At its FICO World 2018 conference in Miami Beach, analytics software firm FICO unveiled several solution upgrades that will help banks, lenders, fintechs and other institutions fight financial crime. These solutions bring unparalleled efficiency and machine learning capabilities to fraud, risk and compliance professionals.

More information: http://www.fico.com/enterprisefraud/

“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, 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. This Falcon Platform 6.5 release also includes new executive dashboards that make it easier for 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 prioritise 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.

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. Available this summer in the cloud, Card Compromise Manager enables card issuers and processors to proactively monitor cards at risk of fraud and execute risk management strategies within the Falcon Platform to minimise 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 organisations to evaluate new rules and policies against “what if?” scenarios. With this functionality, fraud managers can test new business rules to see if, working with machine learning algorithms, they can detect a greater percentage of fraudulent applications without slowing the approval process for legitimate customers, or increasing the false-positive ratio.

FICO^® Identity Resolution Engine 5.0, which combines entity resolution and graph/network analytics that enable the proactive detection and investigation of organised crime, now provides continuously updated entity analytics and data visualisation tools. With these new capabilities, analysts can use real-time analytics to pinpoint organised fraud at an extremely granular level of detail.

“One of the biggest trends in the financial crime industry 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 sectors than any other company. At FICO World, we also previewed the FICO Financial Crimes Studio and FICO Falcon X, a new platform that will give institutions a whole new, integrated way to manage fraud protection and financial crime compliance. We’re excited about this game-changing platform — stay tuned for more.”

FICO^® World 2018 runs through April 19 in Miami Beach, Florida. More than 1,000 business leaders from 50+ countries are attending to explore new ideas, technologies and solutions in AI, advanced analytics and decision management.