Systems and methods for assessing the risk of financial transaction using geographic-related information
First Claim
1. An apparatus that scores risk associated with accepting a payroll check issued by an employer to an employee and presented to a check-cashing entity for cashing, the apparatus comprising:
- a database that stores geographic-related information about employers; and
a computer processor configured to receive information about a payroll check issued by an employer to an employee and presented to a check-cashing entity for cashing, the computer processor further configured to determine a risk score associated with accepting the check, the risk score being based at least in part on information from the database indicative of the proximity of the employer to the check-cashing entity.
3 Assignments
0 Petitions
Accused Products
Abstract
Systems and methods are described for better assessing risk associated with cashing second-party checks and other negotiable instruments. The systems and methods make use of location-related information about an issuer of a second-party check being presented for cashing in order to better assess the legitimacy and cashability of the check. In various embodiments, information about the proximity of the check issuer to the check cashing location is used to enhance risk assessment of the check item. In various embodiments, location-based information about a check may be expressed as a gradated location-based risk score. In various embodiments, the location-based risk score may be combined with risk scores that are descriptive of other aspects of a check cashing transaction to calculate a risk score for the transaction as a whole. In some embodiments, the risk scores may be used to generate an accept/decline recommendation for the transaction.
171 Citations
32 Claims
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1. An apparatus that scores risk associated with accepting a payroll check issued by an employer to an employee and presented to a check-cashing entity for cashing, the apparatus comprising:
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a database that stores geographic-related information about employers; and
a computer processor configured to receive information about a payroll check issued by an employer to an employee and presented to a check-cashing entity for cashing, the computer processor further configured to determine a risk score associated with accepting the check, the risk score being based at least in part on information from the database indicative of the proximity of the employer to the check-cashing entity. - View Dependent Claims (2, 3, 4)
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5. An apparatus that scores risk associated with accepting a check issued by a first party to a second party and presented for cashing by a check-presenter claiming to be the second party, the apparatus comprising:
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a database that stores geographic-related information about check issuers; and
a computer processor configured to receive information about a check issued by a check issuer to a second party and presented to a check-cashing entity for cashing, the computer processor further configured to determine a risk score associated with accepting the check, the risk score being based at least in part on geographic-related information from the database associated with the check issuer. - View Dependent Claims (6, 7, 8, 9)
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10. A method of scoring risk associated with a check transaction, the method comprising:
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receiving information about a check issued by a check issuer to a second party and presented to an entity in association with a check transaction;
accessing geographic-related information about the check issuer; and
determining a risk score associated with the check transaction, based at least in part on the geographic-related information associated with the check issuer. - View Dependent Claims (11, 12)
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13. An apparatus that scores risk associated with a proposed financial transaction, the apparatus comprising:
a computer processor configured to access geographic-related information about an issuer of a negotiable instrument that has been issued to a second party and that has been presented in association with a proposed financial transaction, the computer processor further configured to determine a risk score associated with the proposed financial transaction, wherein the risk score is based at least in part on the geographic-related information about the issuer of the negotiable instrument. - View Dependent Claims (14, 15)
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16. A method that scores risk associated with a proposed financial transaction, the method comprising:
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receiving information about an issuer of a negotiable instrument issued to a second party and presented in association with a proposed financial transaction;
accessing geographic-related information associated with the issuer of the negotiable instrument; and
determining a risk score associated with the proposed financial transaction based at least in part on the geographic-related information about the issuer. - View Dependent Claims (17, 18, 19)
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20. A computerized method for determining whether to authorize the payment of a check presented to an entity, the method comprising:
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obtaining geographic information about an issuer of a check issued to a second party and presented to an entity by a check presenter;
comparing the geographic information with data about the location of the entity;
determining a risk score based at least in part on the comparison; and
determining based at least in part on the risk score whether to authorize the payment of the check. - View Dependent Claims (21, 22, 23, 24)
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25. A computerized system that determines whether to authorize a proposed check transaction, the system comprising:
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a database of information about check issuer locations; and
a computer processor configured to obtain data about an issuer of a check issued to a second party and presented at a check-cashing entity in association with a proposed check transaction, the computer processor further configured to use the data about the check issuer to access information stored in the database to determine a risk score based at least in part on the accessed information, and to determine based at least in part on the risk score whether to authorize the proposed check transaction.
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26. A system for scoring risk associated with a check-cashing transaction, the system comprising:
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means for receiving information about a check issued by a check issuer to a second party and presented to a check-cashing entity for cashing;
means for accessing geographic-related information about the check issuer; and
means for determining a risk score associated with the check-cashing transaction, based at least in part on the geographic-related information associated with the check issuer. - View Dependent Claims (27, 28, 29, 30, 31, 32)
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Specification