UBS Card Center’s fraud team used the latest artificial intelligence and machine learning capabilities in the FICO® Falcon® Platform to stop 84 percent more fraudulent transactions last year than in 2015.
Hope you had a relaxing Easter weekend with family and friends! In between coloring eggs, if you picked up a paper or scrolled through a news site, you probably would have seen the news that $130 million cash was found at the house of the ousted president of Sudan and how the US government foiled a money laundering operation by drug traffickers using bitcoins. Money never sleeps, as they say. Not even for Easter and such events are on the rise and a cause of constant worry for compliance officers all around the world. AI AML Models: Solving a Big Problem So, here’s the key problem. Regulatory bodies around the world have pegged global money laundering at $2 trillion. What’s worse, they estimate that less than 1% is ever caught. So to try and combat this regulators have raised the penalties for institutions found to have facilitated money laundering whether... [Read More]
Chartis Research has named FICO a category leader in the AI in Financial Services, 2019; Market and Vendor Landscape. FICO was named a category leader in both AI analytics and packaged AI applications.
“I’m Scott Zoldi and I’ve authored 95 patents on AI, machine learning and various analytic techniques. I’m Chief Analytics Officer of FICO. Ask me Anything.*
As one of the first companies to use the FICO Falcon Platform's machine-learning adaptive analytics capability, EnterCard is able to rapidly respond to shifts in fraud patterns.
FICO Scores R&D has empirically investigated potential benefits and risks associated with using some of the latest AI and machine learning approaches for credit scoring.
Banking AI – APAC Survey We recently surveyed 33 chief risk officers from across Asia Pacific at our CRO Forum regarding the operationalizing of banking AI. We found that 91 percent of banks in Asia Pacific (APAC) felt they lagged behind banks in the US and Europe when it came to implementation of AI in their operations. The remaining 9 percent indicated that they were at least on par with US and Europe counterparts, while not a single respondent felt they were ahead. When asked about the biggest challenge in adopting AI and machine learning into existing bank operations, 42 percent indicated that it was the lack of available talent. The use of legacy systems (28 percent) came in second, followed by cost (16 percent). Banking AI – Operationalizing AI “The shortage of talent continues to be an issue worldwide as the use of AI continues to grow quickly,” said... [Read More]
Neural networks are a powerful form of machine learning, but their black box nature often defies explainability. We have found a solution to this problem.
As advanced analytics permeated nearly every industry in 2018, FICO’s thought leaders continued to push it into new areas. Here were the top 5 posts in the Analytics & Optimization category last year.
The tremendous interest in AI and machine learning drove the readership on the Fraud & Security blog in 2018. Here are the five posts with the most views.