Risk analysis of money transfer transactions

A method for real time assessment of a money transfer transaction for sending money from a sender to a recipient, comprising:

• providing a money transfer host computer system communicatively coupled to a transaction terminal for receiving, by one or more processors in the money transfer host computer system, money transfer information and for conducting, by one or more of the processors in the money transfer host computer system, the money transfer transaction in response to the money transfer information;
• and
• providing a risk assessment computer system associated with the money transfer host computer system for assessing on a real-time basis a risk of improper activity in connection with the money transfer transaction, the risk assessment computer system including at least one rules engine for evaluating the money transfer information received at the transaction terminal, the risk assessment computer system providing, by one or more of the processors in the risk assessment computer system and prior to the money transfer transaction being completed at the money transfer host computer system, a risk assessment of the transaction based on the evaluation of the money transfer information at the at least one rules engine;
• wherein the risk assessment computer system receives money transfer information having a value for at least one risk factor associated with the money transfer transaction, and wherein the risk score is calculated by the risk assessment computer system by assigning a Z score to the risk factor, based on the formula:
• Z
• =
• χ
• -
• μ
• σ
• wherein Z is the Z score;
• wherein χ is the value of the risk factor in the moneytransfer transaction;
• wherein μ is a mean of values for the same risk factor in a population of money transfer transactions;
• and
• wherein σ is a standard deviation of values for the same risk factor for the population of money transfer transactions.

A method for assessing risk associated with a money transfer transaction, comprising:

• receiving, by one or more processors in a computer network system, money transfer information having a value for at least one risk factor associated with the money transfer transaction;
• receiving, by one or more of the processors in a computer network system, money transfer information having values for the same risk factor associated with prior money transfer transactions;
• providing, by one or more of the processors in a computer network system, the money transfer information to a risk assessment system, the risk assessment system including one or more rules engines for assessing the risk associated with the money transfer transaction;
• and
• assigning, by one or more processors in the risk assessment system, a Z score to the risk factor associated with the money transfer transaction based on the formula:
• Z
• =
• χ
• -
• μ
• σ
• wherein Z is the Z score;
• wherein χ is the value of the data for the risk factor in the money transfer transaction;
• wherein μ is a mean of values for the same risk factor for a population that includes the prior money transfer transactions;
• and
• wherein σ is a standard deviation of values for the same risk factor for the population that includes the prior money transfer transactions.

A system for assessing risk associated with a money transfer transaction based on prior money transfer transactions, comprising:

• a computer-readable memory having stored therein a sequence of instructions;
• a processor, in a computer network system, for executing the sequence of instructions to cause the processor to assess risk associated with the money transfer transaction by:
• receiving money transfer information having a value for at least one risk factor associated with the money transfer transaction;
• receiving money transfer information having values for the same risk factor associated with prior money transfer transactions;
• providing the money transfer information, associated with the money transfer transaction and with the prior money transfer transactions, to a risk assessment system, the risk assessment including one or more rules engines for assessing the risk associated with the money transfer transaction;
• and
• assigning, at the risk assessment system, a Z score to the risk factor associated with the money transfer transaction based on the formula:
• Z
• =
• χ
• -
• μ
• σ
• wherein Z is the Z score;
• wherein χ is the value of the risk factor associated with the money transfer transaction;
• wherein μ is a mean of values for the same risk factor for a population that includes the prior money transfer transactions;
• and
• wherein σ is a standard deviation of values for the same risk factor in the population that includes the prior money transfer transactions.

A method for refining rules in a rules engine, the rules engine for use in assessing risk of improper activity associated with money transfer transactions, comprising:

• storing, by one or more processors in a computer network system, data for past money transfer transactions in a data base, including data for at least one risk factor;
• receiving, by one or more of the processors in the computer network system, data for a new money transfer transaction, including data for the same at least one risk factor for the new money transfer transaction;
• assigning, by one or more of the processors in the computer network system, an updated risk score to the at least one risk factor based on the data for that risk factor for both the past money transfer transactions and the new money transfer transaction;
• and
• using, by one or more of the processors in the computer network system, the updated risk score to refine at least one rule in the rules engine;
• wherein the step of assigning the updated risk score to the at least one risk factor based on the data for both the past money transfer transactions and the new money transfer transaction comprises:
• calculating, by one or more of the processors in the computer network system, a Z score for the risk factor, based on the formula:
• Z
• =
• χ
• -
• μ
• σ
• wherein Z is the Z score;
• wherein χ is a value for the risk factor;
• wherein μ is a mean of values for the same risk factor for a population of money transfer transactions;
• and
• wherein σ is a standard deviation of values for the same risk factor for the population of money transfer transactions.