Fraud detection company Future Route is to release its Inductive Logic Programming (ILP) solutions to the market.
Future Route said the solutions would allow credit card companies, banks, corporations, insurers, and government agencies to significantly reduce fraud by analysing and detecting fraudulent patterns.
The company said the commercial version of its fraud detection solution, iHex, which uses ILP techniques, identifies fraud patterns and anomalies and then creates and implements detailed rules that can detect fraudulent activities.
Future Route chief executive and founder Stephen Cole, said: “The unique technology behind our iHex(tm) solutions was originally discovered in Oxford University's computing laboratories for bio-informatics. The creation of these machine learning algorithms took ten man years of research and development time.
“After we acquired an exclusive licence for the technology, we spent a further 15 man years improving accuracy, usability and scalability to ensure performance in a commercial environment.
“We are therefore delighted to now be bringing Future Route and iHex to the market at this significant point in time – with the eradication of organised crime and terrorist activities being a prime focus in corporations and governments across the world.
“We firmly believe that we can play a key role in the capture and reduction of fraud by working alongside fraud managers and giving them the tools necessary to stop fraud before it happens.”
