Fraud protection

• US 7,575,157 B2
• Filed: 05/22/2007
• Issued: 08/18/2009
• Est. Priority Date: 05/22/2007
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Pigg, Charles F., Barnhardt, David Wayne
• Primary Examiner(s): TRAIL, ALLYSON NEEL
• Application Number:
  US11/752,224
• Publication Number:
  US 20080290154A1
• Time in Patent Office: 819 Days
• Field of Search: 235/380, 705 42- 44, 380/51
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Systems and methods are illustrated for providing enhanced fraud protection. Aspects of the fraud protection system may be implemented by a filter that may be configured to detect fraud in a transaction between a financial institution and a customer. An input device may receive data that corresponds to a transaction between a financial institution and a customer, such as a transfer of money. A data store may store information relating to the transaction that includes the serial number and dollar amount of the transfer of money. When the filter detects fraud, an output device may output an alert resulting in zero false positives. The filter may also include a module that is configured to compare the data that is received by an input device to data that is stored in the data store. Oftentimes, the data in the data store may be information relating to past fraud protection.

Claims

1. A method for providing enhanced protection from fraud, comprising:

receiving transfer data corresponding to a transaction include a transfer of money;

comparing the transfer data to filter data in a data store, the filter data including at least one serial number and at least one dollar amount; and

outputting an alert if fraud is detected in the transaction, the alert resulting in zero false positives.

2. The method of claim 1, where the transfer data includes data on a check.

3. The method of claim 1, where the at least one serial number includes a range of serial numbers, and the at least one dollar amount includes a range of dollar amounts.

4. The method of claim 1, comprising analyzing information about a payee of the transaction, the information including the payee'"'"'s prior transactions and account history.

5. The method of claim 1, where the comparing includes matching a serial number associated with the transaction with at least one serial number in the data store.

6. The method of claim 1, comprising, preventing a cash withdrawal from an account receiving the transfer of money if fraud is detected in the transaction.

7. The method of claim 1, where the alert includes text displayed in a warning message on a computer display in a financial institution.

8. The method of claim 1, comprising, identifying a fraud type for fraud protection.

9. The method of claim 8, where the fraud type detected is a Nigerian 419 fraud ring.

10. The method of claim 8, where the fraud type detected is an advanced fee scam.

11. The method of claim 8, where the fraud type detected is a transfer of money from a closed account.

12. A system for providing enhanced protection from fraud, comprising:

an input device configured to receive data corresponding to a transaction including a transfer of money;

a filter configured to detect fraud in a transaction, the detecting occurring with zero false positives;

a data store comprising at least one serial number and at least one dollar amount; and

an output device configured to output an alert if fraud is detected in the transaction.

13. The system of claim 12, where the input device comprises a check scanner.

14. The system of claim 12, where the filter is configured to compare the at least one serial number to a plurality of serial numbers that is stored in the data store.

15. The system of claim 12, where the filter is configured to compare the at least one dollar amount to a plurality of dollar amounts that is stored in the data store.

16. The system of claim 12, where the data store includes a full account number and a range of suspicious routing transit numbers, and the filter is configured to compare the full account number to a plurality of suspicious account numbers.

17. The system of claim 12, where the data store includes at least one of:

a region indicator, a fraud code, a bank name, a frequency of item occurrence, a date of the transaction, a purge date of the transaction, hit data of the transaction, a source of the transaction.

18. The system of claim 17, where the transaction is a manual transaction.

19. The system of claim 17, where the transaction is an automatic transaction.

20. The system of claim 12, where the output device is a display screen at a bank teller station and the alert includes text displayed in a warning message on the display screen.

21. The system of claim 12, where the output device is a display screen at an automated teller station and the alert includes text displayed in a warning message on the display screen.

22. The system of claim 12, where the filter detects fraud in near real time.

23. The system of claim 12, where the filter detects fraud at least an hour after receiving the data corresponding to the transaction.

24. A computer-readable medium storing computer-executable instructions causing a processor to perform a method, comprising:

receiving data corresponding to a transaction including a transfer of money;

comparing the data corresponding to the transaction to data in a data store, the data in the data store including at least one serial number, at least one dollar amount, at least one routing transit number, and at least one account number; and

outputting an alert if fraud is detected in the transaction, the alert resulting in zero false positives.

25. A method for providing enhanced protection from fraud, comprising:

receiving transfer data corresponding to a transaction include a transfer of money;

comparing the transfer data to filter data in a data store, the filter data including at least one routing transit number and at least one account number; and

outputting an alert if fraud is detected in the transaction, the alert resulting in zero false positives.

26. The method of claim 25, where the comparing includes matching a routing transit number associated with the transaction with at least one routing transit number in the data store.

27. The method of claim 25, where the comparing includes matching an account number associated with the transaction with at least one account number in the data store.

28. The method of claim 25, comprising, identifying a fraud type for fraud protection, where the fraud type detected is a transfer of money from a non-existent account.