FICO Secures Four New Patents around Fraud Prevention, Analytics
Jan. 26, 2015
FICO, the San Jose, Calif.-based company that pioneered the consumer credit score, revealed last week it has secured four new patents related to fraud detection and predictive analytics. The company patented a technology for what it calls “fuzzy tagging,” that is, assigning a transaction a likelihood it is fraudulent on a continuous spectrum rather than a simple fraud/not fraud decision. FICO said the now-patented technology has been part of its FICO Falcon Platform for some time and reduces false positives.
Another patent, employed by its cyber-security solutions, is a system that monitors telecommunications networks “with real-time, streaming, self-calibrating analytic models.” A third covers technology that “analyzes large amounts of information in real time to categorize the information into clusters of semantic similarity without knowing the contents of the data or having a prior example of the data structure.” FICO said this particular technology would be valuable when it’s necessary to classify new data sets instantly.
“FICO has been pioneering new approaches to analytics and decision management for nearly 60 years,” said Dr. Andrew Jennings, chief analytics officer and head of FICO Labs. “These inventions demonstrate the outstanding work being done by our team of data scientists as they work with FICO clients to solve emerging problems.”