The following is from The Minneapolis Star-Tribune:
May 1, 2006: Fair Isaac's designs are on artificial intelligence - The firm is betting its future on selling companies powerful software capable of being taught to help make business decisions better and faster than humans. By Thomas Lee. Star Tribune. "Like its trademark FICO credit scoring system, Fair Isaac Corp. long has been something of a black box to the outside world. But if the generation of credit scores seems like financial alchemy, the Minneapolis-based firm's next set of innovations in artificial intelligence promise to take Fair Isaac even further into the rarefied world of predicting your behavior before you make a move. From calculating insurance policies to recognizing your typing patterns, the technology is intended to bring next-generation sophistication to customers' interactions with banks, insurers, credit card companies and retailers. ... 'We build neural networks that are a lot smarter than bugs or even some small animals,' said Ted Crooks, vice president of global fraud solutions. 'To detect fraud, you have to look at a lot of "weak" clues. There are almost never any silver bullets. The problem is complicated enough that humans can't really solve it very well,' Crooks added. 'Instead of trying to program a solution, we program a system to learn the solution. We feed it data on past examples. The system learns all the combinations, strong or weak, that indicate fraud.' ... The technology is impressive -- and a bit disturbing, said Allen Lynch, a professor of economics and quantitative methods at Mercer University in Georgia. 'It is a little creepy,' Lynch said. 'If it doesn't smack of Big Brother, then I don't know what does.' At the same time, the technology is invaluable to large companies, he said."
>>> Banking & Finance, Fraud Detection & Prevention, Business, Neural Networks, Machine Learning, Applications, Ethical & Social Implications
Some of you have read my other rather ominous post regarding the use of computer technology to model our behavior in advance.
Some have strongly disagreed, perhaps imagining I am the equivalent of a UFO theorist or something.
Others have given the idea some credence. I am going to look further into this, through FICO as a company and other resources. Though I can't say for sure, I imagine the paper in Minneapolis is a fairly unimpeachable source.
I may try to look up the professor from Mercer College and get him on the phone or via email. I will let you know either way.
This certainly adds a whole new dimension, in my opinion.
Best,
DMC
May 1, 2006: Fair Isaac's designs are on artificial intelligence - The firm is betting its future on selling companies powerful software capable of being taught to help make business decisions better and faster than humans. By Thomas Lee. Star Tribune. "Like its trademark FICO credit scoring system, Fair Isaac Corp. long has been something of a black box to the outside world. But if the generation of credit scores seems like financial alchemy, the Minneapolis-based firm's next set of innovations in artificial intelligence promise to take Fair Isaac even further into the rarefied world of predicting your behavior before you make a move. From calculating insurance policies to recognizing your typing patterns, the technology is intended to bring next-generation sophistication to customers' interactions with banks, insurers, credit card companies and retailers. ... 'We build neural networks that are a lot smarter than bugs or even some small animals,' said Ted Crooks, vice president of global fraud solutions. 'To detect fraud, you have to look at a lot of "weak" clues. There are almost never any silver bullets. The problem is complicated enough that humans can't really solve it very well,' Crooks added. 'Instead of trying to program a solution, we program a system to learn the solution. We feed it data on past examples. The system learns all the combinations, strong or weak, that indicate fraud.' ... The technology is impressive -- and a bit disturbing, said Allen Lynch, a professor of economics and quantitative methods at Mercer University in Georgia. 'It is a little creepy,' Lynch said. 'If it doesn't smack of Big Brother, then I don't know what does.' At the same time, the technology is invaluable to large companies, he said."
>>> Banking & Finance, Fraud Detection & Prevention, Business, Neural Networks, Machine Learning, Applications, Ethical & Social Implications
Some of you have read my other rather ominous post regarding the use of computer technology to model our behavior in advance.
Some have strongly disagreed, perhaps imagining I am the equivalent of a UFO theorist or something.
Others have given the idea some credence. I am going to look further into this, through FICO as a company and other resources. Though I can't say for sure, I imagine the paper in Minneapolis is a fairly unimpeachable source.
I may try to look up the professor from Mercer College and get him on the phone or via email. I will let you know either way.
This certainly adds a whole new dimension, in my opinion.
Best,
DMC
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