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Negotiable instrument with fraud protection

  • US 20060144924A1
  • Filed: 03/09/2006
  • Published: 07/06/2006
  • Est. Priority Date: 10/29/2003
  • Status: Active Grant
First Claim
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1. A method of using a fraud and identity theft resistant checking account to avoid acceptance by a merchant of a fraudulent check and to preserve the identity of an account holder, the method comprising:

  • receiving a negotiable instrument from a check writer having a pre-printed bar code and an identification theft protection hotline;

    concealing from view by using the pre-printed bar code to encode personal and bank identification information;

    receiving a code with the check, the code being associated with the checking account for deriving personal and bank identification information from the pre-printed bar code;

    comparing the personal identification information of the account holder to the check writer;

    determining by the merchant whether to accept or refuse the check at the point and time of the transaction by comparing the check writer with the personal identification information of the account holder derived from the bar code;

    processing by the merchant of the check for payment by using the bank identification information derived from the bar code;

    contacting by the merchant the identification theft hotline at the point and time of the transaction to alert a bank associated with the checking account of a fraudulent use of the check, personal information or banking information associated with the account.

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