FICO, a provider of compliance and counter criminal solutions, has received five new patents for fraud, AI and advanced analytics.
Including these new patents, the company now holds 192 US and foreign patents, with a further 93 pending applications.
Two of the patents received were for the company’s analytic technology which is used in its FICO Falcon platform for fraud management.
“Detection of Compromise of Merchants, ATMS, And Networks” is the generation of compromise profiles for financial accounts which is based on reported fraud data of a payment account and merchant device. This method helps to accelerate the detection of fraud.
The “Card Fraud Detection Utilizing Real-Time Identification Of Merchant Test Sites” will protect its system and method for detecting when malicious players test compromised cards. This is achieved through real-time merchant profiles and specialised scoring models.
FICO’s other three new patents were in relation to analytics and decision management.
“Efficiently Representing Complex Score Models” is a patent for the company’s ability to transform predictive models into a software program for deployment in a rules engine. This empowers companies to resolve operationalising analytics.
Its “Automatic Modeling Farmer” patent will cover the AI system which automatically develops and evaluates a large number of possible predictive models to produce optimal models. This allows FICO to quickly develop large-scale models and identify candidate data sources.
The final new patent is “Systems and Methods to Improve Decision Management Project Testing”, which covers a solution which visualises the validation status of components of an executable decision management project.
FICO chief product and technology officer Stuart Wells said, “This is an exciting time for analytics and decision management, and FICO’s inventions are propelling change in this field. Our data scientists continue to be at the forefront of the AI revolution and the progress in intelligent decision automation.”
Last year, FICO integrated its AML and CTF compliance solutions with the International Bank of Azerbaijan.
Copyright © 2018 RegTech Analyst
