MINNEAPOLIS – FICO announced yesterday it has been awarded eight new patents by the U.S. Patent and Trademark Office for advances in credit scoring, credit account management, credit fraud management, insurance fraud management and other areas, bringing its portfolio of U.S. patents to more than 100.
FICO’s patents span predictive analytics, fraud management, insurance fraud management, business rules and credit technology.
The new patents are for technologies and methodologies that: provide comprehensive protection from identity fraud with a detection system that uses neural networks to identify potentially fraudulent cases; graph trends in massive databases; and detect insurance premium fraud or abuse using predictive software.
FICO, formerly known as Fair Isaac & Co., also has about 120 patent applications pending in the U.S. and other countries.
