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 rule set, wherein the rule set comprises at least one of (a) whether a certain number of balance inquiries have been made, (b) whether a certain number of transactions have been performed, and (c) whether a certain number of activation requests have been made;
receiving at least one request related to at least one stored value instrument identifier;
compiling information concerning said request based on the type of request made;
processing said compiled information through said 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 rule set; and
setting a flag if potentially unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said rule set.
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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.
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Citations
21 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 rule set, wherein the rule set comprises at least one of (a) whether a certain number of balance inquiries have been made, (b) whether a certain number of transactions have been performed, and (c) whether a certain number of activation requests have been made;
receiving at least one request related to at least one stored value instrument identifier;
compiling information concerning said request based on the type of request made;
processing said compiled information through said 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 rule set; and
setting a flag if potentially unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said 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 information concerning said at least one request based on the type of request made;
a database comprising a 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 rule set, wherein the rule set comprises at least one of (a) whether a certain number of balance inquiries have been made, (b) whether a certain number of transactions have been performed, and (c) whether a certain number of activation requests have been made; and
means for setting a flag if potential unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said rule set. - View Dependent Claims (17, 18, 19, 20)
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21. A system for detecting potential unauthorized or fraudulent use of a stored-value instrument, said system comprising:
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an input that is configured to receive at least one request of a certain request type related to at least one stored-value instrument identifier number;
a database comprising a 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 rule set, wherein the rule set comprises at least one of (a) whether a certain number of balance inquiries have been made for the stored-value instrument identifier, (b) whether a certain number of transactions have been performed relating to the stored-value identifier, and (c) whether a certain number of activation requests have been made relating to the stored-value identifier; and
a computer processor that is configured to set a flag if potential unauthorized or fraudulent use of said stored-value instrument is detected in accordance with said rule set.
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Specification