Investigation and Data
Integrity Analysis, a patent now granted in France, Germany and the UK, relates to the FICO®
Falcon® Intelligence Network and FICO® Falcon® Platform
CloudEdition. Superior fraud detection is achieved by analyzing an
abundance of transactional data in order to effectively understand
behavior and assess risk, at an individual level. This new patent
helps improve the speed and quality of the data being
analyzed.
- Real Time Autonomous Archetype Outlier Analytics covers
a method and system for identifying subsets of transactions. This
new patent identifies transactions that generate anomalies in
behavioral archetypes and alerting in a score. This innovation is
utilized in FICO financial crime models to detect fraud and money
laundering with pinpoint accuracy. FICO® Siron® AML and FICO®
Falcon® Platform use these models.
- False Positive Reduction in Abnormality Detection System
Models. This invention achieves false positive reduction in
transactions with recurrences in a consumer's previous transaction
history. This innovation further identifies non-fraud transactions
that occur during a fraud episode, thereby improving the customer
experience. This is an important part of our approach to improve
in-stream analytics with the FICO® Falcon® Platform.
- Auto Adaptive Anomaly Detection System for Streams
identifies click fraud in connection with Internet search engine
advertising.
- Adaptive Fraud Detection relates to a real-time adaptive
system for fraud detection implementing automatic binning, feature
selection, adaptive statistical models, and score blending. The
adaptive technology overlays core machine learning technology to
adjust to near-term fraud and non-fraud activity occurring between
model retrains. This technology is a critical component of machine
learning models within the FICO® Falcon® Platform.
FICO inventors also received patents related to analytics and
decision management:
- Cloud-Based Decision Management Platform covers a
cloud-based platform for providing analytic decision services. This
innovation is core to the FICO® Decision Management Platform and
FICO® Analytic Cloud offerings.
- Efficient Storage and Retrieval of XML Data relates to a
computing server that can efficiently store data of an Extensible
Markup Language (XML) document in a data store, and retrieve, when
required, the stored data from the data store within a constant
amount of time, independent of the number of XML documents in the
data store. This technology is used in FICO® Origination
Manager.
- Dynamic Business Rule Creation Using Scored Segments
relates to a method of extracting sentiment and opinion from data
streams for use in decision strategies.
- Building Resilient Models to Address Dynamic Customer Data
Use Rights relates to building analytic models and utilizing
those models in production while addressing dynamic customer data
use rights. The innovation can also address other scenarios that
necessitate withdrawal of data that had been used to build an
existing model.
- System and Method for Round Trip Engineering of Decision
Metaphors relates to a testing framework associated with a
decision engine to profile decision metaphors such as decision
tables, decision trees, scorecards and, based on the profile,
automatically generate test data to test these metaphors. With the
new patent, the testing framework automates the generation of test
data for complex decision service projects. This technology is used
in FICO® Origination Manager.
- Method and Apparatus for Reconciliation of Multiple Sets of
Data reconciles records from many data sources to identify
discrepancies. It can be helpful in a variety of industries for
uses such as revenue assurance, where it can identify discrepancies
that would lead to revenue leakage or over-billing of a
service.
"We are innovators pushing the envelope of analytics," said
Scott Zoldi, chief analytics
officer, FICO. "Being at the forefront of AI and
intelligent decision automation is not only the key to our success
but that of our customers."
"Our products and services make the day-to-day working lives and
decision making in global banks, airlines, telecoms and energy
providers simpler, easier and more profitable," added
Nikhil Behl, chief marketing
officer at FICO.
About FICO
FICO (NYSE: FICO) powers decisions that
help people and businesses around the world prosper. Founded in
1956 and based in Silicon Valley, the company is a pioneer in the
use of predictive analytics and data science to improve operational
decisions. FICO holds more than 195 US and foreign patents on
technologies that increase profitability, customer satisfaction and
growth for businesses in financial services, telecommunications,
health care, retail and many other industries. Using FICO
solutions, businesses in more than 100 countries do everything from
protecting 2.6 billion payment cards from fraud, to helping people
get credit, to ensuring that millions of airplanes and rental cars
are in the right place at the right time.
Learn more at https://www.fico.com
FICO, Falcon and Siron are trademarks or registered trademarks
of Fair Isaac Corporation in the U.S. and other countries.
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SOURCE FICO