AI Analytics Competition Launched in the College of Business – THE HORNET NEWSPAPER

By Anna Payne and Laila Johnson

Some Delaware State University students are preparing for the FICO Educational Analytics Challenge — an innovative program is designed to teach students about financial fraud detection using AI analytics,

Program and related competition was kicked off on Sept. 12 with an engaging lecture by Dr. Scott Zoldi, Chief Analytics Officer at FICO, a prominent global analytics software company.

In an insightful interview, Dr. Zoldi emphasized the importance of integrating AI into educational curricula, particularly focusing on fraud detection—an often-overlooked topic in traditional academic settings. He stated, “AI is a huge field and it’s becoming increasingly vital across all sectors. This year, we’re introducing a program focused specifically on fraud detection, which is a specialized analytical technique not commonly taught in schools. “We want to give students access to the future of AI, particularly in transaction analytics.”

As students engage in this challenge, they will work closely with FICO’s expert data scientists to address real-world issues, focusing on identifying anomalies in financial transactions. This is especially critical in light of staggering losses—$10 billion due to fraud in 2023 alone.

Discussing the future of AI, Dr. Zoldi noted, “While generative AI has generated excitement, many current techniques lack responsibility and transparency.” He anticipates a shift towards what he calls “responsible AI,” explaining that this new approach “balances innovative use cases with ethical considerations.” This perspective highlights the educational objectives of the FICO challenge, which aims to cultivate critical thinking among students regarding AI technologies.

Concerns about AI’s impact were also a key topic. Dr. Zoldi pointed out, “The primary concern is understanding how AI models are developed. If historical data is not representative, the model can produce biased outcomes. “We need to question both the technology and the data it relies on to ensure fair usage.”

As the semester-long challenge unfolds, students will not only develop valuable skills but also receive mentorship from industry experts. Dr. Zoldi highlighted the benefits of this hands-on experience: “Students will work on real problems and build models that can be deployed in the industry. They’ll gain unique skills that are immediately valuable, and they’ll have access to mentorship from experts, helping them secure internships or jobs in AI and analytics.”

The challenge’s focus on financial fraud detection is particularly relevant, as it represents one of the earliest applications of machine learning in the industry. Dr. Zoldi noted, “The model behind FICO’s success in fraud detection has been in use since 1992,” providing students with a solid foundation upon which to build their analytics skills.

He further explained how mastering fraud detection can influence AI applications in other fields: “Fraud detection is a prime example of machine learning’s capabilities. By mastering this domain, students can apply similar principles to other areas, such as sports analytics or marketing. It’s a gateway for them to innovate across various fields.”

Below photo: (lr) Skylar Tenan, Emily Breidegam, Dr. Scott Zoldi, FICO’s Chief Analytics Officer, and Emanuela Halm. All three students are senior Business Analytics majors and are participating in FICO’s Analytics Challenge.