Variable risk engine
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.
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.