System and Method Using Enhanced Authorization Data to Reduce Travel-Related
First Claim
1. A method for authorizing a financial transaction between a merchant and an account holder of a financial account, comprising:
- receiving, from the merchant for use in real-time authorization, transaction variables for a transaction involving a purchase of a travel ticket using the financial account, the transaction variables including a passenger name on the travel ticket, a travel date, a routing description of the travel ticket, and an electronic ticket indicator; and
processing the transaction variables through a fraud-risk model to determine a risk factor for the transaction.
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Accused Products
Abstract
Processes (200, 400) for reducing fraud risk in credit transactions, particularly those involving airline ticket purchases, includes collecting the following additional transaction variables and their use in real-time authorization decisions: credit card holder name, reservation code, passenger name, origin city, destination city, travel date, routing description, class of service, e-ticket indicator, number of passengers traveling and carrier code. The additional transaction variables received during a transaction involving the purchase of airline tickets are passed, in addition to the transaction variables traditionally included in a real-time authorizations request, to a fraud risk evaluation model maintained by a financial institution (106) or other entity responsible for authorizing a payment for the transaction. The fraud-risk models use historical behavior and optimal risk decision-making factors to authorize or reject the transaction in real time, without slowing standard authorization processing times.
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Citations
25 Claims
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1. A method for authorizing a financial transaction between a merchant and an account holder of a financial account, comprising:
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receiving, from the merchant for use in real-time authorization, transaction variables for a transaction involving a purchase of a travel ticket using the financial account, the transaction variables including a passenger name on the travel ticket, a travel date, a routing description of the travel ticket, and an electronic ticket indicator; and
processing the transaction variables through a fraud-risk model to determine a risk factor for the transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for authorizing a transaction between a merchant and an account holder having a financial account, the transaction involving a purchase of an airline ticket, the method comprising:
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transmitting, to a transaction processor, transaction variables for the transaction, the transaction variables including a passenger name on the airline ticket, a travel date, a routing type of the airline ticket, and an electronic ticket indicator; and
receiving, from the transaction processor, one of an approval of the transaction, a declination of the transaction and a request to contact a financial institution maintaining the financial account, based on the transaction variables. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23)
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24. A method for generating and applying a fraud-risk model to financial transactions involving purchases of airline tickets by account holders from merchants, the method comprising:
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determining, based on historical data, a risk value for transaction variables of transactions involving purchases of airline tickets, the transaction variables including at least one of;
an account holder name, a reservation code, a passenger name, an origin city, a destination city, a travel date, a routing description, a class of service, an electronic ticket indicator, a number of passengers traveling and a carrier code;
combining the risk values to generate a fraud-risk model that determines risk factors for transactions involving purchases of airline ticket;
receiving a request from a merchant to authorize a transaction involving a purchase of a ticket by an account holder, the request including transaction variables corresponding to the account holder and the ticket;
determining a risk factor for the transaction by inputting the transaction variables corresponding to the account holder and the ticket to the fraud-risk model; and
generating an authorization decision for the request based on the risk factor for the transaction.
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25. A method for authorizing a financial transaction between a merchant and an account holder of a financial account, comprising:
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receiving, from the merchant for use in real-time authorization, transaction variables for a transaction involving a purchase of a travel ticket using the financial account, the transaction variables including at least one of;
a passenger name on the travel ticket, a travel date, a routing description of the travel ticket, and an electronic ticket indicator; and
processing the transaction variables through a fraud-risk model to determine a risk factor for the transaction.
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Specification