RISK ANALYSIS OF MONEY TRANSFER TRANSACTIONS
1 Assignment
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Accused Products
Abstract
A money transfer system includes a risk assessment system and a risk modeling system. The risk assessment system uses rules engines and Z scores to assess, on a real time basis, risk factors associated with money transfers. The risk modeling system develops risk scores based on historical transaction data in order to create a risk model. The risk model may be analyzed over time to refine the rules engines and take other actions to understand and reduce the risk of improper activity in connection with money transfers.
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Citations
21 Claims
- 1. (canceled)
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2. A system for conducting a money transfer transaction for sending money from a sender to a recipient, comprising:
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a money transfer host computer operated by a money transfer entity, the money transfer host communicatively coupled to transaction terminals associated with third party agents acting on behalf of the money transfer entity and at which money transfer transactions are being conducted, the money transfer host for receiving money transfer information and for conducting money transfer transactions in response to at least a portion of the money transfer information; and a risk assessment system associated with the money transfer host computer for assessing a risk of improper activity in connection with a current money transfer transaction, the risk assessment system including at least one rules engine for evaluating money transfer information received at the transaction terminals for a plurality of money transfer transactions, the risk assessment system providing, prior to the current money transfer transaction being completed at the money transfer host computer, a risk assessment of the current transaction based on the evaluation of money transfer information from the plurality of money transfer transactions; wherein the money transfer information includes a category of data relating to the third party agents acting on behalf of the money transfer entity, wherein the risk assessment engine aggregates data relating to the third party agents and assesses risks from at least one risk factor associated with the agents. - View Dependent Claims (3, 4, 5, 8, 9)
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10. A method for assessing risk associated with a money transfer transaction conducted by a third party agent acting on behalf of a money transfer entity, comprising:
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receiving, by one or more processors, money transfer information having a value for at least one risk factor associated with the third party agent; receiving, by one or more of the processors, money transfer information having values for the same risk factor associated with prior money transfer transactions conducted at the third party agent; providing, by one or more of the processors, the money transfer information to a risk assessment system, the risk assessment system including one or more rules engines for assessing the risk associated with the money transfer transaction; and assigning, by the risk assessment system, a Z score to the risk factor associated with the third party agent based on the formula; - View Dependent Claims (11)
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12. A system for assessing risk associated with a money transfer transaction based on prior money transfer transactions conducted at a third party agent acting on behalf of a money transfer entity, comprising:
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a computer-readable memory having stored therein a sequence of instructions; a processor, for executing the sequence of instructions to cause the processor to assess risk associated with the money transfer transaction by; receiving money transfer information having a value for at least one risk factor associated with a current transaction conducted at the third party agent; receiving money transfer information having values for the same risk factor associated with prior money transfer transactions conducted by a population of third party agents; providing the money transfer information, associated with the current money transfer transaction and associated with the prior money transfer transactions, to a risk assessment system, the risk assessment including one or more rules engines for assessing the risk associated with the current money transfer transaction; and assigning, at the risk assessment system, a Z score to the risk factor associated with the current money transfer transaction based on the formula;
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13. A method for refining rules in a rules engine, the rules engine for use in assessing risk of improper activity associated with money transfer transactions conducted at third part agents representing a money transfer entity, comprising:
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storing data for past money transfer transactions in a data base, including data for at least one risk factor relating to a third party agent; receiving data for a new money transfer transaction, including data for the same at least one risk factor relating to the third party agent for the new money transfer transaction; assigning an updated risk score to the at least one risk factor based on the data for that risk factor for both the past money transfer transactions and the new money transfer transaction; and using the updated risk score to refine at least one rule in the rules engine. - View Dependent Claims (14, 15, 16)
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17. A risk modeling system for refining rules for a rules engine, the rules engine for use in assessing risk of improper activity associated with money transfer transactions, comprising:
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a database for storing data for at least one past money transfer transaction, including data for at least one risk factor; a processor programmed for executing a sequence of instructions to develop a risk model for money transfer transactions by; using the data to assign a risk score to the at least one risk factor for the at least one past money transfer transaction; receiving data for at least one new money transfer transaction, including data for the at least one risk factor; assigning an updated risk score to the risk factor based on the data for the risk factor for both the at least one past money transfer transaction and the at least one new money transfer transaction; and using the updated risk score to refine at least one rule in the rules engine; wherein the risk factor relates to a third party agent acting on behalf of the money transfer entity.
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18. A risk modeling system for refining rules for a rules engine, the rules engine for use in assessing risk of improper activity associated with money transfer transactions, comprising:
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a database for storing data for at least one past money transfer transaction, including data for at least one risk factor; a processor programmed for executing a sequence of instructions to develop a risk model for money transfer transactions by; using the data to assign a risk score to the at least one risk factor for the at least one past money transfer transaction; receiving data for at least one new money transfer transaction, including data for the at least one risk factor; assigning an updated risk score to the risk factor based on the data for the risk factor for both the at least one past money transfer transaction and the at least one new money transfer transaction; and using the updated risk score to refine at least one rule in the rules engine. - View Dependent Claims (19, 20, 21)
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Specification