Method and system for advanced warning alerts using advanced identification system for identifying fraud detection and reporting

• US 8,380,569 B2
• Filed: 07/20/2009
• Issued: 02/19/2013
• Est. Priority Date: 04/16/2009
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Visa International Service Association (Visa, Inc.)
• Inventors: Nightengale, Brad, Rowberry, Sharon
• Primary Examiner(s): CHANNAVAJJALA, SRIRAMA T
• Application Number:
  US12/505,812
• Publication Number:
  US 20100268696A1
• Time in Patent Office: 1,310 Days
• Field of Search: 707/694, 707/702, 707/703, 707/758, 707768-769, 707783-784, 705 1425- 1426, 705/14.47, 705/14.53, 705/14.56, 705/14.66
• US Class Current: 705/14.26
• CPC Class Codes: G06F 16/24573 using data annotations, e.g. user-defined metadata
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention is directed to a system, method and server to assist account issuers in managing risk, fraud and unauthorized use. A system, method and server for use in pushing advanced warning alerts to issuers based on consumer data element level triggering events and fraud and unauthorized use reports is disclosed. The ability to the push the alerts to issuers with a permissible purpose for receiving the information in the alerts provides a real-time, online and cost effective way of providing issuers with valuable risk management tools.

Claims

1. A method, performed by an advance identification system (AIS) comprising at least one processor implementing an application screening and fraud detection server (AFSD) communicatively coupled to a matching and alert server (MAS), for pushing advance warning alerts to a requesting entity requesting information related to an account application to open a new account with an issuer, the method comprising:

receiving, at the AFSD, the account application to open the new account with the issuer, wherein the account application includes;

a plurality of consumer data elements for identifying the applicant of the account application, an account application identifier for identifying the application, and a requesting entity identifier for identifying the requesting entity that is requesting information related to the account application;

sending, from the AFSD to one or more reporting entities, a query to determine if the new account corresponding to the account application was opened, wherein the query comprises the account application identifier of the account application and an issuer identifier identifying the issuer;

receiving, at the AIS, a response to the query from the one or more reporting entities, wherein the response to the query comprises an account identifier of the new account corresponding to the account application to indicate that the new account was opened;

in response to receiving the account identifier indicating that the new account was opened, linking in one or more database records of one or more databases, the account identifier provided in the response, to the plurality of consumer data elements from the account application;

monitoring, by the AIS, subsequent account applications for triggering events for triggering alerts, wherein the triggering events comprises fraud data reported from one or more sources relating to one or more of the plurality of consumer data elements, or a threshold consumer data element velocity indicating the number of times a particular consumer data element is received in the subsequent applications within a time period; and

pushing, from the AIS to the requesting entity, an alert message when the triggering events are detected, wherein the requesting entity is identified, by the AIS, using the account identifier that is linked to the plurality of consumer data elements in the one or more databases.

2. The method of claim 1, wherein the requesting entity is the issuer of the new account.

3. The method of claim 1, wherein the subsequent account applications comprise account applications from a plurality of issuers.

4. The method of claim 1, wherein the alert message is pushed to the requesting entity when two or more triggering events are detected concurrently.

5. An advance identification system (AIS) for pushing advance warning alerts to a requesting entity requesting information related to an account application to open an account with an issuer, the advance identification system comprising:

at least one processor; and

one or more memory storage devices coupled to the at least one processor, the one or more memory storage devices storing;

a consumer database; and

computer executable code, which when executed by the at least one processor causes the at least one processor to;

send, to one or more reporting entities, a query to determine if the account with the issuer was opened in response to the account application to open the account, wherein the account application comprises a plurality of consumer data elements for identifying the applicant of the account application, an account application identifier for identifying the account application, and a requesting entity for identifying the requesting entity, and wherein the query comprises the account application identifier and an issuer identifier for identifying the issuer;

receive a response to the query from the one or more reporting entities, wherein the response comprises an account identifier of the account corresponding to the account application to indicate that the account was opened;

link, in one or more database records in the consumer database, the account identifier received from the one or more reporting entities, to the plurality of consumer data elements from the account application;

monitor subsequent account applications for triggering events for triggering alerts, wherein the triggering events comprises fraud data reported from one or more sources relating to one or more of the plurality of consumer data elements, or a threshold consumer data element velocity indicating the number of times a particular consumer data element is received in the subsequent applications within a time period; and

push, to the requesting entity, an alert message when the triggering events are detected, wherein the requesting entity is identified using the account identifier that is linked with the plurality of consumer data elements in the consumer database.

6. The system of claim 5, wherein the requesting entity is the issuer of the new account.

7. The system of claim 5, wherein the subsequent account applications comprise account applications from a plurality of issuers.

8. The system of claim 5, wherein the alert message is pushed to the requesting entity when two or more triggering events are detected concurrently.