Variable risk engine

• US 9,754,256 B2
• Filed: 05/10/2016
• Issued: 09/05/2017
• Est. Priority Date: 10/19/2010
• Status: Active Grant

• Current Assignee: The 41st Parameter, Inc. (Experian plc)
• Original Assignee: The 41st Parameter, Inc. (Experian plc)
• Inventors: Britton, David, Eisen, Ori, Yalov, Raz
• Primary Examiner(s): POTRATZ, DANIEL B
• Application Number:
  US15/151,346
• Publication Number:
  US 20160328710A1
• Time in Patent Office: 483 Days
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: H04L 2463/102 applying security measure for e-commerce data processing systems or methods, specially adapted for e-commerce G06Q30/00
• CPC Class Codes: H04M 2203/6027 Fraud preventions

Abstract

The invention provides systems and methods for risk assessment using a variable risk engine. A method for risk assessment may comprise setting an amount of real-time risk analysis for an online transaction, performing the amount of real-time risk analysis based on the set amount, and performing an amount of time-delayed risk analysis. In some embodiments, the amount of real-time risk analysis may depend on a predetermined period of time for completion of the real-time risk analysis. In other embodiments, the amount of real-time risk analysis may depend on selected tests to be completed during the real-time risk analysis.

Claims

1. A computerized method for performing variable risk assessment for an online transaction, the computerized method comprising:

accessing electronic information associated with an online transaction while the online transaction is in progress;

identifying one or more characteristics of the online transaction based at least in part on the electronic information;

selecting a set of tests for a real-time risk analysis based at least in part on the one or more characteristics of the online transaction;

performing the set of tests while the online transaction is in progress until an event condition is met;

determining a subset of tests of the set of tests which is not completed before the event condition is met;

continuing to perform the subset of tests as a time-delayed risk analysis, the time-delayed risk analysis is completed after the online transaction ends;

selecting a second set of tests for the time-delayed analysis;

performing at least a portion of the second set of tests in parallel with the subset of tests; and

assessing an overall risk of fraud for the online transaction based at least in part on results of the set of tests including results of the real-time risk analysis before the event condition is met and results of the time-delayed risk analysis.

2. The computerized method of claim 1, wherein the electronic information associated with the online transaction comprises device information of a device involved in the online transaction.

3. The computerized method of claim 2, wherein the device information comprises an IP address of the device.

4. The computerized method of claim 1, wherein the one or more characteristics of the online transaction comprises at least one of:

a type of the online transaction, a history associated with the online transaction, an importance of the online transaction, or an amount of time of the online transaction.

5. The computerized method of claim 1, wherein the event condition is based on at least one of:

the one or more characteristics of the online transaction, an action taken by a user of a device involved in the online transaction, or a decision event that occurred during the online transaction.

6. The computerized method of claim 5, wherein the decision event is based on an approval or a decline of the online transaction.

7. The computerized method of claim 1, wherein the event condition comprises a time limit for performing the real-time risk analysis or a predefined time stop.

8. The computerized method of claim 1, further comprising:

determining a preliminary risk of fraud based on the results of the real-time risk analysis before the event condition is met; and

determining, prior to the time-delayed analysis, whether to approve the online transaction based at least partly on the preliminary risk of fraud.

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

prioritizing one or more test of the set of tests for the real-time risk analysis.

10. A system for variable risk assessment, the system comprising:

an institution server; and

a device in communication with the institution server,

wherein the institution server is configured to perform, with aid of a computer processor, a risk analysis of an online transaction with the device, and

wherein the institution server;

accesses electronic information associated with the online transaction while the online transaction is in progress;

identifies one or more characteristics of the online transaction based at least in part on the electronic information;

selects a set of tests for a real-time risk analysis based at least in part on the one or more characteristics of the online transaction;

performs the set of tests while the online transaction is in progress until an event condition is met;

determines a subset of tests of the set of tests which is not completed before the event condition is met;

continues to perform the subset of tests as a time-delayed risk analysis, the time-delayed risk analysis is completed after the online transaction ends;

selects a second set of tests for the time-delayed analysis;

performs at least a portion of the second set of tests in parallel with the subset of tests; and

assesses an overall risk of fraud for the online transaction based at least in part on results of the set of tests including results of the real-time risk analysis before the event condition is met and results of the time-delayed risk analysis.

11. The system of claim 10, wherein the electronic information associated with the online transaction comprises device information from a device involved in the online transaction.

12. The system of claim 11, wherein the device information comprises an IP address of the device.

13. The system of claim 10, wherein the one or more characteristics of the online transaction comprises at least one of:

a type of an institution associated with the institution server, a type of the online transaction, a history of the online transaction, an importance of the online transaction, or an amount of time of the online transaction.

14. The system of claim 10, wherein the event condition is based on at least one of:

the one or more characteristics of the online transaction, an action taken by a user of a device involved in the online transaction, or a decision event that occurred during the online transaction.

15. The system of claim 14, wherein the decision event is based on an approval or a decline of the online transaction.

16. The system of claim 10, wherein the event condition comprises a time limit for performing the real-time risk analysis or a predefined stop time.

17. The system of claim 10, wherein the institution server further:

determines a preliminary risk of fraud based on the results of the real-time risk analysis before the event condition is met; and

determines, prior to the time-delayed analysis, whether to approve the online transaction based at least partly on the preliminary risk of fraud.

18. The system of claim 10, wherein the institution server further:

prioritizes one or more test of the set of tests for the real-time risk analysis.