FRAUD DATA EXCHANGE SYSTEM

A fraud data exchange system performs a method for processing a transfer request using shared fraud data including receiving a transfer request comprising information corresponding to an account to be debited and information corresponding to an account to be credited, approving the information corresponding to the account to be debited, and accessing a database to retrieve fraud data. The database includes fraud data shared among two or more financial institutions, and the fraud data includes a plurality of entries, each entry corresponding to one or more accounts and comprising one or more data fields. Each data field corresponds to a characteristic of the accounts and tends to indicate whether the transfer request is fraudulent. The method includes determining a likelihood of fraudulent activity, based on the accessed fraud data and determining, based at least in part on the determined likelihood of fraudulent activity, whether to complete the transfer.