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Fraud reduction system for transactions

A transaction and transaction data technology, applied in the field of transaction fraud reduction systems

Active Publication Date: 2012-12-05
VISA INT SERVICE ASSOC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

[0006] While existing forms of transaction risk assessment provide benefits to all parties involved in a transaction, such transaction data processing tools do have disadvantages, particularly with regard to their use in the real-time processing of transactions

Method used

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Embodiment Construction

[0021] Embodiments of the invention relate to systems, devices, and methods for reducing fraud in payment or other transactions by providing an issuer with a warning that an authorized transaction being processed is potentially fraudulent. In some embodiments, the present invention processes data obtained in a consumer authentication process used in card not present (CNP) transactions to determine characteristics or indicia of fraud from previous transactions. The characteristics or signatures of fraud can be used to generate a set of fraud detection rules or another form of fraud assessment model. The fraud assessment model can then be used to estimate the fraud potential of a proposed transaction, such as an e-commerce transaction.

[0022] In some embodiments, the present invention may be implemented as an additional service or feature of a consumer authentication system or protocol, such as the 3D Secure protocol used to provide user authentication / authorization in e-comme...

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Abstract

A system, apparatus, and method for reducing fraud in payment or other transactions by providing issuers with a warning that a transaction being processed for authorization is potentially fraudulent. In some embodiments, the present invention processes data obtained from a consumer authentication process that is used in card not present (CNP) transactions to determine characteristics or indicia of fraud from previous transactions. The characteristics or indicia of fraud can be used to generate a set of fraud detection rules or another form of fraud assessment model. A proposed transaction can then be evaluated for potential fraud using the fraud assessment model.

Description

[0001] Cross References to Related Applications [0002] This application claims priority to US Patent Application 12 / 903,916, filed October 13, 2010, entitled "Fraud Reduction System for Transactions," which claims February 2010 Priority to U.S. Provisional Patent Application No. 61 / 302,436, filed on the 8th, entitled "Fraud Reduction System for Payment Transactions," the contents of which are hereby incorporated by reference in their entirety for all purposes Incorporated here. Background technique [0003] Embodiments of the invention relate to systems, apparatus, and methods for reducing fraud in transactions, and more particularly, to processing data derived from past transactions in which consumers authenticate themselves using certificates or passwords. to detect potential fraud in payments and other transactions. Embodiments of the present invention may be used for many types of transactions, including, but not limited to, payment transactions such as e-commerce tran...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/04
CPCG06Q40/00G06Q20/40G06Q20/4016
Inventor B·H·多明格斯
Owner VISA INT SERVICE ASSOC
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