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ID resolution software helps thwart fraud rings

FICO, a predictive analytics and decision management software company, announced its Identity Resolution Engine 3.6, software that aims to help government agencies uncover criminal rings, expose money laundering, detect insider fraud, enhance screening processes, uncover terrorist networks and investigate crime.

The new version combines entity resolution – linking different versions of the same object – with social network analytics to help users understand the relationships between their organization, customers, events, and third-party actors.

Agencies can perform real-time searches across their enterprise's disparate data to find, match and link similar entities and uncover hidden relationship between people, places and things. More than 50 proprietary identity resolution algorithms provide high match rates. Thanks to a library of prebuilt network analytics, businesses of all sizes can get started faster, the company said.

The software’s Identity Resolution Engine includes federated data search capabilities, identity resolution algorithms, predictive analytics, link analysis technology and visualization tools, allowing organizations to search third-party data sources without the need to build a data warehouse, migrate data to a common repository or cleanse and normalize data.

The software promises real-time iconographic displays of identity matches and links depicting degrees of separation between individuals; business rules to support decision making; red flag alerts of suspicious activity; and alert-based exception reporting.

The technology helps detect identity theft, manage healthcare waste and abuse and stop fraud at the source, said TJ Horan, who oversees FICO's fraud management solutions. “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."

FICO Identity Resolution Engine is a software add-on to the FICO Falcon Fraud Platform and is used extensively with other fraud applications from FICO to improve fraud investigations and detection.

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