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.
Type:
Grant
Filed:
March 12, 1999
Date of Patent:
July 25, 2000
Assignee:
Card Alert Services, Inc.
Inventors:
Douglas D. Anderson, Michael J. Urban, Eric L. Deterding, Richard H. Urban
Abstract: A computer based system that alerts financial institutions (FIs) to undetected multiple debit card fraud conditions in their debit card bases by scanning and analyzing cardholder debit fraud information entered by financial institution (FI) participants. The result of this analysis is the possible identification of cardholders who have been defrauded but have not yet realized it, so they are "at risk" of additional fraudulent transactions. The system also identifies "at risk" cards in the criminal's possession which have not yet been used. The system's early identification of these "at risk" cardholders helps limit losses to individual FIs and the FI community at large. It also provides the coordinated information necessary to the speedy apprehension of the perpetrators.
Type:
Grant
Filed:
June 14, 1996
Date of Patent:
March 16, 1999
Assignee:
Card Alert Services, Inc.
Inventors:
Douglas D. Anderson, Mary E. Anderson, Carol Oman Urban, Richard H. Urban