SYSTEMS AND METHODS FOR PREVENTING FRAUDULENT BANKING TRANSACTIONS
First Claim
1. A method of protecting account holders against fraudulent transactions, comprising the steps of:
- receiving authorization criteria, wherein the authorization criteria relates to one or more characteristics associated with financial transactions that involve an account in a financial institution;
receiving incoming transaction data wherein the incoming transaction data is associated with an underlying financial transaction involving the account;
identifying the one or more characteristics associated with the incoming transaction relating to the authorization criteria received;
identifying prior transactions with one or more characteristics corresponding with the identified one or more characteristics associated with the incoming transaction data;
comparing the incoming transaction data with the authorization criteria;
suspending the underlying transaction associated with the incoming transaction data if the authorization criteria is not satisfied;
transmitting notification of the suspension to the account holder associated with the suspended underlying transaction data through a first communication method, wherein the transmitted notification includes a unique item of information; and
permitting the suspended underlying transaction to proceed if the unique item of information is received through a second communication method.
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Accused Products
Abstract
A system and method for protecting account holders against fraudulent transactions by receiving authorization criteria, wherein the authorization criteria relates to one or more characteristics associated with financial transactions that involve an account in a financial institution; receiving incoming transaction data wherein the incoming transaction data is associated with an underlying financial transaction involving the account; identifying the one or more characteristics associated with the incoming transaction relating to the authorization criteria received; identifying prior transactions with one or more characteristics corresponding with the identified one or more characteristics associated with the incoming transaction data; comparing the incoming transaction data with the authorization criteria; suspending the underlying transaction associated with the incoming transaction data if the authorization criteria is not satisfied; transmitting notification of the suspension to the account holder associated with the suspended underlying transaction data through a first communication method, wherein the transmitted notification includes a unique item of information; and permitting the suspended underlying transaction to proceed if the unique item of information is received through a second communication method.
43 Citations
14 Claims
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1. A method of protecting account holders against fraudulent transactions, comprising the steps of:
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receiving authorization criteria, wherein the authorization criteria relates to one or more characteristics associated with financial transactions that involve an account in a financial institution; receiving incoming transaction data wherein the incoming transaction data is associated with an underlying financial transaction involving the account; identifying the one or more characteristics associated with the incoming transaction relating to the authorization criteria received; identifying prior transactions with one or more characteristics corresponding with the identified one or more characteristics associated with the incoming transaction data; comparing the incoming transaction data with the authorization criteria; suspending the underlying transaction associated with the incoming transaction data if the authorization criteria is not satisfied; transmitting notification of the suspension to the account holder associated with the suspended underlying transaction data through a first communication method, wherein the transmitted notification includes a unique item of information; and permitting the suspended underlying transaction to proceed if the unique item of information is received through a second communication method. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system of protecting account holders against fraudulent transactions, comprising:
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(a) a data input device configured for; (i) receiving authorization criteria, wherein the authorization criteria relates to one or more characteristics associated with financial transactions that involve an account in a financial institution; (ii) receiving incoming transaction data wherein the incoming transaction data is associated with an underlying financial transaction involving the account; (b) a processor configured for; (i) identifying the one or more characteristics associated with the incoming transaction relating to the authorization criteria received; (ii) identifying prior transactions with one or more characteristics corresponding with the identified one or more characteristics associated with the incoming transaction data; (iii) comparing the incoming transaction data with the authorization criteria; (iv) suspending the underlying transaction associated with the incoming transaction data if the authorization criteria is not satisfied; and (c) a data output device configured for; (i) transmitting notification of the suspension to the account holder associated with the suspended underlying transaction data through a first communication method, wherein the transmitted notification includes a unique item of information and the underlying transaction will be permitted to proceed if the unique item of information is received through a second communication method. - View Dependent Claims (11, 12, 13, 14)
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Specification