Patent ID: 8311907

Claim:
A method for identifying fraudulent transactions comprising: receiving, by a processor, a set of at least one marked transaction record each transaction record in said set of marked transaction records respectively associated with a fraud score indicating a fraudulent transaction and a set of unmarked transaction records; for each unmarked transaction record in the set of unmarked transaction records, generating, by the processor, a relation value for the unmarked transaction record with respect to at least one marked transaction record, said relation value based on an outcome of at least one equivalence function therebetween; associating, by the processor, unmarked transaction records satisfying a marking condition with a fraud score, said fraud score based on said relation value of the unmarked transaction record with respect to the marked transaction record and its respective fraud score, thereby rendering unmarked transaction records having a fraud score as newly marked transaction records; and repeating said steps of generating a relation value and associating unmarked transaction records with a fraud score using the marked and newly marked transaction records as the set of marked transaction records, until a termination condition is reached.