×

Method of reducing online fraud

  • US 20030167232A1
  • Filed: 03/01/2002
  • Published: 09/04/2003
  • Est. Priority Date: 03/01/2002
  • Status: Abandoned Application
First Claim
Patent Images

1. A method of reducing the occurrence of fraud in a commercial transaction between a seller selling goods and a buyer buying said goods, wherein said seller agrees to ship said goods to said buyer and said buyer agrees to remit a payment amount to said seller, said method comprising the steps of:

  • the buyer and seller agreeing on a good faith money amount;

    the buyer and seller agreeing on a third party;

    the buyer and seller agreeing on a fourth party;

    the seller depositing an amount of money equal to said good faith money amount with said third party, said good faith money amount held in trust by said third party; and

    the buyer depositing said payment amount with said third party;

    wherein if said buyer indicates dissatisfaction with said commercial transaction, said third party tenders said good faith money amount and said payment amount to said fourth party;

    wherein if said buyer indicates satisfaction with said commercial transaction, said third party tenders said good faith money amount and said payment amount to said seller.

View all claims
  • 0 Assignments
Timeline View
Assignment View
    ×
    ×