FICO Amplifies Financial Crime Protection with New Suite of Solutions
Chennai, India — April 19, 2018• FICO announced new versions of its industry-leading fraud solutions: FICO® Falcon® Platform, FICO® Card Compromise Manager, FICO Identity Resolution Engine, and FICO® Application Fraud Manager
· FICOalso released new AML Advanced Analytics to improve moneylaundering detection
· Morethan 1,000 business leaders from 50+ countries areattending FICO® World 2018 in Miami Beach
At its FICO® World 2018 conference inMiami Beach, analytics software firm FICO unveiled several solution upgradesthat will help banks, lenders, fintechs and other institutions fight financialcrime. These solutions bring unparalleled efficiency and machine learning capabilitiesto fraud, risk and compliance professionals.
More information: http://www.fico.com/enterprisefraud/
“We’re giving our customers new tools across thespectrum of our fraud and financial crime portfolio,” said TJ Horan,vice president of fraud solutions at FICO. “These releases, along with ourcontinued leadership in machine learning R&D, keep our solutions at thecutting edge of AI-based financial crime protection. In addition, our solutionsare supported by a rapidly growing team of advisors with deep industryexperience. This is why financial institutions around the world overwhelminglychoose FICO.”
FICO® Falcon® Platform, designedto adapt fraud defenses across all channels, with each transaction, willprovide third-party model support that allows users to deploy analyticmodels created by their own data science teams. This Falcon Platform 6.5release also includes new executive dashboards that make it easier for fraudteams to track detection performance across a variety of financial productswhile 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 moneylaundering. These analytic models use explainable AI techniques to efficientlydetect money laundering, reduce false positives and prioritize alerts thatrequire further investigation. The models complement rules-based AML systems toincrease efficiency, improve speed of detection, and reduce operational costsassociated with false positives.
FICO® Card Compromise Manager 2.0,leverages advanced analytics and data from the billions of payment cardsprotected by Falcon Platform customers worldwide to detect data breaches andpoints of card compromise. Available this summer in the cloud, Card CompromiseManager enables card issuers and processors to proactively monitor cards atrisk of fraud and execute risk management strategies within the Falcon Platformto minimize fraud losses while protecting consumers from harm.
FICO® Application Fraud Manager,which helps institutions detect and prevent fraudsters from opening accounts,includes new rule simulation capabilities that allow organizations to evaluatenew rules and policies against “what if?” scenarios. With this functionality,fraud managers can test new business rules to see if, working with machinelearning algorithms, they can detect a greater percentage of fraudulentapplications without slowing the approval process for legitimate customers, orincreasing the false-positive ratio.
FICO® Identity Resolution Engine5.0, which combines entity resolution and graph/networkanalytics that enable the proactive detection and investigation of organizedcrime, now provides continuously updated entity analytics and datavisualization tools. With these new capabilities, analysts can use real-timeanalytics to pinpoint organized fraud at an extremely granular level of detail.
“One of the biggest trends in the financial crimeindustry is the convergence of fraud and regulatory compliance operations,which includes AML and know-your-customer, or KYC, regulations,” Horan said.“FICO has more combined expertise and more powerful solutions in these two sectorsthan any other company. At FICO World, we also previewed the FICO FinancialCrimes Studio and FICO Falcon X, a new platform that will give institutions awhole new, integrated way to manage fraud protection and financial crimecompliance.We’re excited aboutthis game-changing platform — stay tuned for more.”
FICO® World2018 runs through April 19 in Miami Beach,Florida. More than 1,000 business leaders from 50+ countries are attending toexplore new ideas, technologies and solutions in AI, advancedanalytics and decision management.