Money transfer evaluation systems and methods

• US 20030167237A1
• Filed: 03/04/2002
• Published: 09/04/2003
• Est. Priority Date: 03/04/2002
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Wittman, David, Prendergast, Brian, Degen, Robert, Ritter, Duane
• Granted Patent: US 8,412,633 B2
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

Systems and methods for evaluating electronic value transfers. Various of the methods include receiving money transfer requests, electronically storing records of the money transfer requests, and performing an analysis of the records. The analysis of the records can indicate that two or more of the records are related. The related records are associated with a reference designator that is used to search money transfer records and identify suspect activity. The systems can include a fraud processing system associated with a money transfer system.

Claims

1. A method for evaluating electronic value transfers, the method comprising:

receiving a plurality of money transfer requests, wherein the money transfer requests include a first sender identification associated with a first money transfer request and at least a second sender identification associated with a second money transfer request;

electronically storing records of the money transfer requests;

performing an analysis of the records, wherein the analysis indicates the first sender identification and the second sender identification are related;

creating a reference designator, wherein the reference designator is associated with the first sender identification and the second sender identification; and

searching the records of the money transfer requests according to a specified criteria to determine if any of the money transfer requests associated with the reference designator are suspect money transfer requests; and

flagging any suspect money transfer requests.

2. The method of claim 1, wherein the analysis comprises:

a hierarchical comparison of the first sender identification with the second sender identification.

3. The method of claim 2, wherein the hierarchical comparison comprises the sequential process:

(1) comparing a phone number in the first sender identification with a phone number in the second sender identification;

(2) comparing an exact name in the first sender identification with an exact name in the second sender identification; and

(3) comparing a phonetic name in the first sender identification with a phonetic name in the second sender identification.

4. The method of claim 2, wherein the analysis further comprises:

an iterative learning of a reliable factor for identifying suspect money transfer requests; and

updating the hierarchical comparison to incorporate the reliable factor.

5. The method of claim 1, wherein the first sender identification is selected from a group consisting of a sender name, a sender number, an agent number, a sending data, a sending location, a sender phone number, a sending time, a sending message, and a sending amount.

6. The method of claim 1, wherein the flagging any suspect money transfer requests comprises identifying the reference designator as a known suspect user, the method further comprising:

searching the records to determine if any of the money transfer requests are either initiated or received by the known suspect user.

7. The method of claim 6, wherein the searching is done in real-time and wherein the known suspect user is identified in real-time.

8. The method of claim 1, wherein the flagging any suspect money transfer requests comprises identifying the reference designator as a known suspect user, the method further comprising:

determining that transfers of a known suspect user are legitimate, and identifying the known suspect user as a known legitimate user, wherein monitoring of money transfers associated with the known legitimate user are reduced.

9. The method of claim 1, the method further comprising:

parsing the money transfer requests, wherein the records of the money transfer requests are stripped of data that is not necessary to detecting suspect money transfers.

10. The method of claim 1, wherein a first receiver identification is associated with the first money transfer request and a second receiver identification is associated with the second money transfer request, and wherein the analysis utilizes:

at least one of the first and second sender identifications; and

at least one of the first and second receiver identifications.

11. The method of claim 10, wherein the first receiver identification is selected from a group consisting of a receiver name, a receiver number, an agent number, a receiver data, a receiving location, a receiver phone number, a receiving time, a receiver language, a receiver message, and a receiving amount.

12. The method of claim 10, wherein the reference designator is further associated with one or both of the first receiver identification and the second receiver identification.

13. The method of claim 1, wherein the reference designator is maintained on a first database and the records are maintained on a second database, whereby a performance impact of the method upon a money transfer system under evaluation is reduced.

14. The method of claim 13, wherein the searching the records is done in a batch mode at an off-peak time for the money transfer system.

