Monitoring system and method
First Claim
1. A system for monitoring the flow of value through a population of users to detect fraud, comprisingmeans for assigning blocks of electronic value to users, the blocks each having a predetermined identity tag and being divisible into sub-blocks, each sub-block having the same predetermined identity tag;
- and means for monitoring identity tags used in transactions and for detecting fraudulent transactions by associating said identity tags used in transactions with said predetermined identity tags.
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Accused Products
Abstract
This invention provides a system and method for electronic value payment in which a practical and secure means for auditing and accounting electronic value is achieved. The invention offers a means for identifying “blocks” of electronic value with single electronic tags. This facility makes the invention compact to implement and offers a practical way for tagging in circumstances where large amounts of electronic value, such as required for electronic representations of money, preclude the use of individual unit tagging. The invention combines block tagging with tag flow control mechanisms which allows block auditing and detection of counterfeit value. Independent tag (10) and value (12) representations make it possible to operationally change the tag associated with a block of value. The electronic value representations of the invention are readily applied to existing value exchange systems. The invention may be applied alongside existing value storage mechanisms, to enhance security, or as a replacement for them.
165 Citations
23 Claims
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1. A system for monitoring the flow of value through a population of users to detect fraud, comprising
means for assigning blocks of electronic value to users, the blocks each having a predetermined identity tag and being divisible into sub-blocks, each sub-block having the same predetermined identity tag; - and
means for monitoring identity tags used in transactions and for detecting fraudulent transactions by associating said identity tags used in transactions with said predetermined identity tags. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method of monitoring the flow of value through a population of users to detect fraud, comprising the steps of:
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assigning blocks of electronic value from a source to a plurality of users, the blocks each being provided with a predetermined identity tag and being divisible during use into sub-blocks with the same identity tag, and monitoring the use of the electronic value by reference to the identity tags.
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16. A system for detecting fraud in electronic financial transactions comprising:
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means for assigning a predetermined identity tag to a discrete block of value, wherein said block of value represents a discrete financial amount and wherein said block of value may be divided into sub-blocks of value, each sub-block having said predetermined identity tag and an aggregate of the value of said sub-blocks equaling the value of said block of value; and
means for detecting fraud in said financial transactions by correlating blocks of value and sub-blocks of value that are used in said transactions to said blocks of value assigned by said assigning means.
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17. A method for detecting fraud in financial transactions by monitoring one or more discrete amounts of value that are involved in said transactions, comprising:
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adding said discrete amounts of value to a user account, wherein said discrete value amounts are represented electronically and have a unique identity tag, the discrete value amounts capable of being divided into a plurality of smaller discrete value amounts; and
dividing said discrete value amount into said plurality of smaller discrete value amounts during said transactions, wherein one or more of said plurality of smaller discrete value amounts are transferred from said user account to one or more other accounts, said smaller discrete value amounts having the assigned unique identity tag, and wherein a sum of said smaller discrete value amounts equals said discrete value amount. - View Dependent Claims (18, 19, 20, 21, 22)
monitoring said one or more of said smaller discrete value amounts that are transferred from said user account; and
calculating a sum of said transferred smaller discrete value amounts.
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19. The method of claim 17 wherein said discrete value amounts may have more than one unique identity tag and further comprising:
sorting said discrete value amounts.
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20. The method of claim 19 wherein said discrete value amounts are sorted by said unique identity tag.
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21. The method of claim 19 wherein said discrete value amounts are sorted by a relative size of said amounts.
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22. The method of claim 17 wherein said discrete value amounts also have a release date tag and comprising:
sorting said discrete value amounts by a release date.
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23. A method of monitoring financial transactions, wherein said transactions are associated with an exchange of value that is represented in electronic form, comprising:
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assigning a unique identity tag to a block of value, said block representing a discrete financial amount and being divisible into a plurality of sub-blocks, each sub-block having said unique identity tag and a sub-block value, wherein a sum of said sub-block values equals said discrete financial amount; and
dividing said block of value into said sub-blocks during a financial transaction; and
transferring said sub-block of value from a first account to a second account to complete said financial transaction.
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Specification