System and method for detecting fraudulent use of stored value instruments
First Claim
1. A method for detecting potential unauthorized or fraudulent use of a stored value instrument, said method comprising:
- providing a database comprising a predetermined rule set;
receiving at least one request related to at least one stored value instrument identifier;
compiling predetermined information concerning said request based on the type of request made;
processing said compiled information through said predetermined rule set to thereby determine whether there is a likelihood of potential unauthorized or fraudulent use of said at least one stored value instrument based on said predetermined rule set; and
setting a flag if potentially unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said predetermined rule set.
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0 Petitions
Accused Products
Abstract
The present invention is generally directed to systems and methods for detecting unauthorized or fraudulent use of stored-value instruments. A stored-value instrument can be any instrument (tangible or intangible) that may be associated with a debit account and/or may otherwise be presented for payment for goods and/or services, used to transfer money, etc. The systems and methods of the invention generally involve processing request activity through a predetermined rule set to ascertain whether the activity is potentially unauthorized or fraudulent. The systems and methods of the invention allow for real-time monitoring of request activity for potentially unauthorized or fraudulent use of stored-value instruments.
53 Citations
20 Claims
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1. A method for detecting potential unauthorized or fraudulent use of a stored value instrument, said method comprising:
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providing a database comprising a predetermined rule set;
receiving at least one request related to at least one stored value instrument identifier;
compiling predetermined information concerning said request based on the type of request made;
processing said compiled information through said predetermined rule set to thereby determine whether there is a likelihood of potential unauthorized or fraudulent use of said at least one stored value instrument based on said predetermined rule set; and
setting a flag if potentially unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said predetermined rule set. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A system for detecting potential unauthorized or fraudulent use of a stored-value instrument, said system comprising:
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means for receiving at least one request related to at least one stored-value instrument identifier number;
means for capturing predetermined information concerning said at least one request based on the type of request made;
a database comprising a predetermined rule set useful to determine whether there is a likelihood of potential unauthorized or fraudulent use of said at least one stored value instrument based on said predetermined rule set; and
means for setting a flag if potential unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said predetermined rule set. - View Dependent Claims (17, 18, 19, 20)
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Specification