Method and system for verifying transactions

A system for verifying transactions, the system comprising:

• one or more processors and one or more memories configured to provide computer program instructions to the one or more processors to execute functions of components of a transaction verifying preparation system comprising:
• a transaction analyzing component for analyzing past transactions and a transaction classifying component for categorizing the transactions into multiple categories;
• a social network analyzing component for analyzing a social network of a transaction owner to identify a set of closest social network contacts for the transaction owner for each transaction category;
• and
• a verifier candidate obtaining component for proposing the set of closest social network contacts as candidate transaction verifier contacts to be used by a transaction verifying entity for incoming transactions of the transaction category by the transaction owner to the transaction verifying entity.

A computer program product for verifying transactions, the computer program product comprising one or more computer readable storage media having program instructions embodied therewith, the program instructions executable by one or more processors to cause the one or more processors to perform operations comprising:

• analyzing past transactions and categorizing the transactions into multiple categories;
• analyzing a social network of a transaction owner to identify a set of closest social network contacts for the transaction owner for each transaction category;
• and
• proposing the set of closest social network contacts as candidate transaction verifier contacts to be used by a transaction verifying entity for incoming transactions of the transaction category by the transaction owner to the transaction verifying entity.