Method and system for automating fraud authorization strategies
First Claim
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1. A computer implemented method for automatically implementing a fraud strategy, the method comprising the steps of:
- using a computer processor;
receiving transaction data related to a customer transaction based on a payment instrument;
retrieving a customer spending profile for the customer from at least one database;
automatically identifying a spending pattern based on one or more factors associated with the customer spending profile;
automatically determining that the customer transaction is a normal transaction based on a consistency between the identified spending pattern and the transaction data; and
approving the customer transaction.
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Abstract
According to an embodiment of the present invention, a computer implemented method and system for automatically implementing a fraud strategy may involve identifying transaction data related to a customer transaction based on a payment instrument; automatically identifying a pattern based on one or more factors associated with a customer spending profile; identifying a potential fraud situation based on the identified pattern and the transaction data; executing an action for the potential fraud situation; and adjusting authorized use of the payment instrument.
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Citations
27 Claims
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1. A computer implemented method for automatically implementing a fraud strategy, the method comprising the steps of:
using a computer processor; receiving transaction data related to a customer transaction based on a payment instrument; retrieving a customer spending profile for the customer from at least one database; automatically identifying a spending pattern based on one or more factors associated with the customer spending profile; automatically determining that the customer transaction is a normal transaction based on a consistency between the identified spending pattern and the transaction data; and approving the customer transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A computer implemented method for automatically implementing a fraud strategy, the method comprising the steps of:
using a computer processor; receiving transaction data related to a customer transaction based on a payment instrument; retrieving a customer spending profile for the customer from at least one database; automatically identifying a spending pattern based on one or more factors associated with the customer spending profile; automatically determining that the customer transaction is a normal transaction based on a consistency between the identified spending pattern and the transaction data; and updating the customer spending profile based on the customer transaction. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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18. A computer implemented system for automatically implementing a fraud strategy, comprising:
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at least one computer processor; at least one computer memory; a pattern detection module for identifying transaction data related to a customer transaction based on a payment instrument;
automatically identifying a spending pattern based on one or more factors associated with a customer spending profile; and
determining that the customer transaction is a normal transaction based on a consistency between the identified spending pattern and the transaction data; andan action module for performing at least one of approving the transaction and updating the customer spending profile based on the customer transaction. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26)
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27. A computer implemented method for automatically implementing a fraud strategy, the method comprising the steps of:
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using a computer processor; receiving transaction data related to a customer transaction based on a payment instrument; retrieving a customer spending profile for the customer from at least one database; automatically identifying a spending pattern based on one or more factors associated with the customer spending profile; automatically determining that the customer transaction is a normal transaction based on a consistency between the identified spending pattern, the transaction data and the application of one or more exclusions for fraud detection and one or more exceptions; approving the customer transaction; and updating the customer spending profile based on the customer transaction; wherein the one or more factors associated with the customer spending profile comprise one or more of merchant data, customer spending data, customer demographic data, profitability data, delinquency data; and wherein the one or more exclusions comprise one or more of customer travel and emergency expenses; and wherein the exception is submitted by the customer.
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Specification