Account risk management and authorization system for preventing unauthorized usage of accounts

Abstract

The invention provides a system for maintaining approval criteria of one or more accounts as determined by an account holder, said system including a server capable of maintaining the approval criteria of an account over its lifecycle, a server capable of determining whether a transaction against an account is permissible based on a set of account holder selected approval criteria, an interface accessible over a local or wide area network configured to permit an issuer system to request permission to proceed with its own authorization processing upon receipt of an authorization request against an account, an interface accessible over a local or wide area network configured to permit an account holder or an authorized account operator to instruct the server to allow or disallow transactions based on the variable approval criteria selected by the account holder, and a system for authenticating a user prior to permitting operations to be processed on the server in response to commands from the account holder.

Description

technical field [0001] The present invention relates to a system that allows account holders, account providers or authorized account operators to prevent unauthorized use of accounts. Background technique [0002] definition: [0003] "Account" means a money account such as a savings account, large call account, checking account, current account, association branded or proprietary credit card or debit card debit card accounts, accounts with retailers or service providers reflecting currency values; [0004] Currently, a large amount of fraud is committed through unauthorized access to accounts, including bank and card accounts, mostly due to stolen identity credentials and duplicated or "skimmed" credit or debit cards. debit card. [0005] Although financial institutions, credit card unions, and card issuers already have authentication security systems in place to prevent unauthorized access to payment devices, many are ineffective, and others are expensive to implement....

AI Technical Summary

Problems solved by technology

[0005] Although financial institutions, credit card unions and card issuers already have authentication security systems in place to prevent unauthorized access to payment devices, many are ineffective and others are expensive to implement

For example, smart cards, recognized as the most secure card payment technology to avoid card theft, are expensive, although effective.

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