Systems and methods for assessing the risk of a financial transaction using authenticating marks
First Claim
1. A computerized method for determining whether to authorize the cashing of a payroll check presented to a check-cashing entity, the method comprising:
- obtaining with a point-of-sale device installed at a check-cashing entity input about at least one watermark on a payroll check presented for a proposed check-cashing transaction as well as information about a location associated with the check;
comparing the input about the watermark with stored data about watermarks;
determining a risk score based at least in part on the comparison and the information about the location associated with the check; and
determining based at least in part on the risk score whether to authorize the cashing of the payroll check.
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0 Petitions
Accused Products
Abstract
Systems and methods are described for better assessing risk associated with cashing second-party checks and other negotiable instruments. The systems and methods make use of information about authenticating marks, such as watermarks, bar codes, insignia, background patterns, and the like, from a check in order to better assess the legitimacy and cashability of the check. In various embodiments, information about an authenticating mark may be compared to stored information about an expected configuration for the authenticating mark. In various embodiments, a gradated risk score may be generated, based at least in part on the comparison. In various embodiments, the risk score may be combined with risk scores that are descriptive of other aspects of a check cashing transaction to calculate a risk score for the transaction as a whole. In some embodiments, the transaction risk score may be used to generate an accept/decline recommendation for the transaction.
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Citations
42 Claims
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1. A computerized method for determining whether to authorize the cashing of a payroll check presented to a check-cashing entity, the method comprising:
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obtaining with a point-of-sale device installed at a check-cashing entity input about at least one watermark on a payroll check presented for a proposed check-cashing transaction as well as information about a location associated with the check; comparing the input about the watermark with stored data about watermarks; determining a risk score based at least in part on the comparison and the information about the location associated with the check; and determining based at least in part on the risk score whether to authorize the cashing of the payroll check. - View Dependent Claims (2, 3, 4)
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5. A computerized apparatus that indicates to an entity whether to accept a check, the apparatus comprising:
a computer processor configured to receive information about at least one authenticating mark on a check presented to an entity and about a location associated with the check, the computer processor further configured to determine a risk score associated with accepting the check, wherein the risk score is based at least in part on the information about the authenticating mark and about the location associated with the check, the computer processor further configured to indicate to the entity whether to accept the check based at least in part on the risk score. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computerized method that indicates to an entity whether to accept a check, the method comprising:
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receiving from an entity information about at least one authenticating mark on a check associated with a proposed check transaction; determining a risk score associated with the proposed check transaction based at least in part on the information about the authenticating mark, wherein determining the risk score further comprises determining the risk score based at least in part on information about a location associated with the check; and indicating to the entity whether to accept the check based at least in part on the risk score. - View Dependent Claims (16, 17, 18, 19, 20, 21)
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22. A computerized method that indicates to an entity whether to accept a check, the method comprising:
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receiving from an entity information about at least one authenticating mark on a check associated with a proposed check transaction; determining a risk score associated with the proposed check transaction based at least in part on the information about the authenticating mark wherein determining the risk score further comprises determining the risk score based at least in part on positive pay information associated with the check; and indicating to the entity whether to accept the check based at least in part on the risk score.
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23. An apparatus that scores risk associated with a proposed financial transaction, the apparatus comprising:
a computer processor configured to receive information about at least one authenticating mark on a negotiable instrument associated with a proposed financial transaction as well as information about a location associated with the negotiable instrument, the computer processor further configured to determine a risk score associated with the proposed financial transaction based at least in part on the information about the authenticating mark as well as the information about the location associated with the negotiable instrument. - View Dependent Claims (24)
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25. A method that scores risk associated with a proposed financial transaction, the method comprising:
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receiving information about at least one authenticating mark on a negotiable instrument presented in association with a proposed financial transaction, wherein the information comprises a front and back image of the authenticating mark; and determining a risk score associated with the proposed financial transaction based at least in part on the information about the authenticating mark. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34)
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35. A computerized system that determines whether to authorize a proposed check transaction, the system comprising:
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a point-of-sale device installed at a check-cashing entity, wherein the point-of-sale device is configured to obtain data about one or more authenticating marks on a check associated with a proposed check transaction, wherein the point-of-sale device is further configured to obtain a front and a back image of the authenticating mark; a database of information about authenticating marks; a computer processor configured to receive the data from the point-of-sale device and to compare the data with information stored in the database; and a check authorization system configured to determine a risk score based at least in part on the comparison, the check authorization system further configured to determine based at least in part on the risk score whether to authorize the check transaction. - View Dependent Claims (36, 37, 38, 39, 40)
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41. A computerized system that determines whether to authorize a proposed check transaction, the system comprising:
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a point-of-sale device installed at a check-cashing entity, wherein the point-of-sale device is configured to obtain data about one or more authenticating marks on a check associated with a proposed check transaction, wherein the point-of-sale device is further configured to obtain a front and a back image of the check; a database of information about authenticating marks; a computer processor configured to receive the data from the point-of-sale device and to compare the data with information stored in the database; and a check authorization system configured to determine a risk score based at least in part on the comparison, the check authorization system further configured to determine based at least in part on the risk score whether to authorize the check transaction.
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42. A system for indicating to a check-cashing entity whether to accept a check for cashing, the system comprising:
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means for receiving from a check-cashing entity information about at least one authenticating mark on a check associated with a proposed check-cashing transaction as well as information about a location associated with the check; means for determining a risk score associated with the proposed check-cashing transaction based at least in part on the information about the authenticating mark and the information about the location associated with the check; and means for indicating to the check-cashing entity whether to accept the check for cashing based at least in part on the risk score.
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Specification