Preventing restricted trades using physical documents

• US 10,410,168 B2
• Filed: 11/24/2015
• Issued: 09/10/2019
• Est. Priority Date: 11/24/2015
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: McCormick, Ann, Ford, Gary, Zanzot, Mark, Tholl, Peter, Tooker, Robin, Dommes, Steven, Lukavsky, Timothy, McKay, Walter
• Primary Examiner(s): Araque, Jr., Gerardo
• Application Number:
  US14/950,764
• Publication Number:
  US 20170148033A1
• Time in Patent Office: 1,386 Days
• Field of Search: 705330, 705332, 705337, 705338, 705339, 705340, 705341, 705342
• CPC Class Codes: G06Q 10/0832 Special goods or special handling procedures, e.g. handling of hazardous or fragile goods
• CPC Class Codes: G06Q 30/0185 Product, service or business identity fraud
• CPC Class Codes: H04N 1/00167 Processing or editing H04N1/00196 - H04N1/00201 take precedence
• CPC Class Codes: H04N 1/32267 combined with processing of the image
• CPC Class Codes: H04N 1/444 to a particular document or image or part thereof
• CPC Class Codes: H04N 2201/04 Scanning arrangements
• CPC Class Codes: H04N 2201/3222 of processing required or performed, e.g. forwarding, urgent or confidential handling
• CPC Class Codes: H04N 2201/3242 of processing required or performed, e.g. for reproduction or before recording H04N2201/3256 and subgroups take precedence

Abstract

A system for preventing restricted transactions using physical trade documents includes a document intake machine comprising a document scanner and a data extractor. The document intake machine receives a physical trade document associated with a transaction of goods from an entity. The document scanner scans the physical trade document to create an electronic file. The data extractor identifies trade terms from the electronic file. A trade-executing machine receives the trade terms and compares them to a database of restricted trade terms. For each of the trade terms that match a restricted trade term, the trade executing machines identifies a confidence level associated with the trade term indicating a likelihood that the transaction of goods is a restricted transaction. If the confidence level is greater than a predetermined threshold, the trade executing machine flags the transaction of goods as a potential restricted transaction and communicates a notification message to the entity.

Claims

1. A system for preventing restricted trades using physical documents, comprising:

a document intake machine comprising a document scanner and a data extractor, the data extractor implemented on a processor that identifies terms in a text document, the document intake machine configured to receive a physical trade document from an entity, wherein the physical trade document is associated with a transaction of goods, the document intake machine further configured to;

scan, using the document scanner, the physical trade document to create an electronic file of the physical trade document; and

identify, using the data extractor, trade terms from the electronic file, wherein the trade terms comprise one or more of;

an identification of the entity, a shipping address of the goods, and a description of the goods;

a trade executing machine implemented on the processor, the processor further configured to;

receive the trade terms from the document intake machine;

compare the trade terms to a database of restricted trade terms;

identify, for each of the trade terms that match a restricted trade term, a confidence level associated with the trade term, wherein the confidence level is a statistical measure of the likelihood that the transaction of goods is a restricted transaction;

assign, based on the confidence level for each trade term, a risk level;

compute a total number of high risk terms, a total number of medium risk terms, and a total number of low risk terms;

flag, when the number of high risk terms, medium risk terms, or low risk terms exceed a threshold level for that level of risk, the transaction of goods as a potential restricted transaction;

communicate a notification message to the entity, wherein the notification message indicates that the transaction of goods was flagged because the trade term'"'"'s confidence level exceeded the predetermined threshold.

2. The system of claim 1, wherein identifying a confidence level associated with the electronic file further comprises:

identify two or more trade terms that match restricted trade terms;

increase a total confidence level of the electronic file based on a relationship between the two or more trade terms, both being restricted trade terms; and

flag the transaction of goods as a potential restricted transaction.

3. The system of claim 1, wherein identifying a confidence level associated with the electronic file further comprises:

identify two or more trade terms that match restricted trade terms; and

decrease the confidence level of the electronic file based on a relationship between the two or more trade terms both being identified in the physical trade document.

4. The system of claim 1, wherein the transaction is further evaluated in response to being flagged, and wherein if in response to further evaluation the transaction of goods is determined not to be a restricted transaction, the trade executing machine implemented on the processor is further configured to:

reduce the confidence level associated with the trade terms that matched the restricted trade term;

update the database with the reduced confidence level associated with the trade term; and

communicate a notification message to the entity, wherein the notification message indicates that the transaction of goods is not restricted.

5. The system of claim 1, wherein the transaction is further evaluated in response to being flagged, and wherein if in response to further evaluation the transaction of goods is determined to be a restricted transaction, the trade executing machine implemented on the processor is further configured to:

increase the confidence level associated with the trade terms that matched the restricted trade term;

update the database with the increased confidence level associated with the trade term; and

communicate a notification message to the entity, wherein the notification message indicates that the transaction of goods is restricted.

6. The system of claim 1, wherein the electronic file is one selected from the group comprising:

Bitmap, TIFF, PNG, JPEG, GIF, and PDF.

7. The system of claim 1, wherein the physical trade document is one from the group comprising:

an invoice;

a purchase order;

a transport document, and a letter of credit.

