50+ algorithms scour multiple data sources to help defeat criminal rings that perpetrate money laundering, insider fraud and other crimes
FICO (NYSE:FICO), a leading predictive analytics and decision management software company announced the general availability of FICO® Identity Resolution Engine 3.6, a powerful software solution that improves personal identification to detect criminal fraud rings and other forms of crime. The new version combines entity resolution with social network analytics to help banks, insurance companies and government agencies uncover criminal rings, expose money laundering schemes, detect insider fraud, enhance screening processes, uncover terrorist networks and investigate crime.
FICO Identity Resolution Engine 3.6 builds on technology FICO acquired when it purchased Infoglide in April 2013. This advanced identity resolution and social network analysis software enables users to understand the relationships between their organisation, customers, events, and third-party actors. FICO Identity Resolution Engine helps stop organised criminal rings by exposing links between one suspicious person or activity and others that have gone undetected.
With FICO Identity Resolution Engine, organisations can perform real-time searches across their enterprise’s disparate data to find, match, and link similar entities and uncover hidden relationship between people, places and things. More than 50 proprietary identity resolution algorithms provide superior match rates. Thanks to a library of prebuilt network analytics, businesses of all sizes can get started faster.
“This technology has obvious value in areas like insurance claims and banking fraud, where a pattern that crosses multiple claims can help you uncover abuse or expose fraud rings,” said TJ Horan, who oversees FICO’s fraud management solutions. “FICO clients use this technology to detect identity theft, manage healthcare waste and abuse and stop fraud at the source. But it’s also valuable in a host of other applications where it’s critical to be able to quickly spot a pattern that indicates organised criminal activity.”
FICO Identity Resolution Engine is a popular software add-on to the FICO® Falcon® Fraud Platform and is used extensively with other fraud applications from FICO, such as FICO® Application Fraud Manager and FICO® Insurance Fraud Manager, to improve fraud investigations and detection. In work for a major US insurer, the addition of social network analysis identified 15-20 percent more fraudulent claims than were detected using predictive analytics alone.
FICO Identity Resolution Engine is also fully integrated with FICO® Blase Advisor® business rules management system, enabling businesses to implement custom rules or execute sophisticated models based on social network analysis quickly. Federated data search capabilities allow users to search internal and/or external third-party data sources without needing to build a data warehouse migrate data to a common repository or cleanse and normalize data. The software has a new, flexible user interface that can be customized to meet specific needs.
About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behaviour has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™.
