7. Creating an Instrument
Instruments are a basic building block for Transaction Monitoring (Fraud and Risk Analysis). They can be a credit card, wallet, ach and more.
Unit21 can associate transactions and entities with instruments.
Instruments represent any physical, digital, or logical intermediary between an entity and a transaction event such as:
- a Credit Card #
- Cash
- a Bank Account
- an Invoice
- Store Credit
When transactions occur between entities, an instrument can be added. Transactions call also occur between instruments (and involve no entities at all):
- Sarah Smith sent Paul Smith 5 ETH using a Wallet
- $25,000 USD wired from Bank Routing # 072403473 to Bank Routing # 041215016
- Credit Card A received $567 from Credit Card B
- User jarmin04 used store credit to make a $380 purchase online
Create a Sample Instrument:
- Log into your Dashboard.
- Navigate to the Data Explorer:
- Go to the Upload File tab:
- Download this JSON file on your computer. You can highlight the text and copy-paste it into a text editor like Notepad. Save the file as
Create_instrument_lee01.json
and make sure no extra text is added and that the file extension is JSON and not TXT.
[{
"instrument_id": "cc-7291",
"instrument_type": "card",
"source": "internal",
"status": "active",
"entities": [
{
"entity_id": "Baker01",
"entity_type": "user"
}
]
}]
This JSON file will create a credit card instrument and associate it with Annabelle Lee.
- Drag and drop
Create_instrument_cc01.json
to the Upload File widget. - Make sure the file uploaded correctly, it should be labeled as Awaiting Trigger:
- Select Process in the menu:
- Patiently wait while Unit21 validates and processes the file.
- Refresh the page until you see Process Success under the status of the file:
- Success! Now let's see the results by navigating to the Instruments tab (you may need to use the filter to find the instrument):
- You can click on the new instrument in the table to view additional details:
- Click on Go To Detail Page -> to open up an instrument detail page:
Instruments are simple objects. Instruments can have additional informational data such as status, source, registration date and owner (which entity owns this instrument).
- The instrument is associated with
Baker
. As such, you can find the instrument from the Baker entity page:
In summary, the Unit21 foundation is composed of:
- Entities - a user or business
- Instruments - an object that is used to exchange currencies
- Transactions - two entities (and/or instruments)that exchange currencies
Now that we have explored the three main concepts of the Unit21 system, we can bring them all together and start monitoring fraudulent transactions.
Updated 2 months ago