System and method for evaluating fraud suspects
A method for evaluating fraud suspects is provided that includes receiving suspect data identifying a plurality of suspects of a fraud. Monetary transaction information associated with the fraud is received for the suspects. For each suspect, a value for each of a plurality of criteria associated with the fraud is determined based on the monetary transaction information. Criteria weights are applied to the values for each suspect to generate a score for the suspect indicative of a likelihood of fraud.
1. A system for evaluating fraud suspects, comprising:
a non-transitory computer-readable medium storing computer-readable instructions; and
one or more processors that are operable to execute the computer-readable instructions to perform operations comprising:
receiving suspect data identifying a plurality of suspects, each suspect suspected of a fraudulent scheme involving a plurality of fraudulent transactions, the fraudulent transactions from at least one checking account associated with the suspect;
receiving, for each suspect, monetary transaction information of a financial institution, the monetary transaction information comprising information associated with a plurality of transactions of the suspect, the plurality of transactions comprising the plurality of fraudulent transactions;
determining, based on the monetary transaction information of the financial institution, a value for each of a plurality of criteria associated with the suspected fraudulent scheme for each suspect; and
applying criteria weights to the values for each suspect to generate a score for the suspect indicative of a likelihood that the suspect is involved in the fraudulent scheme involving the plurality of fraudulent transactions.
2. The system of claim 1 , wherein the criteria associated with the fraud are statistically important to identifying the fraudulent scheme.
3. The system of claim 1 , wherein the fraudulent scheme comprises check kiting fraud.
4. The system of claim 3 , the criteria comprising a transaction frequency greater than a predetermined value.
5. The system of claim 3 , the criteria comprising a transaction frequency from a specified institution greater than a predetermined value.
6. The system of claim 5 , the transaction frequency comprising a deposit frequency.
7. The system of claim 3 , the criteria comprising a first transaction frequency and a second transaction frequency.
8. The system of claim 7 , wherein the first frequency is measured over a period of time of about four days and the second frequency is measured over a period of time of about ten days.
9. The system of claim 3 , the criteria comprising a check written on one of the checking accounts in excess of a collected balance for the account.
10. The system of claim 3 , the criteria comprising at least two deposits having a same dollar amount within a specified period of time.
11. The system of claim 3 , the criteria comprising round-number transactions.
12. The system of claim 3 , the criteria comprising returned items from or to a financial institution.
13. The system of claim 3 , the criteria comprising a transaction frequency, at least two deposits having a same dollar amount within a specified period of time, and one or more round-number transactions.
14. The system of claim 1 , the operations further comprising ranking the suspects based on the scores for the suspects.
15. The system of claim 1 , the operations further comprising receiving an initial set of suspect data identifying an initial set of suspects of the fraud and filtering the initial set of suspect data to exclude a portion of the suspects from further evaluation.
16. The system of claim 1 , the operations further comprising generating consolidated information by consolidating items in the monetary transaction information for each suspect and determining from the consolidated information the value for each of the criteria associated with the fraudulent scheme for each suspect.
17. A system for detecting a fraudulent scheme at a financial institution, comprising:
a non-transitory computer-readable medium storing computer-readable instructions; and
one or more processors that are operable to execute the computer-readable instructions to perform operations comprising:
identifying potential suspects of a fraudulent scheme on a financial institution based on transactions by the potential suspects with the financial institution, the fraudulent scheme involving a plurality of fraudulent transactions, the fraudulent transactions from at least one checking account associated with the suspect;
applying a set of identification rules to monetary transaction information of the financial institution for each potential suspect to identify suspects from the potential suspects, the identification rules including a plurality of criteria indicative of the fraudulent scheme, the monetary transaction information of the financial institution comprising information associated with a plurality of transactions of the suspect, the plurality of transactions comprising the plurality of fraudulent transactions; and
applying a set of evaluation rules to monetary transaction information for each suspect to generate a score indicative of the likelihood that the suspect is involved in a scheme involving a plurality of fraudulent transactions, the evaluation rules including the criteria and relative weights for the criteria.
18. The system of claim 17 , wherein the criteria associated with the fraud are statistically important to identifying the fraudulent scheme.
19. The system of claim 17 , wherein the fraudulent scheme comprises check kiting fraud.
20. The system of claim 17 , the criteria comprising a transaction frequency greater than a predetermined value.
21. The system of claim 17 , the criteria comprising a transaction frequency from a specified institution greater than a predetermined value.
22. The system of claim 21 , the transaction frequency comprising a deposit frequency.
23. The system of claim 19 , the criteria comprising a first transaction frequency and a second transaction frequency.
24. The system of claim 23 , wherein the first frequency is measured over a period of time of about four days and the second frequency is measured over a period of time of about ten days.
25. The system of claim 19 , the criteria comprising a check written on one of the checking accounts in excess of a collected balance for the account.
26. The system of claim 19 , the criteria comprising at least two deposits having a same dollar amount within a specified period of time.
27. The system of claim 19 , the criteria comprising round-number transactions.
28. The system of claim 19 , the criteria comprising returned items from or to a financial institution.
29. The system of claim 19 , the criteria comprising a transaction frequency, at least two deposits having a same dollar amount within a specified period of time, and one or more round-number transactions.
30. The system of claim 17 , the operations further comprising ranking the suspects based on the scores for the suspects.
31. The system of claim 17 , the operations further comprising receiving an initial set of suspect data identifying an initial set of suspects of the fraud and filtering the initial set of suspect data to exclude a portion of the suspects from further evaluation.
32. The system of claim 17 , the operations further comprising generating consolidated information by consolidating items in the monetary transaction information for each suspect and determining from the consolidated information the value for each of the criteria associated with the fraudulent scheme for each suspect.