Silicon Valley analytic software firm FICO has been awarded seven new patents related to fraud, artificial intelligence (AI) and advanced analytics. In total, FICO currently holds 188 US and foreign patents, and has 89 pending patent applications.
“FICO focuses on helping organisations get the most business value from analytics, to optimise their business processes and drive real-time actions,” said Dr. Stuart Wells, FICO’s chief product and technology officer. “These patents are breakthroughs that are driving innovations in areas such as fraud detection, marketing, Big Data and more.”
Three of the patents awarded are innovations in the FICO® Falcon® Platform, which uses machine learning to detect transactional fraud by providing deep behavioural analytic insight into transaction activity. The Falcon Platform is the world’s most intelligent payment fraud detection solution, protecting more than 2.6 billion cards worldwide. These patents are:
Card Fraud Detection Utilising Real-Time Identification of Merchant Test Sites – detects the testing of compromised cards using real-time merchant profiles and the implementation of specialised scoring models for enhanced fraud detection.
Fraud Detection Based on Efficient Frequent-Behaviour Sorted Lists – Reduces fraud false positives by obtaining recurrence information in an entities transaction data to identify patterns of legitimate usage and detect transaction activity that is likely fraudulent.
Multiple Funding Account Payment Instrument Analytics – A Japanese patent that quantifies the risk of abnormal activity across one or more funding accounts associated with a common payment instrument.
Other patents awarded to FICO include:
Data-Driven Product Grouping – Used by FICO’s marketing solutions, this technology generates groupings of products associated with purpose-built predictive models. Groupings of multiple products can be used to predict a likelihood of an entity to purchase a particular product in a future time period.
Automatic Modelling Farmer – Enables streamlined modelling processes to enable quick development of large-scale models using Big Data.
Systems and Methods to Improve Decision Management Project Testing – Integrated into FICO® Origination Manager, this technology enables visualisation of the status of a software module.