50+ algorithms scour multiple data sources to help defeat criminal rings
Exposes links between one suspicious person or activity, and others
FICO, a predictive analytics and decision management software company, has announced the general availability of Fico Identity Resolution Engine 3.6, a software solution that it said 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, the company said in a statement.
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.
The Identity Resolution Engine helps stop organised criminal rings by exposing links between one suspicious person or activity and others that have gone undetected.
With it, 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, Fico claimed.
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, it added.
“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 T.J.
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,” he added.
Fico Identity Resolution Engine is a software add-on to the Fico Falcon Fraud Platform and is used extensively with other fraud applications such as Fico Application Fraud Manager and Fico Insurance Fraud Manager, to improve fraud investigations and detection.
It is also fully integrated with Fico Blaze Advisor business rules management system, enabling businesses to implement custom rules or execute sophisticated models based on social network analysis quickly.
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