System and method for detecting fraudulent transactions
Number of patents in Portfolio can not be more than 2000
United States of America Patent
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N/A
Issued Date -
May 22, 2003
app pub date -
Nov 18, 2002
filing date -
Mar 24, 2000
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A system for detecting fraudulent transactions is disclosed. The system breaks the transaction down into its component parameters. A first score is computed depending on the propensity of the transacted commodity to be involved in fraud. A second score is computed as a function of the authentication of the remaining parameters of the transaction. A total fraud score is computed from the first score and the second score and compared against a fraud threshold to determine the likelihood of the transaction being fraudulent.
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