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FICO® Identity Resolution Engine (IRE) is and entity resolution and graph analytics platform that adds a critical dimension to the fight against fraud. IRE’s enables organizations to resolve identities and find relationships by linking across disparate internal and external data sources. IRE’s graph analytics capability enables predictive outcomes by examining characteristics between people, places, documents and events.
IRE is utilized in numerous industries across the public and private sectors to target the detection of organized fraud rings committing financial crimes through bust-out fraud, fraudulent health claims, and other nearly undetectable methods.
Uncover up to 50% more fraud
With advanced proactive graph analytics technology, FICO® Identity Resolution Engine can identify suspicious individuals in application processing, as well as active fraud rings before they rupture and result in considerable damage. When used in conjunction with FICO predictive analytic solutions, Identity Resolution Engine can uncover and stop up to 50% more fraud than rules-based systems.
Increase investigator efficiency
Through Identity Resolution Engine’s visual link analytics tool, investigators can quickly discover and visualize relationships of persons of interest. For example, when a FICO client used IRE, they found 33% more claims in a fraud ring just in the first 200 claims reviewed.
Improve collection efforts
Billions of dollars of fraud perpetrated by bust-out fraud rings is mis-classified as credit losses; consequently, collectors are often chasing money they will never be able to recover. Identity Resolution Engine helps collection departments to intelligently reduce resource waste and recover legitimate debt.
At the core of IRE is a sophisticated matching and entity resolution engine capable of accessing and organizing disparate internal and external data to formulate human centric objects and relationships. On top of the resolved entity stores, IRE provides three integrated business applications.
Adaptive Data Ingestion: Patented and proven entity mapping and profiling software enable analysis on valuable data in almost any format.
Superior Entity Resolution: IRE uses proprietary analytic algorithms to automatically deliver matching and relationship intelligence with a high degree of precision and throughput.
Federated Data Search: Examine multiple data sources, piecing together relevant bits into the bigger picture while complying with privacy regulations and requirements.
Cognitive Graph-based Intelligence: IRE leverages a combination of entity based, relationship based and predictive analytics to continuously adapt to the changing patterns of fraudsters.
User Driven Analytics: IRE provides sophisticated query tools, a full featured visual link chart, and integrated visual analytics.
Effectively detects bust-out fraud by exposing fraud rings’ biggest vulnerability: shared identity information.
Helps analysts to search across all of their databases for persons and businesses of interest essential to investigations to ensure compliance in Anti-money laundering (AML), Security and Vendor compliance, and US Patriot Act Section 314(a) compliance.
Detect collusive claims fraud for health, property and casualty, and automotive insurers. FICO® IRE can connect fraud rings across siloed data by detecting and linking shared identity information, to reveal individual fraudsters and their links to each other.
Proactively identify relationships, links, interactions and hidden patterns of information sharing within potentially fraudulent clusters, including: shared patient, provider and inappropriate relationships; and links between recipients, businesses, assets and relatives and associates.
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