Patent ID: 8527418

Claim:
A system for conducting a money transfer transaction for sending money from a sender to a recipient, comprising: a money transfer host computer communicatively coupled to a transaction terminal for receiving money transfer information and for conducting the money transfer transaction in response to the money transfer information; and a risk assessment system associated with the money transfer host computer for assessing on a real-time basis a risk of improper activity in connection with the money transfer transaction, the risk assessment system including at least one rules engine for evaluating the money transfer information received at the transaction terminal, the risk assessment system providing, prior to the money transfer transaction being completed at the money transfer host computer, 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 system receives money transfer information having a value for at least one risk factor associated with the money transfer transaction, and wherein a risk score is calculated by the risk assessment 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 money transfer 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.