Patent ID: 7433855

Claim:
A method for detecting fraud in one of a credit card or debit card system, the system generating network event records, each network event record being generated in response to an event in the system, the method comprising: performing, via one or more servers, at least a first fraud detection test and a second different fraud detection test on the network event records, the first fraud detection test and the second fraud detection test being performed based on fraud detection rules, the fraud detection rules being dynamically reconfigured in accordance with changing patterns of fraud; generating a first fraud alarm upon detection of suspected fraud by the first fraud detection test; generating a second different fraud alarm upon detection of suspected fraud by the second different fraud detection test; correlating the generated first fraud alarm with the generated second different fraud alarm based on common aspects of the first fraud alarm and the second different fraud alarm, the correlated fraud alarms being consolidated into a fraud case, the fraud case being assigned a priority based on a severity of the suspected fraud; and responding to the fraud case with a fraud prevention action, the fraud prevention action being based on the priority assigned to the fraud case.