SYSTEMS AND METHODS FOR USING SOCIAL NETWORK DATA TO DETERMINE PAYMENT FRAUD

A computer-implemented method for analyzing potentially fraudulent e-commerce payment transactions utilizing social media data is provided. The method uses a fraud monitoring device in communication with a memory. The method includes receiving a request to assess the fraud risk of an online transaction initiated by a cardholder using a payment card and accessing a social media account associated with the cardholder. The social media account includes a circle of friends, where each friend in the circle of friends is associated with a social media account. The method also includes determining one or more historical transactions associated with at least one friend in the circle of friends, calculating a social risk score for the cardholder based in part on the determined one or more historical transactions, and transmitting a consolidated risk assessment of the online transaction based in part on the social risk score.