Method and system for user contributed aggregated fraud identification

A non-transitory computer readable storage medium comprising executable instructions for performing a method for identifying an origin of fraudulent activity, the method comprising:

• receiving, from a first user, a first fraud flag identifying a first financial transaction between the first user and a payee as fraudulent, wherein the first user sets the first fraud flag;
• obtaining a fraud score for the payee from a fraud aggregation table,
• wherein the fraud score is based on a plurality of fraud flags set by a plurality of users and identifying a plurality of transaction between the plurality of users and the payee as fraudulent, and
• wherein the fraud score is further based on the plurality of fraud flags associated with the payee within a time span;
• obtaining a fraud score threshold associated with the payee;
• incrementing, in response to receiving the first fraud flag, the fraud score to obtain an incremented fraud score;
• making a determination that the incremented fraud score exceeds the fraud score threshold;
• retrieving, in response to the determination, a financial transaction entry associated with a second financial transaction between a second user and the payee after the second financial transaction is complete, wherein the financial transaction entry associated with the second financial transaction comprises a date within the time span;
• and
• alerting the second user, based on the determination, that the payee is a potential origin of fraud after the second transaction is complete.

A system for identifying an origin of fraudulent activity, comprising:

• a computer processor;
• a data store storing a financial transaction table comprising a plurality of financial transaction entries and a fraud aggregation table comprising a plurality of fraud scores for a plurality of payees;
• and
• a fraud detection engine executing on the computer processor and configured to:
• receive, from a first user, a first fraud flag identifying a first financial transaction between the first user and a payee as fraudulent, wherein the first user sets the first fraud flag;
• obtain a fraud score for the payee from the fraud aggregation table,
• wherein the fraud score is based on a plurality of fraud flags set by a plurality of users and identifying a plurality of transactions between the plurality of users and the payee as fraudulent, and
• wherein the fraud score is further based on the plurality of fraud flags associated with the payee within a time span;
• obtain a fraud score threshold associated with the payee;
• increment, in response to receiving the first fraud flag, the fraud score to obtain an incremented fraud score;
• make a determination that the incremented fraud score exceeds the fraud score threshold;
• retrieve, from the financial transaction table and in response to the determination, a financial transaction entry associated with a second financial transaction between a second user and the payee after the second financial transaction is complete, wherein the financial transaction entry associated with the second financial transaction comprises a date within the time span;
• and
• alert the second user, based on the determination, that the payee is a potential origin of fraud after the second financial transaction is complete.