Analytics and software company FICO has unveiled its Identity Resolution Engine 3.6, a software solution that aims to improve personal identification, which helps in detecting criminal fraud rings and identity theft, as well as preventing fraud by stopping it at the source.
According to the software vendor, this software is integrated with social network analytics to help institutions such as banks, insurance firms and government agencies in fraud investigations and detection. Some examples of how it helps to reduce the risk of fraudulent activity includes uncovering criminal rings, exposing money laundering schemes, detecting insider fraud, and enhancing screening processes.
Additionally, the software enables users to understand the relationships between their organization, customers, events, and third party actors. This helps to stop criminal rings by uncovering the links between one suspicious person or activity; and others that have gone undetected, the vendor said in a statement.
“This technology has obvious value in areas like insurance claims and banking fraud, where a pattern that crosses multiple claims can help you uncover abuse or expose fraud rings,” said TJ Horan, who oversees FICO’s fraud management solutions. “FICO clients use this technology to detect identity theft, manage healthcare waste and abuse and stop fraud at the source. But it’s also valuable in a host of other applications where it’s critical to be able to quickly spot a pattern that indicates organized criminal activity.”