FICO to address new forms of fraud and financial crime with Falcon X

Monday 23 September 2019 10:44 CET | News

FICO has announced the FICO Falcon X solution, delivering AI and machine learning technology aimed at preventing new forms of fraud and financial crime.

Running on Amazon Web Services (AWS), FICO Falcon X streamlines both fraud detection and AML processes. FICO Falcon X is now available to global financial institutions and other organisations 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 AML programs.

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. The FICO Financial Crimes Studio also allows data scientists to build models based on their banks’ unique customer portfolio using open source machine learning libraries such as R, Python, and H2O. Explainable AI tools in the Financial Crimes Studio aid model governance by providing visibility into model behaviours.

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Keywords: FICO, fraud prevention, financial crime, AML, machine learning
Countries: World