System and methods for assessing risk of fraud in an electronic transaction

A method comprising:

• providing, by one or more processors of a computing system, an electronic transfer application to a user for installation on a user device;
• receiving, by the one or more processors, a request from the user device to process an electronic transaction to a beneficiary;
• identifying, by the one or more processors, a risk associated with the beneficiary;
• calculating, by the one or more processors, a risk score for the electronic transaction based on the risk;
• transmitting, by the one or more processors, a notification associated with the electronic transaction over a wireless communication channel to the user device, wherein the notification activates the electronic transfer application to cause display of a dashboard on the user device, the dashboard indicating the risk associated with the electronic transaction and one or more mitigation activities for reducing the risk;
• receiving, by the one or more processors, data from the user device associated with the one or more mitigation activities;
• comparing, by the one or more processors, the data associated with the one or more mitigation activities with information corresponding to the beneficiary stored in a data store;
• recalculating, by the one or more processors, the risk score based on the comparison;
• and
• transmitting, by the one or more processors, an electrical signal to the user device over the wireless communication channel to cause the electronic transfer application to display a result of the recalculation.

A non-transitory computer-readable medium having processor-readable instructions stored thereon such that, when executed by a processor, cause the processor to:

• provide an electronic transfer application to a user for installation on a user device;
• receive a request from the user device to process an electronic transaction for an electronic payment or an electronic transfer of funds from the user to a beneficiary;
• identify a risk associated with the beneficiary;
• calculate a risk score for the electronic transaction based on the risk;
• transmit a notification associated with the electronic transaction over a wireless communication channel to the user device, wherein the notification activates the electronic transfer application to cause display of a dashboard on the user device, the dashboard indicating the risk associated with the electronic transaction and one or more mitigation activities for reducing the risk;
• in response to the risk score being between a first threshold value corresponding to a minimum level of risk that would make fraud insurance appealing to the user and a second threshold value corresponding to a maximum level of acceptable risk to insure the electronic transaction, calculate a premium for the fraud insurance based on the risk score;
• receive data from the user device associated with the one or more mitigation activities;
• compare the data associated with the one or more mitigation activities with information corresponding to the beneficiary stored in a data store;
• recalculate the risk score based on the comparison;
• adjust the premium based on the recalculated risk score;
• and
• transmit an electrical signal to the user device over the wireless communication channel to cause the electronic transfer application to display an offer for the fraud insurance at the adjusted premium based on the recalculated risk score.