Systems and methods for authenticating a financial account at activation

• US 20040078324A1
• Filed: 10/16/2002
• Published: 04/22/2004
• Est. Priority Date: 10/16/2002
• Status: Abandoned Application

• Current Assignee: Capital One Financial Corporation
• Original Assignee: Capital One Financial Corporation
• Inventors: Lonnberg, Carl, Polk, John
• Application Number:
  US10/270,554
• Publication Number:
  US 20040078324A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Financial account issuer activates a financial account by determining whether the financial should be flagged for applicant authentication. Financial account issuer issues the financial account. Upon receipt of an activation request to activate the financial account, issuer determines whether the financial account has been flagged for applicant authentication. If the financial account has been flagged for applicant authentication, issuer initiates an applicant authentication process.

Claims

1. A method for activating a financial account applied for by a customer, comprising:

flagging the financial account based on a determination that identification of the customer must be authenticated;

issuing the financial account to the customer;

receiving a request to activate the financial account;

determining that the financial account corresponding to the activation request has been flagged; and

initiating a process for authenticating the customer'"'"'s identification based on a determination that the account has been flagged.

2. The method of claim 1, wherein flagging the financial account further includes:

flagging the financial account based on a determination that a predetermined fraud risk criteria is exceeded.

3. The method of claim 2, wherein the predetermined fraud risk criteria is used to identify customers that have fraudulently applied for a financial account.

4. The method of claim 1, wherein a plurality of financial accounts are issued to corresponding customers, and wherein the flagging further comprises:

identifying a subset of the plurality of financial accounts to flag for authentication.

5. The method of claim 4, wherein identifying a subset of the plurality of financial accounts to flag for authentication further includes:

identifying a subset of the plurality of financial accounts to flag based on a determination that a predetermined fraud risk criteria is exceeded for each of the subset of financial products.

6. The method of claim 5, wherein each customer submits an application to apply for a financial account, the method further comprising:

activating an unflagged financial account by receiving, as part of an activation request, customer information included on the application submitted by that customer.

7. The method of claim 1, wherein the customer submits an application to apply for the financial account, and wherein initiating the authentication process further includes requesting customer information other than that included on the submitted application.

8. The method of claim 1, further including:

activating the financial account when the customer'"'"'s identification has been authenticated.

9. A method for activating a financial account applied for by a customer, comprising:

receiving the financial account, wherein the financial account is flagged for customer authentication;

requesting activation of the financial account; and

providing information during a customer authentication process.

10. A computer for activating a financial account applied for by a customer, wherein the financial account is issued prior to customer authentication, the computer comprising:

a memory having program instructions; and

a processor, responsive to the programming instructions, configured to;

flag the financial account based on a determination that identification of the customer must be authenticated;

receive a request to activate the financial account;

determine that the financial account corresponding to the activation request has been flagged; and

initiate a process for authenticating the customer'"'"'s identification based on a determination that the account has been flagged.

11. The computer of claim 10, wherein the processor is configured to flag the financial account based on a determination that a predetermined fraud risk criteria is exceeded.

12. The computer of claim 11, wherein the predetermined fraud risk criteria is used to identify customers that have fraudulently applied for a financial account.

13. The computer of claim 10, wherein a plurality of financial accounts are issued to corresponding customers, and wherein the processor is configured to identify a subset of the plurality of financial accounts to flag for authentication.

14. The computer of claim 13, wherein the processor is configured to identifying a subset of the plurality of financial accounts to flag based on a determination that a predetermined fraud risk criteria is exceeded for each of the subset of financial products.

15. The computer of claim 14, wherein each customer submits an application to apply for a financial account and wherein the processor is further configured to activate an unflagged financial account by receiving, as part of an activation request, customer information included on the application submitted by that customer.

16. The computer of claim 10, wherein the customer submits an application to apply for the financial account, and wherein the processor is configured to initiate the authentication process by at least requesting customer information other than that included on the submitted application.

17. The computer of claim 10, wherein the processor is further configured to activate the financial account when the customer'"'"'s identification has been authenticated.

18. A system for activating a financial account applied for by a customer, wherein the financial account is issued prior to applicant authentication, comprising:

means for flagging the financial account based on a determination that identification of the customer must be authenticated;

means for issuing the financial account to the customer;

means for receiving a request to activate the financial account;

means for determining that the financial account corresponding to the activation request has been flagged; and

means for initiating a process for authenticating the customer'"'"'s identification based on a determination that the account has been flagged.

19. The system of claim 18, means for flagging the financial account includes means for flagging the financial account based on a determination that a predetermined fraud risk criteria is exceeded.

20. The system of claim 18, wherein the predetermined fraud risk criteria is used to predict customers that may have fraudulently applied for a financial account.

21. The system of claim 18, wherein a plurality of financial accounts are issued to corresponding customers, and wherein the means for flagging comprises means for identifying a subset of the plurality of financial accounts to flag for authentication.

22. The system of claim 21, wherein means for identifying a subset of the plurality of financial accounts to flag for authentication comprises means for identifying a subset of the plurality of financial accounts to flag based on a determination that a predetermined fraud risk criteria is exceeded for each of the subset of financial products.

23. The system of claim 22, wherein each customer submits an application to apply for a financial account, the system further comprising:

means for activating an unflagged financial account by receiving, as part of an activation request, customer information included on the application submitted by that customer.

24. The system of claim 18, wherein the customer submits an application to apply for the financial account, and wherein means for initiating the authentication process comprises means for requesting customer information other than that included on the submitted application.

25. The system of claim 18 further comprising:

means for activating the financial account when the customer'"'"'s identification has been authenticated.