15. The method of claim 1, wherein the suspect money transfer requests are selected from a group consisting of:

(a) a transfer from a first sender to a second sender followed within a specified period by a transfer from the second sender to the first sender;

(b) a group of transfers from a sender to a group of receivers, wherein the aggregate amount of the group of transfers exceeds a specified level;

(c) one or more transfers from a sender to a receiver, wherein the aggregate amount of the one or more transfers exceeds a specified level;

(d) a group of transfers from a group of senders to a receiver, wherein the aggregate amount of the group of transfers exceeds a specified level;

(e) two transfers from a first sender to a second sender that are followed within a specified period by corresponding transfers from the second sender to a receiver;

(f) two or more transfers from a sender to a receiver, wherein the two or more transfers are initiated from two or more distinct locations within a region; and

(g) two or more transfers from a sender to a receiver, wherein the two or more transfers are received at two or more distinct locations within a region.

16. A method for evaluating electronic value transfers, the method comprising:

accessing a money transfer record, wherein the money transfer record includes a sender identification and a receiver identification;

assigning a master location identifier to the money transfer record, wherein the master location identifier is determined by one or both of the sender identification and the receiver identification;

comparing the money transfer record to a reference designator using a specified criteria, wherein one or more fields of the reference designator or the money transfer record indicate a relationship between the reference designator and the money transfer record; and

associating the money transfer record with the reference designator.

17. A method for iteratively compiling suspect money transfer activities from money transfer records, the method comprising:

accessing a first money transfer record;

providing a first reference designator, wherein the first reference designator is associated with one or more of a sender identification and a receiver identification from a second money transfer record;

comparing the first money transfer record to the first reference designator using a specified criteria, wherein the comparison indicates the first money transfer record is not related to the first reference designator; and

creating a second reference designator, wherein the second reference designator is associated with one or more of a sender identification and a receiver identification from the first money transfer record.

18. The method of claim 17, the method further comprising:

accessing a third money transfer record;

comparing the third money transfer record to the first reference designator using the specified criteria, wherein one or more fields of the first reference designator or the third money transfer record indicate a relationship between the first reference designator and the third money transfer record; and

associating the third money transfer record with the first reference designator.

19. The method of claim 17, the method further comprising:

attaching a time stamp to the second reference designator, wherein the second reference designator expires at a future time associated with the time stamp.

20. The method of claim 17, the method further comprising:

maintaining the first and second reference designators in a reference designator list apart from the first and second money transfer records, wherein a performance impact of the method upon a money transfer system under evaluation is reduced.

21. The method of claim 20, wherein the reference designator list is a progressive history of money transfer relationships.

22. The method of claim 17, wherein the specified criteria comprises a hierarchical comparison.

23. A method for evaluating electronic value transfers, the method comprising:

receiving money transfer requests, wherein the money transfer requests include a user identification associated each of the money transfer requests;

electronically storing records of the money transfer requests;

providing the records of the money transfer requests to a fraud processing computer; and

receiving an indication of a suspect money transfer request, wherein the indication includes the user identification associated with the suspect money transfer request.

24. A system for evaluating value transfers, the system comprising:

a fraud processing computer; and

a computer readable medium associated with the fraud processing computer, wherein the computer readable medium comprises computer instructions executable by the fraud processing computer to;

access a first money transfer record;

provide a first reference designator, wherein the first reference designator is associated with one or more of a sender identification and a receiver identification from a second money transfer record;

compare the first money transfer record to the first reference designator using a specified criteria, wherein the comparison indicates the first money transfer record is not related to the first reference designator; and

create a second reference designator, wherein the first reference designator is associated with one or more of a sender identification and a receiver identification from the first money transfer record.

25. The system of claim 24, wherein the computer instructions are further executable by the fraud processing computer to:

access a third money transfer record;

compare the third money transfer record to the first reference designator using a specified criteria, wherein one or more fields of the first reference designator or the third money transfer record indicate a relationship between the first reference designator and the third money transfer record; and

associate the third money transfer record with the first reference designator.

26. The system of claim 25, the system further comprising:

a database associated with the fraud processing computer, wherein the first and the second reference designators are maintained on the database.

27. A system for transferring value, the system comprising:

a money transfer system; and

a fraud processing server communicably coupled to the money transfer system, wherein money transfer records associated with the money transfer system are accessible by the fraud processing server to identify any suspect money transfers.