FICO (NYSE: FICO) said it has been awarded 25 new patents, bringing its patent portfolio to 167 US and foreign patents.
These patents were awarded to team members of FICO Labs for inventions underlying the company´s solutions in fraud protection, cybersecurity, predictive analytics and decision management.
Ten of the latest patents cover analytic innovations used by FICO´s industry-leading fraud solutions across the financial, healthcare and telecommunications industries. These technologies, many of which are used in the FICO Falcon Platform, help improve fraud detection, reduce false positives and improve the customer experience.
FICO´s fraud team patented a real-time score related to probability that a computer used in an online commercial transaction is associated with past online transactions for that client, utilizing network behaviors between a webserver and a client computer.
FICO also received a patent for a consumer-driven secure sockets layer (SSL) modulator. This is a software system and method for executing secure commercial transactions online by enabling unique receipt message encryption to thwart “man-in-the-middle” attacks.
Another patented system automatically creates variables for so-called adaptive models in real-time and in the production environment, which improves fraud models´ ability to detect fraudulent transactions more effectively in uncertain conditions.
An invention for maintaining a pre-defined fixed score distribution enables improved fraud detection. FICO Falcon Fraud Manager uses this technology to adjust score distributions impacted by changes in fraud rates/patterns, spending patterns and macro-economic changes in card usage, and holiday pattern score shifts.
Two inventions improve fraud detection in health care. FICO patented an invention for analysis of payment coding methodologies to identify potential fraud at multiple levels of hierarchical coded payment systems, including the prospective payment system used in Medicare. Another invention, incorporated in FICO Insurance Fraud Manager, identifies unusual groupings of services performed either on a single patient or provided by a single provider to many patients.
FICO is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. Learn more at www.fico.com.