Method of preventing fraud

a fraud prevention and fraud technology, applied in the field of information security and fraud prevention, can solve problems such as identity theft being thwarted

Inactive Publication Date: 2008-01-31
BENSON TRACEY M
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Because the ITPIC is continuously alterable by it's rightful possessor, a

Method used

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Examples

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Embodiment Construction

[0023]In its preferred embodiment, the present invention requires that individuals be assigned, or choose, an Identity Theft Protector Identification Code (ITPIC). Such a code may consist of letters, numbers, or a combination thereof. The ITPIC will serve as an identification number for the individual, much as a Social Security Number (SSN) currently does. The ITPIC could contain at least six characters, and may contain as many characters as are deemed necessary to provide a sufficiently low likelihood of multiple individuals sharing the same code, or of codes being determinable by illicit means.

[0024]It is preferred that the ITPIC have as least nine characters because the average consumer might never reach ten credit inquiries / account openings per year. Nevertheless, if the ITPIC is to change upon each use, then there need to be enough permutations to allow new ITPIC's to be assigned. In theory, of course, the ITPIC can be as many characters as necessary to provide adequate permuta...

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PUM

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Abstract

An identification verification system designed to prevent identity theft and financial fraud. Individuals are given or select identification codes which replace the commonly used social security numbers (SSNs). In order to access an individual's credit report or other financial records or open a credit account, the individual's identification code must be provided. Individuals, therefore, no longer have to provide their SSN in order to verify their identity. An individual's identity is verified only if the identification code submitted by the individual matches their identification code as found in a database. Individuals may choose to have their identification codes automatically changed periodically, or may choose to change their identification codes themselves as often as they wish. Identification codes are preferably changed upon each access to the individual's credit report or credit account opening.

Description

[0001]This application is a continuation of U.S. application Ser. No. 11 / 460,002 filed on Jul. 26, 2006, and priority is hereby claimed thereto.FIELD OF INVENTION[0002]The present invention relates to information security and fraud-prevention. Specifically, the present invention concerns credit and identity theft prevention.BACKGROUND OF THE INVENTION[0003]Identity theft and fraud are substantial menaces to informational security in today's electronic age. Having one's identity stolen, or credit destroyed, can be life-destabilizing and can lead to literally years of agonizing phone calls, paperwork and attempts at reestablishing one's credibility. Moreover, victims of identity theft or financial fraud may suffer a permanent loss of peace of mind regarding financial matters, as well as in other areas of their life.[0004]Identity theft and fraud are such life-shattering disasters because of the degree to which we depend on our credit. For example, when trying to secure a home or autom...

Claims

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Application Information

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IPC IPC(8): G06Q40/00
CPCG06Q40/025G06Q40/00G06Q40/03
Inventor BENSON, TRACEY M.
Owner BENSON TRACEY M
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