Systems and methods for detecting bust out fraud using credit data
First Claim
Patent Images
1. A computer implemented method of developing a data model for automatically identifying bust out fraud records comprising:
- accessing computer-executable instructions from at least one computer-readable storage medium; and
executing the computer-executable instructions, thereby causing computer hardware comprising at least one computer processor to perform operations comprising;
receiving a set of only credit bureau data;
analyzing the set of only credit bureau data to develop a credit bureau bust out model that predicts the propensity of a consumer to be engaged in bust out fraud;
receiving a selected consumer record related to the consumer;
applying the credit bureau bust out filter in real time to the selected consumer record; and
generating a credit bureau bust out score for the selected consumer record, the credit bureau bust out score indicating whether the consumer is engaged in bust out fraud,wherein bust out fraud involves opening one or more credit accounts across one or more credit issuers and initially exhibiting normal consumer behavior followed by a large number of purchases, cash advances, or other uses of credit before abandonment of the one or more accounts.
1 Assignment
0 Petitions
Accused Products
Abstract
Systems and methods are for, for example, predicting bust out fraud using credit bureau data. In one embodiment, credit bureau scoring models are created using credit bureau data to detect bust out fraud. The credit bureau scoring models may be then applied to consumer data to determine whether a consumer is involved in bust out fraud.
-
Citations
25 Claims
-
1. A computer implemented method of developing a data model for automatically identifying bust out fraud records comprising:
-
accessing computer-executable instructions from at least one computer-readable storage medium; and executing the computer-executable instructions, thereby causing computer hardware comprising at least one computer processor to perform operations comprising; receiving a set of only credit bureau data; analyzing the set of only credit bureau data to develop a credit bureau bust out model that predicts the propensity of a consumer to be engaged in bust out fraud; receiving a selected consumer record related to the consumer; applying the credit bureau bust out filter in real time to the selected consumer record; and generating a credit bureau bust out score for the selected consumer record, the credit bureau bust out score indicating whether the consumer is engaged in bust out fraud, wherein bust out fraud involves opening one or more credit accounts across one or more credit issuers and initially exhibiting normal consumer behavior followed by a large number of purchases, cash advances, or other uses of credit before abandonment of the one or more accounts. - View Dependent Claims (2, 3, 4, 5, 6)
-
-
7. A non-transitory storage medium having a computer program stored thereon for causing a suitably programmed system to process computer-program code by performing a method when the computer program is executed on the suitably programmed system, the method comprising:
-
receiving a set of only credit bureau data; analyzing the set of only credit bureau data to develop a credit bureau bust out filter that predicts the propensity of a consumer to be engaged in bust out fraud; receiving a selected consumer record related to the consumer; applying the credit bureau bust out filter in real time to the selected consumer record; and generating a credit bureau bust out score for the selected consumer record, the credit bureau bust out score indicating whether the consumer is engaged in bust out fraud, wherein bust out fraud involves opening one or more credit accounts across one or more credit issuers and initially exhibiting normal consumer behavior followed by a large number of purchases, cash advances, or other uses of credit before abandonment of the one or more accounts. - View Dependent Claims (8)
-
-
9. A bust out fraud detection system, the system comprising:
-
a processor configured to run software modules; a data storage device storing a plurality of consumer records, the data storage device in electronic communication with the processor; and a bust out module configured to; identify a subset of the plurality of consumer records from the data storage device; receive a credit bureau bust out model from a storage repository, the credit bureau bust out model predicting which consumer records are likely involved in bust out fraud and the credit bureau bust out model created based on only credit bureau data; apply the credit bureau bust out model to each of the subset of the plurality of consumer records to generate a credit bureau bust out score for each of the subset of the plurality of consumer records; and store in a storage repository the credit bureau bust out score associated with the subset of the plurality of consumer records; and the processor able to run the bust out module, wherein bust out fraud exhibits a consumer opening one or more credit accounts across one or more credit issuers and initially exhibiting normal consumer behavior followed by a large number of purchases, cash advances, or other uses of credit before abandonment of the one or more accounts. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
-
-
17. A computer implemented method for generating scores that indicate bust out fraud comprising:
-
accessing computer-executable instructions from at least one computer-readable storage medium; and executing the computer-executable instructions, thereby causing computer hardware comprising at least one computer processor to perform operations comprising; identifying a plurality of consumer records; receiving a bust out model from a storage repository, the bust out model created using substantially only credit bureau data; applying the bust out model to each of the plurality consumer records to generate a bust out score for each of the plurality of consumer records; and storing in a data storage the bust out score associated with each of the plurality of consumer records, wherein bust out fraud exhibits a consumer opening one or more credit accounts across one or more credit issuers and initially exhibiting normal consumer behavior followed by a large number of purchases, cash advances, or other uses of credit before abandonment of the one or more accounts. - View Dependent Claims (18, 19, 20, 21, 22, 23)
-
-
24. A non-transitory storage medium having a computer program stored thereon for causing a suitably programmed system to process computer-program code by performing a method when the computer program is executed on the suitably programmed system, the method comprising:
-
identifying a plurality of consumer records; receiving a bust out filter from a storage repository, the bust out filter created based on substantially only credit bureau data; applying the bust out filter to each of the plurality consumer records to generate a bust out score for each of the plurality of consumer records; and storing in a data storage the bust out score associated with each of the plurality of consumer records, wherein the bust out score indicates whether a consumer record exhibits bust out fraud, wherein bust out fraud exhibits a consumer opening one or more credit accounts across one or more credit issuers and initially exhibiting normal consumer behavior followed by a large number of purchases, cash advances, or other uses of credit before abandonment of the one or more accounts. - View Dependent Claims (25)
-
Specification