Patent ID: 7440915

Claim:
A method for reducing fraudulent transactions, the method comprising the computer implemented steps of: receiving fraud data from a first data source, wherein the fraud data is related to a fraudulent transaction of an entity; receiving a first data element corresponding to the entity from the first data source; correlating the first data element with the fraudulent transaction of the entity to form an entity profile; receiving the first data element and a second data element corresponding to the entity from a second data source; correlating the second data element with the entity profile based on the first data element; generating an entity profile risk assessment associated with the entity profile; receiving a transaction risk assessment request based on a request for payment to a payee, wherein the transaction risk assessment request includes a payee identifier; comparing the payee identifier to the entity profile to generate a confidence score; and generating a transaction risk assessment based at least in part on the entity profile risk assessment and at least in part on the confidence score.