FICO Opens AI Portfolio to Fight Next-Generation Fraud and Financial Crime
- FICO® Falcon® X, announced today at the Finovate conference in
New York, delivers a unified environment for the detection and investigation of both fraud and financial crimes.
- FICO estimates an 80% overlap in software functionality between legacy fraud and anti-money laundering systems.
- Architected for the cloud, and available on Amazon Web Services, FICO Falcon X delivers the radical flexibility needed to counter real-time payment fraud schemes.
- New AML machine learning models and robotic process automation eliminate unnecessary alerts and make high priority investigations more efficient.
FICO® Falcon® X, announced today at the Finovate conference in
"The worldwide rollout of real-time payments — including person-to-person transfers and mobile payments — has given rise to criminal threats that thrive on the fact that these payments are often irrevocable," said
"Global regulators are encouraging financial institutions to evaluate new methods of detecting financial crimes," said TJ Horan, FICO's vice president of fraud and compliance products. "We're bringing to bear the orchestration of purpose-built machine learning models, contextual data, and expert workflows, giving fraud and compliance teams unprecedented flexibility. We blended the latest analytic technologies with FICO's payments and machine learning domain expertise to help banks strengthen their defenses, level the playing field, and quickly operationalize capabilities that not only satisfy regulatory requirements, but also detect the earliest indications of criminal intent."
FICO® Financial Crimes Studio
As part of the FICO® Falcon® X solution, FICO is also introducing the FICO® Financial Crimes Studio with InstantML, which shortens the time to develop and deploy real-time financial crime models through purpose-built and domain-specific FICO machine learning algorithms.
With InstantML, FICO is opening its proven portfolio of AI and machine learning techniques, which have been proven to perform at scale across thousands of financial institutions. For the first time, data scientists can use FICO's industry-leading financial crime machine learning algorithms in their own models. These models can be seamlessly deployed on Falcon X in order to identify the subtlest indications of illicit activity.
"Financial institutions and fintechs around the globe are heavily investing in machine-learning analytics to help balance risk mitigation with the customer experience," said
"The original Falcon solution changed the industry when it introduced AI to fraud detection 25 years ago," said Dr.
A Unified Platform for Fraud and Compliance
Today, fraud teams and financial compliance teams often use different solutions and analytics to detect and investigate suspicious activity. In a recent survey conducted by Ovum, the majority of banks across all regions surveyed said they have strategic plans to converge their fraud and financial crime operations. FICO® Falcon® X eliminates redundancy by supporting both functions, whether they are performed separately or in a unified fashion, with configurable workflows and a common case manager that includes robotic process automation for more efficient operations.
FICO Falcon X allows fraud executives, financial crimes investigators, in-house data scientists, product leaders, and digital experience teams to collaborate on strategies that support the goals and policies of the institution while eliminating inefficiency and latency from the innovation process. FICO Falcon X is now available to global financial institutions and other organizations that must comply with financial crime regulations. It includes pre-mapped data integration for retail baking payments, packaged rulesets, and sample workflows for rapid on-boarding as well as optional FICO-developed machine learning models for real-time payments fraud and anti-money laundering programs.
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