System for detecting counterfeit financial card fraud

Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance

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705 1, 705 38, 705 39, 705 41, 705 42, 705 44, 235379, 235380, 2353825, 379 9101, 379 9302, G06F 1760

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active

060946431

ABSTRACT:
Counterfeit financial card fraud is detected based on the premise that the fraudulent activity will reflect itself in clustered groups of suspicious transactions. A system for detecting financial card fraud uses a computer database comprising financial card transaction data reported from a plurality of financial institutions. The transactions are scored by assigning weights to individual transactions to identify suspicious transactions. The geographic region where the transactions took place as well as the time of the transactions are recorded. An event building process then identifies cards involved in suspicious transactions in a same geographic region during a common time period to determine clustered groups of suspicious activity suggesting an organized counterfeit card operation which would otherwise be impossible for the individual financial institutions to detect.

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