Bowie State University recently welcomed FICO, a global leader in analytics software, for its Annual Educational Analytics Challenge. Over 50 students engaged in a program focused on utilizing machine learning and artificial intelligence to combat financial fraud, a growing issue that cost U.S. consumers over $10 billion last year alone.
“The FICO Challenge is a great opportunity for students to begin developing a better understanding of responsible AI,” said Velma Latson, assistant professor in Bowie State’s Department of Technology and Security. “AI is grounded in data and algorithms, and, if the data is bad, AI results will not be accurate.”
FICO’s 2024 Challenge
During this year’s challenge, students were tasked with developing strategies to mitigate transaction fraud. Modern cybercriminals increasingly employ tactics that imitate legitimate banking behavior, taking billions from unsuspecting customers. To counteract this, banks must adopt real-time behavior analytics alongside advanced machine learning models to identify and avert fraud proactively.
Ameen Rufai, a computer technology and security major at Bowie State, emphasized the dual-edged nature of AI. “AI can be positive and negative. We need to use technology to make the world a better place and solve problems and issues. We also need to take note of the negatives associated with AI to protect ourselves.”
The FICO Educational Analytics Challenge is not just a competition. it also offers vital financial support to participating Historically Black Colleges and Universities. This funding enhances analytics instruction and career resources, empowering students with knowledge about various career paths available post-graduation.
“FICO’s Educational Analytics Challenge is focused on bringing practical experiences using machine learning and AI to students at HBCUs to give them unique industry experience on how analytical models are actually being built and deployed today,” said Dr. Scott Zoldi, FICO’s chief analytics officer. “This is the second year of the challenge between BSU, Delaware State University, and newcomer Morehouse College in Atlanta. Additional HBCUs will participate in the challenge in the spring semester starting in January 2025 as the program expands from its pilot phase.”
