Analytics & Optimization Better Business Outcomes with Prescriptive Analytics and Machine Learning

analytics in cloud

Yesterday I had the pleasure of speaking at the Chief Data & Analytics Officer (CDAO) Winter event in Miami. If you’ve ever been to CDAO, you know it is quite a gathering of some of the smartest minds in analytics. Everyone I met had great stories to tell about the innovative work being done with analytics, artificial intelligence (AI) and machine learning (ML).  My keynote was focused on using AI, ML and prescriptive analytics to improve business impact and drive optimal outcomes. In partnering with FICO clients, I have found that combining ML with prescriptive analytics solutions delivers the best results when the strategic business outcomes are at the center and are the foundation that influences execution moving forward.  Defining a business outcome seems simple enough, but the more prescriptive you can be about what you want to achieve, the more positive impact the solution will have on the business.... [Read More]

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Fraud & Security APAC Banks Say Fraudulent Synthetic Identities on the Rise

APAC Banks Say Use of Fraudulent Synthetic Identities on the Rise

Synthetic identities fraud is where new identities are made by blending elements from multiple individuals, making the uncovering of fraudulent transactions more complicated. Scammers take these new identities and apply for accounts to build validity for these new personas. Products such as pre-paid credit cards, utility bills and personal loans have all been used as a starting point to build credibility and credit-worthiness in a process that can take the criminal many months, sometimes years. At our recent annual FICO Asia Pacific Fraud Forum held in Bangkok, Thailand in October 2017, we surveyed 37 executives from financial institutions across the region.  Six in ten banks in Asia Pacific said that they are experiencing application fraud using synthetic identities and a further one in five banks told us that their fraudulent applications for credit cards now sits between five to 10 percent of all applications. Clearly, identity fraud was a growing problem... [Read More]

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