System and method for providing reference cost of fraud data related to financial presentation devices that are presentable to providers of goods or services
AssigneeVisa International Service Association
InventorStephen C. Koukis
Life of this patent
Estimating the term…
Abstract
A system for providing industry-wide reference cost of fraud data related to financial presentation devices that are presentable to providers of goods and services is provided. A fraud assessment module executable by a processor of the system receives, from multiple business entities, sales data and operating cost data both related to financial presentation devices. The fraud assessment module determines, based on the received data, the reference cost of fraud data including a direct fraud loss, fraud operating cost and opportunity cost for use by individual entities as benchmark cost of fraud data.
Claims24
A system for providing reference cost of fraud data related to financial presentation devices that are presentable to providers of goods or services, the system comprising:
- a processor;
- a fraud assessment module executable by the processor and providing a commonly defined set of input requirements for a plurality of business entities, the fraud assessment module configured to:
- receive, from the plurality of business entities, sales data related to a plurality of financial presentation devices and operating cost data related to fraud associated with the plurality of financial presentation devices, the received data conforming to the commonly defined set of input requirements;
- and
- determine, based on the received data, the reference cost of fraud data, the reference cost of fraud data including a direct fraud loss, a fraud operating cost, and an opportunity cost representing lost revenue that would otherwise be generated by use of the financial presentation devices to conduct transactions in the absence of fraud, the determined reference cost of fraud data being accessible by the plurality of business entities for use as benchmark data.
A method for providing reference cost of fraud data related to financial presentation devices that are presentable to providers of goods or services, the method comprising:
- receiving by a processor, from the plurality of business entities, sales data related to a plurality of financial presentation devices and operating cost data related to fraud associated with the plurality of financial presentation devices, the received data conforming to a commonly defined set of input requirements;
- and
- determining by the processor, based on the received data, the reference cost of fraud data, the reference cost of fraud data including a direct fraud loss, a fraud operating cost and an opportunity cost representing lost revenue that would otherwise be generated by use of the financial presentation devices to conduct transactions in the absence of fraud, the determined reference cost of fraud data being accessible by the plurality of business entities for use as benchmark data.
Dependencies are inferred from the claim text.