SYSTEMS AND METHODS FOR ACCESSING RECORDS VIA DERIVATIVE LOCATORS

• US 20150294316A1
• Filed: 01/29/2015
• Published: 10/15/2015
• Est. Priority Date: 08/02/2012
• Status: Active Grant

• Current Assignee: The 41st Parameter, Inc. (Experian plc)
• Original Assignee: The 41st Parameter, Inc. (Experian plc)
• Inventors: Eisen, Ori
• Granted Patent: US 10,417,637 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06F 16/2322 using timestamps
• CPC Class Codes: G06F 16/245 Query processing
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Systems and methods are provided for accessing records using derivative locators. An open financial transaction may be initiated by a consumer at a merchant. The merchant may provide information relating to the transaction, which may include information about the consumer'"'"'s device, to a repository. The merchant may provide transaction information to the acquiring bank, which may provide transaction to the global financial network, which may provide transaction information to an issuing bank. One or more requesting party (e.g., one or more of the acquiring bank, global financial network, or issuing bank) may formulate a derivative locator based on the transaction information received. The derivative locator may function as an index through which records in the repository may be accessed by the requesting party. A time comparison may be made in assisting with accessing the correct record in the repository. The requesting party may determine whether to accept or decline the transaction, optionally with the aid of the information accessed from the repository.

Claims

1. A method of accessing records from a repository comprising:

receiving transaction information for an open transaction;

formulating, with aid of a processor, a derivative locator based on the received transaction information;

searching the repository for index information corresponding to the derivative locator; and

receiving records from the repository corresponding to the index information.

2. The method of claim 1 wherein the derivative locator is formulated based on a credit card number used in the open transaction and a transaction amount from the open transaction.

3. The method of claim 1 wherein the derivative locator includes only transaction information for the open transaction that is transmitted to an issuing bank.

4. The method of claim 1 further comprising capturing a request timestamp after receiving the transaction information and prior to searching the repository;

and

comparing, with aid of a processor, the request timestamp with a stored timestamp in the repository corresponding to the index information.

5. The method of claim 4 further comprising assessing a likelihood of fraud if the difference in time between the request timestamp and the stored timestamp exceeds a predetermined time threshold.

6. The method of claim 1 further comprising assessing a likelihood of fraud based on the records received from the repository.

7. The method of claim 5 or claim 6 wherein the open transaction is not completed if the likelihood of fraud exceeds a predetermined level, and wherein the open transaction is completed if the likelihood of fraud is below the predetermined level.

8. The method of claim 1 further comprising providing at least some of the transaction information to the repository, and storing the transaction information as records within the repository.

9. A method of approving or not approving a transaction between a user device and a merchant comprising:

receiving a derivative locator, wherein said derivative locator is formulated based on transaction information between the user device and the merchant;

providing the derivative locator to a repository as an index to the repository;

receiving records from the repository corresponding to the index of the repository;

determining, with aid of a processor, whether to approve or not approve the transaction based on the records received from the repository; and

providing an indicator to approve or not approve the transaction based on the records received from the repository.

10. The method of claim 9, wherein the derivative locator is formulated based only on transaction information for the transaction that is transmitted to an issuing bank.

11. The method of claim 9 wherein the derivative locator is formulated based on a credit card number, debit card number, or pre-paid card number used in the transaction and a transaction amount for the transaction.

12. The method of claim 9 wherein the determination whether to approve or not approve the transaction is based on whether the records indicate a likelihood of fraud that exceeds a predetermined level, wherein the transaction is not approved when the likelihood of fraud exceeds the predetermined level, and wherein the transaction is approved when the likelihood of fraud is below the predetermined level.

13. The method of claim 9 wherein the records received from the repository includes a reputation score for the user device.

14. The method of claim 9 wherein the records received from the repository include information provided by at least one other merchant.

15. A system for accessing records from a repository comprising:

a user interface which may accept input relating to an online transaction;

a processor configured to formulate a derivative locator based on information about the transaction; and

a repository comprising a memory for storing records regarding a user or user device, wherein the records are accessible via an index corresponding to the derivative locator.

16. The system of claim 15 wherein the derivative locator is formulated based on credit card number, debit card number, or pre-paid card number used in the transaction and a currency amount from the transaction.

17. The system of claim 15 wherein the repository stores records from a plurality of sources.

18. The system of claim 17 wherein the plurality of sources are a plurality of merchants with whom a user device participating it the online transaction has had previous transactions.

19. The system of claim 18 wherein the repository includes a reputation score for the user device formulated based on the previous transactions.

20. The system of claim 19 further comprising a processor that compares the reputation score with a predetermined threshold, and determines whether to approve the online transaction based on whether the reputation score exceeds the predetermined threshold.