FICO Awarded 13 New Patents for Responsible AI, Fraud and Decision Management
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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