Systems and methods for aggregated database for cross-issuer fraud detection system

A method for fraud detection for a household, the method comprising:

• sending, over a computer network, an authorization request to an acquirer processor for a payment transaction using a payment card;
• retrieving, at the acquirer processor, transaction data and identifying information associated with the authorization request before the authorization request is routed to a financial institution;
• searching and determining, by the acquirer processor, whether a household fraud detection profile associated with the retrieved identifying information associated with the authorization request exists in a profile database;
• storing, at a transaction database, as a result of determining that the household fraud detection profile does not exist, transaction data with other transaction data associated with the payment card;
• searching and determining, by the acquirer processor, payment cards associated with members of the household using retrieved identifying information associated with the authorization request in the transaction database;
• aggregating, by the acquirer processor, transaction data associated with the payment cards from the transaction database, the payment cards not being previously linked;
• retrieving, from at least one financial institution, reported fraudulent activities pertaining to the payment cards;
• generating, profile data for each member of the household according to the at least one of the identifying information associated with the authorization request, personally identifiable information (PII) of each member of the household, the aggregated transaction data associated with the payment cards, and reported fraudulent activities on the payment cards;
• generating, at the acquirer processor, a multidimensional score for the aggregated transaction data associated with the payment cards;
• generating, by the acquirer processor, a unique hash value for the generated profile data associated with the members of household;
• linking, by the acquirer processor, the unique hash value for the profile data associated with the members of the household to a unique hash value for a household;
• analyzing, using the acquirer processor, the payment transaction against the profile data associated with each member of the household;
• declining, by the acquirer processor, as a result of determining that the payment transaction is a fraudulent activity, the authorization request for the payment transaction;
• and
• sending, over the computer network, a notification to the financial institution reporting the fraudulent activity.

A system for wallet based fraud detection for an individual, the system comprising:

• a memory having processor-readable instructions stored therein;
• and
• a processor configured to access the memory and execute the processor-readable instructions, which when executed by the processor configures the processor to perform a plurality of functions, including functions to:
• send, over a computer network, an authorization request to an acquirer processor for a payment transaction using a first payment card;
• retrieve transaction data and identifying information associated with the authorization request before the authorization request is routed to a financial institution;
• search and determine whether an individual fraud detection profile associated with the retrieved identifying information associated with the authorization request exists in a profile database;
• store, at a transaction database, as a result of determining that the individual's fraud detection profile does not exist, transaction data with other transaction data associated with the first payment card;
• search for a second payment card associated with the individual using the identifying information associated with the authorization request at the transaction database;
• aggregate transaction data associated with the first and second payment cards from the transaction database, the second payment card not being previously linked to the first payment card;
• retrieve, from at least one financial institution, reported fraudulent activities pertaining to the first and second payment cards;
• generate, profile data for an individual according to the at least one of the identifying information associated with the authorization request, personally identifiable information (PII) of the individual, the aggregated transaction data associated with the first and second payment cards, and reported fraudulent activities on the first and second payment cards;
• generate a multidimensional score for the aggregated transaction data associated with the first and second payment cards;
• generate a unique hash value for the generated profile data associated with the individual;
• analyze the payment transaction against the profile data;
• decline, as a result of determining that the payment transaction is a fraudulent activity, the authorization request for the payment transaction;
• and
• send, over the computer network, a notification to a web server associated with the financial institution reporting the fraudulent activity.