Silicon Valley analytic software firm FICO has been awarded five new patents related to fraud, artificial intelligence (AI) and advanced analytics. In total, FICO currently holds 192 US and foreign patents, and 93 pending patent applications.
Two of the patents are for groundbreaking analytic technology used by FICO’s industry-leading FICO® Falcon® Platform for fraud management: “Detection of Compromise of Merchants, ATMs, And Networks” relates to the generation of compromise profiles for financial accounts based on reported fraud data of a payment account and merchant device. These compromise profiles accelerate detection of fraud.
“Card Fraud Detection Utilising Real-Time Identification Of Merchant Test Sites” covers a system and method for detecting when criminals are “testing” compromised cards, by using real-time merchant profiles and specialised scoring models.
FICO inventors also received three patents related to analytics and decision management:
“Efficiently Representing Complex Score Models” transforms predictive models into a software program for deployment in a rules engine, helping IT departments solve the problem of operationalising analytics. This technology is integrated in FICO® Blaze Advisor® decision rules management system, part of the FICO® Decision Management Suite.
“Automatic Modeling Farmer” covers an AI system that automatically develops and evaluates a large number of possible predictive models in order to produce optimal models. This is a streamlined modelling process to enable quick development of large-scale models using Big Data, and is used by FICO data scientists to identify candidate data sources with the most predictive promise.
“Systems and Methods to Improve Decision Management Project Testing” is an invention that visualises the validation status of components of an executable decision management project, which improves project testing. This technology is integrated in FICO® Origination Manager.
“This is an exciting time for analytics and decision management, and FICO’s inventions are propelling change in this field,” said Dr. Stuart Wells, FICO’s chief product and technology officer. “Our data scientists continue to be at the forefront of the AI revolution and the progress in intelligent decision automation.”