Transaction velocity counting for fraud detection

A computer readable medium storing machine readable instructions, which when executed by at least one processor causes the at least one processor to perform a method, the method comprising:

• receiving, at a network interface operatively coupled to the at least one processor, transaction data related to a real-time transaction;
• storing, in memory operatively coupled to the at least one processor, the transaction data according to a set time interval designated for a real-time velocity rule;
• and
• applying, using the at least one processor, at least the transaction data to the real-time velocity rule to determine a velocity;
• wherein prior transaction data related to a prior transaction is stored in the memory according to the set time interval designated for the real-time velocity rule,
• wherein receiving the transaction data triggers the at least one processor to make a determination of whether the prior transaction data falls out of the set time interval designated for the real-time velocity rule.

A system comprising:

• at least one processor;
• a network interface operatively coupled to the at least one processor, wherein the network interface is configured to receive transaction data related to a real-time transaction;
• and
• memory operatively coupled to the at least one processor, wherein the memory is configured to store the transaction data according to a set time interval designated for a real-time velocity rule,
• wherein the at least one processor is configured to apply at least the transaction data to the real-time velocity rule to determine a velocity;
• wherein prior transaction data related to a prior transaction is stored in the memory according to the set time interval designated for the real-time velocity rule,
• wherein receiving the transaction data triggers the at least one processor to make a determination of whether the prior transaction data falls out of the set time interval designated for the real-time velocity rule.