FICO has launched several solution upgrades to help banks, lenders, FinTechs and other institutions fight financial crime.
These solutions claim to bring ‘unparalleled efficiency’ and machine learning capabilities to fraud, risk and compliance professionals.
“We’re giving our customers new tools across the spectrum of our fraud and financial crime portfolio,” said TJ Horan, vice president of fraud solutions at FICO. “These releases, along with our continued leadership in machine learning R&D, keep our solutions at the cutting edge of AI-based financial crime protection. In addition, our solutions are supported by a rapidly growing team of advisors with deep industry experience. This is why financial institutions around the world overwhelmingly choose FICO.”
FICO Falcon Platform, which is designed to adapt fraud defenses across all channels, with each transaction, will provide third-party model support that allows users to deploy analytic models created by their own data science teams.
The update also includes new executive dashboards to help fraud teams to track detection performance across a variety of financial products while monitoring evolving fraud vectors and distribution trends.
Anti-Money Laundering (AML) Advanced Analytics, designed to work with the FICO TONBELLER Siron platform, leverages supervised and unsupervised machine learning to combat money laundering.
These analytic models use explainable AI techniques to efficiently detect money laundering, reduce false positives and prioritize alerts that require further investigation. The models complement rules-based AML systems to increase efficiency, improve speed of detection, and reduce operational costs associated with false positives.
The FICO Card Compromise Manager 2.0, leverages advanced analytics and data from the billions of payment cards protected by Falcon Platform customers worldwide to detect data breaches and points of card compromise. It will be available this summer in the cloud to enable card issuers and processors to monitor cards at risk of fraud and execute risk management strategies within the Falcon Platform to minimize fraud losses.
Fico’s Fraud Manager, which helps institutions detect and prevent fraudsters from opening accounts, includes new rule simulation capabilities that allow organizations to evaluate new rules and policies against “what if?” scenarios. FICO Identity Resolution Engine 5.0, which combines entity resolution and graph/network analytics that enable the proactive detection and investigation of organized crime, will now provide continuously updated entity analytics and data visualization tools.
Earlier this year, LHV, the largest domestic financial group in Estonia, said it will use FICO’s compliance solution to combat money laundering. The FICO TONBELLER Siron Anti Financial Crimes Solutions helps it fight money laundering and comply with a host of European financial regulations.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
