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 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 organization, customers, events, and third-party actors. FICO Identity Resolution Engine helps stop organized criminal rings by exposing links between one suspicious person or activity and others that have gone undetected.
With FICO Identity Resolution Engine, organizations 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 organized 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