Verification methods for fraud prevention in money transfer receive transactions

A system configured to prevent fraud in a money transfer receive transaction, the system comprising:

• a server that communicates with a plurality of computers, the server operable to:
• receive a send transaction request for a money transfer from a sender including a send amount via a send computer;
• cause a user interface at the send computer to provide a list of a plurality of selectable security inputs to be supplied by a receiver for redemption of the money transfer;
• receive from the send computer one or more of the plurality of selectable security inputs selected by the sender to be entered for redemption of the money transfer;
• store a send transaction record with the selected one or more security inputs;
• receive from a receive computer a receive transaction request from a receiver of the money transfer;
• cause a user interface at the receive computer to provide a prompt for entry of the stored security inputs;
• receive from the receive computer the one or more prompted security inputs from the receiver;
• authenticate the received one or more security inputs against the security inputs of the stored transaction record;
• and
• authorize release of funds in the send amount if the received one or more security inputs are authenticated;
• and
• denying release of funds if the received one or more security inputs are not authenticated.

A method for operating a computer system to prevent fraud in a money transfer receive transaction, the method comprising:

• receiving from a sender computer and storing at a server a send transaction record including one or more security inputs selected by a sender;
• receiving a receive transaction request from a receiver computer for redemption of the money transfer;
• retrieving from the server the one or more security inputs selected by a sender for redemption of the money transfer;
• transmitting information to the receiver computer requesting the one or more security inputs retrieved from the server;
• receiving the one or more security inputs from the receiver computer;
• comparing the received one or more security inputs to the security inputs of the stored send transaction record;
• and
• transmitting an electronic release approval to the receiver computer to release funds in an amount of the money transfer if the received one or more security inputs correspond to the security inputs of the stored transaction record;
• and
• transmitting an electronic release denial to the receiver computer to deny release of funds in an amount of the money transfer if the received one or more security inputs do not correspond to the security inputs of the stored transaction record.