Smart Identity Verification System for Credit Card Transactions

Abstract

A smart identity verification system for credit card transactions includes a storage unit and a processing unit electrically connected thereto. The storage unit stores multiple risk levels, multiple identity verification procedures corresponding to each risk level, and multiple historical risk data records of a customer. Each identity verification procedure indicates one or more combinations of identity verification methods. The processing unit calculates multiple risk scores based on a credit card transaction request from the customer and the customer's historical risk data, thereby generating a risk level estimation result indicating one of the risk levels. The processing unit executes the identity verification procedure or methods indicated by the identity verification method corresponding to the risk level indicated by the risk level estimation result to generate one or more identity verification results.

Claims

1. A smart identity verification system for credit card transactions, suitable for communicating with an electronic device, and comprising: a storage unit storing multiple risk levels, multiple identity verification procedures corresponding to the risk levels, and multiple customer historical risk data corresponding to a customer, wherein each risk level indicates a high or low risk, each identity verification procedure indicates one or more combinations of multiple identity verification methods, and the strength of each identity verification procedure corresponds to the high or low risk of the corresponding risk level; and a processing unit electrically connected to the storage unit; the processing unit receiving a credit card transaction request from the electronic device corresponding to the customer; the processing unit calculating multiple risk scores using multiple risk estimation algorithms based on the credit card transaction request and the customer historical risk data; the processing unit generating a risk level estimation result indicating one of the risk levels based on the risk scores; and the processing unit executing the identity verification method or the identity verification methods indicated by the identity verification procedure corresponding to the risk level indicated by the risk level estimation result to generate one or more identity verification results. The processing unit determines whether the identity verification result or all of the identity verification results indicate that the transaction has passed; when the processing unit determines that the identity verification result or all of the identity verification results indicate that the transaction has passed, the processing unit executes a credit card transaction authorization procedure corresponding to the credit card transaction request.

2. The smart identity verification system for credit card transactions as described in claim 1, wherein, The storage unit also stores multiple score ranges corresponding to the risk levels. When the processing unit generates a risk level estimation result indicating one of the risk levels based on the risk scores, the processing unit multiplies the risk scores by the corresponding multiple weights and then sums them to generate a total risk score, and then generates a risk level estimation result indicating the risk level corresponding to the score range covering the total risk score.

3. The smart identity verification system for credit card transactions as described in claim 1, wherein, The storage unit also stores multiple credit card transaction records of the customer. The processing unit generates multiple credit card transaction feature data based on these credit card transaction records. The processing unit analyzes the credit card transaction request based on these credit card transaction feature data to generate multiple of these risk scores.

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