Method and apparatus for identity theft prevention

a technology of identity theft and apparatus, applied in the field of computer software, can solve the problems of no mechanism to ensure identity theft to consumers, and the problem of identity theft in the united states is already a large and rapidly growing problem, and achieve the effect of reducing the possibility of successful identity theft perpetrated

Inactive Publication Date: 2011-04-14
LOFTESNESS SCOTT J +1
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

Significantly reduces the likelihood of successful identity theft by guaranteeing that only the actual cardholder initiates new credit card accounts, thereby minimizing financial losses for consumers and banks.

Problems solved by technology

Identity theft in the United States is already a large and rapidly growing problem.
Importantly, there is no mechanism that guarantees to a consumer that identity theft will not occur.

Method used

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  • Method and apparatus for identity theft prevention
  • Method and apparatus for identity theft prevention
  • Method and apparatus for identity theft prevention

Examples

Experimental program
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Embodiment Construction

[0009]The present invention may be implemented as computer software on a conventional computer system. Referring now to FIG. 1, a conventional computer system 150 for practicing the present invention is shown. Processor 160 retrieves and executes software instructions stored in storage 162 such as memory, which may be Random Access Memory (RAM) and may control other components to perform the present invention. Storage 162 may be used to store program instructions or data or both. Storage 164, such as a computer disk drive or other nonvolatile storage, may provide storage of data or program instructions. In one embodiment, storage 164 provides longer term storage of instructions and data, with storage 162 providing storage for data or instructions that may only be required for a shorter time than that of storage 164. Input device 166 such as a computer keyboard or mouse or both allows user input to the system 150. Output 168, such as a display or printer, allows the system to provide...

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PUM

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Abstract

A system and method issues a credit card or other credit instrument to a user by first obtaining authorization and authentication from the user.

Description

RELATED APPLICATIONS[0001]This application claims the benefit of U.S. provisional patent application Ser. No. 60 / 473,175 entitled, “Identity Theft Application Prevention” filed on May 22, 2003 by Scott James Loftesness and Carol Coye Benson and is incorporated herein by reference in its entirety.FIELD OF THE INVENTION[0002]The present invention is related to computer software and more specifically to computer software for financial services.BACKGROUND OF THE INVENTION[0003]Identity theft in the United States is already a large and rapidly growing problem. A recent estimate by analyst Jim Hurley of the Aberdeen Group indicate it is growing at 300% annually from a base estimated at $221 billion in financial losses in 2003. Quoting from his analysis:[0004]Profits are high; risks are low. At $9,800 per-incident, identity theft is paying much better than bank robbery, while organized identity theft criminal rings are largely immune from criminal prosecution. (See: The Business of Identit...

Claims

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Application Information

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Patent Type & AuthorityApplications(United States)
IPC IPC(8): G06Q40/00G06Q90/00
CPCG06Q40/00G06Q99/00G06Q40/025G06Q40/02G06Q40/03
InventorLOFTESNESS, SCOTT J.BENSON, CAROL C.
OwnerLOFTESNESS SCOTT J