Drexel University's LeBow College of Business and CIO.com have named Dr. Scott Zoldi, chief analytics officer at analytic software firm FICO, one of the winners of the first Analytics 50 Awards. The awards program honors 50 executives who are using analytics at their organizations to solve business challenges.
More information: http://www.cio.com/article/3124629/analytics/drexel-and-cio-com-announce-analytics-50-winners.html
Dr. Zoldi received the award for his leadership in developing new analytic technologies to reduce payment card fraud, by detecting rapidly changing criminal methods. Dr. Zoldi led the development of a patented adaptive analytics technology and multilayered self-calibrating analytics, deployed in the company's FICO® Falcon® Platform, which protects 2.6 billion payment cards worldwide. This solution can leverage a client's fraud experience in near real-time to adjust model weights, without the need for time-consuming off-line training. FICO also created a patented technology called behavior-sorted lists, which identifies an individual cardholder's specific spending patterns at preferred merchants and individualized transaction patterns
By adding adaptive analytics, one large U.S debit card issuer realized an 18 percent improvement in real-time fraud dollars detected, and a relative reduction of 11 percent in account false positive ratio, saving millions of dollars per year and improving the customer experience for its cardholders. One international card issuer has experienced a 17 percent reduction in false-positive cases with no negative impact on real-time fraud dollars detection rate. For transactions that occur at a cardholder's favorite merchants, bank clients have seen a reduction in false-positive occurrences of 35-50 percent, contributing to significant increases in customer satisfaction.
"These pioneering analytics have enabled card issuers and payment processors around the globe to combat the evolving barrage of payment card fraud attacks," Dr. Zoldi said. "I am honored that Drexel University's' LeBow College of Business and CIO.com have recognized me, my team and FICO for our work to improve the security of the global payments infrastructure."
"With the ever-growing threat of data breaches and identify theft, predictive solutions such as FICO's use of adaptive analytics are exactly the types of innovate safeguards needed to protect the consumer," said Murugan Anandarajan, PhD, Department Head of Decision Sciences and MIS at Drexel University.
The Analytics 50 winners represent a broad spectrum of industries, ranging from pharmaceuticals and healthcare to sports and media. The Analytics 50 is a collaboration between Drexel University's LeBow College of Business and CIO.com to recognize 50 companies using analytics to solve business challenges. Winners were selected by a panel of leaders in academia and industry who judged nominations based on the submitted challenge, the innovativeness of the analytics solution, and the overall impact on the organization. Honorees will be recognized at an awards ceremony on November 9, 2016 at Drexel University's LeBow College of Business in Philadelphia.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
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