FICO : New patents in fraud detection and advanced analytics
FICO : New patents in fraud detection and advanced analytics : FICO has been awarded four new patents related to fraud detection and advanced analytics, making the patents total it holds to 170 US and foreign patents. FICO also has 93 pending patent applications. The new patents are on Network Assurance Analytic System, Fuzzy Tagging, Product Space Browser and Real-time determination of data stream semantics.
FICO is a leading analytics software company, which uses the Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs.
Network Assurance Analytic System: Members of FICO's fraud analytics team patented a network assurance analytic system that monitors telecommunications networks with real-time, streaming, self-calibrating analytic models. FICO uses this technology to determine abnormality in network traffic, and the invention is also incorporated in the company's work in cyber security.
Fuzzy Tagging: FICO also patented a technology for "fuzzy tagging," which involves a method for tagging a transaction for fraud risk. Rather than tagging each transaction as a binary fraud or non fraud, the technology uses a spectrum of continuous values to tag transactions, effectively weighting them by their correspondence with fraud across the entire FICO Fraud Consortium. This technique is used in the FICO Falcon Platform as well as in custom modeling projects to help improve fraud detection, reduce false positives and improve the customer experience. FICO Falcon Fraud Manager provides core analytic processing power to handle an organization’s transactional fraud detection needs such as debt, credit, deposit, ePayments and mobile. It can be used to process events, develop strategies to detect fraud and create cases, and execute associated decisioning across an institution’s products, channels and customers.
Product Space Browser: FICO also patented a "product space browser," which is a graphical user interface that helps retailers discover the relationships between a customer's purchases and their needs. The invention allows retailers to turn masses of purchase transaction data into visual maps that show product affinities and purchase patterns by customer and across customers. This facilitates the discovery of new insights, even for retailers with millions of customers and hundreds of thousands of products. The technology is one of the innovations that led to FICO Analytic Offer Manager, FICO's groundbreaking solution for highly personalized marketing.
Real-time determination of data stream semantics : This innovation analyzes large amounts of information in real time to categorize the information into clusters of semantic similarity without knowing the contents of the data or having a prior example of the data structure. This invention can be useful in many applications where new datasets are received that must be classified instantly.
"FICO has been pioneering new approaches to analytics and decision management for nearly 60 years," said Dr. Andrew Jennings, chief analytics officer and head of FICO Labs. "These inventions demonstrate the outstanding work being done by our team of data scientists as they work with FICO clients to solve emerging problems."