SYSTEMS AND METHODS FOR IDENTIFYING POTENTIALLY FRAUDULENT FINANCIAL TRANSACTIONS AND COMPULSIVE SPENDING BEHAVIOR
First Claim
1. A fraud prevention system for identifying potentially fraudulent online financial transactions received from a customer for an online merchant, the system comprising a fraud prevention module configured for:
- applying one or more fraud filters to each of one or more financial transactions received from one or more customers, the one or more fraud filters being selected from one or more of the following;
(1) comparing a first location associated with a customer account with a second location associated with a customer computing device used to transmit the financial transaction to the online merchant, and in response to the first location being outside of a first predetermined acceptable distance of the second location, marking the financial transaction as potentially fraudulent;
(2) comparing a fourth location associated with a customer billing address for the customer account with the second location, and in response to the fourth location being outside of a third predetermined acceptable distance of the second location, marking the financial transaction as potentially fraudulent;
(3) comparing a customer identification with a list of individuals prohibited from conducting financial transactions, and in response to the customer identification matching one of the individuals on the list, marking the financial transaction as potentially fraudulent;
or(4) comparing an identification of a customer account with a list of accounts prohibited from conducting financial transactions, and in response to the identification of the customer account matching one of the accounts on the list, marking the financial transaction as potentially fraudulent; and
in response to the financial transaction being marked as potentially fraudulent, storing information associated with the financial transaction in a fraud database.
11 Assignments
0 Petitions
Accused Products
Abstract
Various embodiments of the invention provide a more secure financial transaction system for e-commerce sectors that (1) more securely processes payment transactions, (2) helps to protect merchants and banks against fraudulent transactions, money laundering, and underage gambling, and (3) helps to limit other abuses in areas of e-commerce that are perceived to pose special risks, such as Internet gaming, travel, and consumer purchasing of electronic goods. To accomplish the above goals, various embodiments of the financial transaction system (1) establish operating and transaction processing protocols for merchants, Internet payment service providers, acquiring banks, and card schemes and (2) provide automated systems for monitoring and securely processing payment and financial transactions.
257 Citations
27 Claims
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1. A fraud prevention system for identifying potentially fraudulent online financial transactions received from a customer for an online merchant, the system comprising a fraud prevention module configured for:
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applying one or more fraud filters to each of one or more financial transactions received from one or more customers, the one or more fraud filters being selected from one or more of the following; (1) comparing a first location associated with a customer account with a second location associated with a customer computing device used to transmit the financial transaction to the online merchant, and in response to the first location being outside of a first predetermined acceptable distance of the second location, marking the financial transaction as potentially fraudulent; (2) comparing a fourth location associated with a customer billing address for the customer account with the second location, and in response to the fourth location being outside of a third predetermined acceptable distance of the second location, marking the financial transaction as potentially fraudulent; (3) comparing a customer identification with a list of individuals prohibited from conducting financial transactions, and in response to the customer identification matching one of the individuals on the list, marking the financial transaction as potentially fraudulent;
or(4) comparing an identification of a customer account with a list of accounts prohibited from conducting financial transactions, and in response to the identification of the customer account matching one of the accounts on the list, marking the financial transaction as potentially fraudulent; and in response to the financial transaction being marked as potentially fraudulent, storing information associated with the financial transaction in a fraud database. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A system for monitoring a compulsive spending behavior of a customer, said system comprising a processor and a memory, said processor configured for:
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storing, in the memory, information associated with each of one or more requests from the customer to conduct financial transactions with a merchant, the information comprising an amount of funds; receiving a new request to conduct a financial transaction with the merchant, the request comprising an amount of funds; in response to receiving the new request, retrieving a total amount of funds stored in the memory; comparing a sum of the total amount of funds and the amount of funds in the new request with a pre-determined acceptable limit; and in response to the sum exceeding the pre-determined acceptable limit, notifying one or more of the customer, a payment source associated with the customer, or the merchant that the pre-determined acceptable limit has been exceeded. - View Dependent Claims (20)
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21. A system for monitoring a compulsive gambling behavior of a customer, said system comprising a processor and a memory, said processor configured for:
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storing, in the memory, information associated with each of one or more requests from the customer to conduct a financial transaction with the merchant, the information comprising an amount of funds and a type of financial transaction; receiving a new request to conduct a financial transaction with the merchant, the request comprising an amount of funds and a type of financial transaction; in response to receiving the new request, retrieving a total amount of funds stored in the memory for the type of financial transaction in the new request; comparing a sum of the total amount of funds and the amount of funds in the new request with a pre-determined acceptable limit associated with the type of financial transaction in the new request; and in response to the sum exceeding the pre-determined acceptable limit, notifying one or more of the customer, a payment source associated with the customer, or the merchant that the pre-determined acceptable limit has been exceeded. - View Dependent Claims (22, 23, 24, 25, 26)
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27. A system for monitoring a compulsive spending behavior of a customer, said system comprising a processor and a memory, said processor configured for:
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storing, in the memory, information associated with each of one or more requests from the customer to transfer funds to the merchant and a date on which the request was received by the merchant; receiving a new request to transfer funds to the merchant; in response to receiving the new request, retrieving a total number of transactions stored in the memory within a particular time period; comparing the total number of transactions with a pre-determined acceptable limit; and in response to the total number of transactions exceeding the pre-determined acceptable limit, notifying one or more of the customer, a payment source associated with the customer, or the merchant that the limit has been exceeded.
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Specification