8. A method for preventing restricted trades using physical documents, comprising:

receiving, at an interface, a physical trade document from an entity, wherein the physical trade document is associated with a transaction of goods;

scanning, using a scanner communicatively coupled to the interface, the physical trade document to create electronic file of the physical trade document;

identifying, using a data extractor communicatively coupled to the scanner and the interface, trade terms from the electronic file, wherein trade terms comprise one or more of;

an identification of the entity, a shipping address of the goods, and a description of the goods;

comparing, using a processor communicatively coupled to the interface, scanner, and data extractor, the trade terms to a database of restricted trade terms; and

for each of the trade terms that match a restricted trade term, identifying a confidence level associated with the trade term, wherein the confidence level is a statistical measure of the likelihood that the transaction of goods is a restricted transaction;

assigning, based on the confidence level for each trade term, a risk level;

computing a total number of high risk terms, a total number of medium risk terms, and a total number of low risk terms;

when the number of high risk terms, medium risk terms, or low risk terms exceeds a threshold level for that level of risk;

flagging, using the processor, the transaction of goods as a potential restricted transaction; and

communicating, using the interface, a notification message to the entity, wherein the notification message indicates that the transaction of goods was flagged because the trade term'"'"'s confidence level exceeded the predetermined threshold.

9. The method of claim 8, wherein identifying a confidence level associated with the electronic file further comprises:

identifying two or more trade terms that match restricted trade terms;

increasing a total confidence level of the electronic file based on a relationship between the two or more trade terms both being restricted trade terms; and

flagging the transaction of goods as a potential restricted transaction.

10. The method of claim 8, wherein identifying a confidence level associated with the electronic file further comprises:

identifying two or more trade terms that match restricted trade terms; and

decreasing the confidence level of the electronic file based on a relationship between the two or more trade terms both being identified in the physical trade document.

11. The method of claim 8, wherein the transaction is further evaluated in response to being flagged, and wherein if in response to further evaluation the transaction of goods is determined not to be a restricted transaction, the method further comprises:

reducing the confidence level associated with the trade terms that matched the restricted trade term;

updating the database with the reduced confidence level associated with the trade term; and

communicating a notification message to the entity, wherein the notification message indicates that the transaction of goods is not restricted.

12. The method of claim 8, wherein the transaction is further evaluated in response to being flagged, and wherein if in response to further evaluation the transaction of goods is determined to be a restricted transaction, the method further comprises:

increasing the confidence level associated with the trade terms that matched the restricted trade term;

updating the database with the increased confidence level associated with the trade term; and

communicating a notification message to the entity, wherein the notification message indicates that the transaction of goods is restricted.

13. The method of claim 8, wherein the electronic file is one selected from the group comprising:

Bitmap, TIFF, PNG, JPEG, GIF, and PDF.

14. The method of claim 8, wherein the physical trade document is one from the group comprising:

an invoice;

a purchase order;

a transport document, and a letter of credit.

15. A non-transitory computer readable medium comprising logic, the logic operable, when executed by a processor to:

receive a physical trade document from an entity, wherein the physical trade document is associated with a transaction of goods;

scan the physical trade document to create electronic file of the physical trade document;

identify trade terms from the electronic file, wherein trade terms comprise one or more of;

an identification of the entity, a shipping address of the goods, and a description of the goods;

compare the trade terms to a database of restricted trade terms; and

for each of the trade terms that match a restricted trade term, identify a confidence level associated with the trade term, wherein the confidence level is a statistical measure of the likelihood that the transaction of goods is a restricted transaction;

assign, based on the confidence level for each trade term, a risk level;

compute a total number of high risk terms, a total number of medium risk terms, and a total number of low risk terms;

when the number of high risk terms, medium risk terms, or low risk terms exceeds a threshold level for that level of risk;

flag the transaction of goods as a potential restricted transaction; and

communicate a notification message to the entity, wherein the notification message indicates that the transaction of goods was flagged because the trade term'"'"'s confidence level exceeded the predetermined threshold.

16. The non-transitory medium of claim 15, wherein identifying a confidence level associated with the electronic file further comprises:

identify two or more trade terms that match restricted trade terms;

increase a total confidence level of the electronic file based on a relationship between the two or more trade terms both being restricted trade terms; and

flag the transaction of goods as a potential restricted transaction.

17. The non-transitory medium of claim 15, wherein identifying a confidence level associated with the electronic file further comprises:

identify two or more trade terms that match restricted trade terms; and

decrease the confidence level of the electronic file based on a relationship between the two or more trade terms both being identified in the physical trade document.

18. The non-transitory medium of claim 15, wherein the transaction is further evaluated in response to being flagged, and wherein if in response to further evaluation the transaction of goods is determined not to be a restricted transaction, the logic is further operable to:

reduce the confidence level associated with the trade terms that matched the restricted trade term;

update the database with the reduced confidence level associated with the trade term; and

communicate a notification message to the entity, wherein the notification message indicates that the transaction of goods is not restricted.

19. The non-transitory medium of claim 15, wherein the transaction is further evaluated in response to being flagged, and wherein if in response to further evaluation the transaction of goods is determined to be a restricted transaction, the logic is further operable to:

increase the confidence level associated with the trade terms that matched the restricted trade term;

update the database with the increased confidence level associated with the trade term; and

communicate a notification message to the entity, wherein the notification message indicates that the transaction of goods is restricted.

20. The non-transitory medium of claim 15, wherein the electronic file is one selected from the group comprising:

Bitmap, TIFF, PNG, JPEG, GIF, and PDF.