Consolidated Payment Card Registration for Fraud Detection
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Solution Overview
Problem
Existing systems face challenges in efficiently and conveniently registering multiple payment cards for travel, leading to potential transaction denials due to fraud detection issues, especially when users travel to countries with high counterfeit fraud rates.
Innovation Solution
A method and system that utilizes a travel registration manager to register multiple digital and physical payment cards with a fraud detection engine, modifying transaction risk scores based on travel locations, thereby simplifying the registration process and reducing fraudulent transaction denials.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multiple payment cards are registered separately with different computer systems, then fraud detection coverage is improved, but device complexity and user inconvenience increase
Solution Approach 1:
The patent combines multiple separate registration processes into a single consolidated registration system. The travel registration manager receives travel information once and automatically registers multiple payment cards across different computer systems in a single operation, eliminating the need for users to separately register each card with each system while maintaining comprehensive fraud detection coverage.
Solution Approach 2:
The travel registration manager is designed as a universal system that can handle multiple payment cards from different issuers and register them with multiple different computer systems simultaneously. This multi-functional capability allows a single registration action to serve multiple fraud detection systems, reducing complexity while maintaining broad coverage.
2Object-affected harmful factors
If travel registration is required before international transactions, then counterfeit fraud is reduced, but loss of time and user convenience deteriorate
Solution Approach 1:
The system performs preliminary registration of multiple payment cards for travel destinations before the user needs to make transactions. By consolidating the registration process into a single action that covers multiple cards and systems, the preliminary action is completed efficiently without requiring repeated registration steps, thus reducing time loss while maintaining fraud protection.
Solution Approach 2:
The consolidated registration system automatically manages the registration process across multiple computer systems without requiring manual intervention for each system. The travel registration manager handles the complexity of registering multiple cards with multiple systems in the background, allowing users to benefit from fraud protection without experiencing the time cost of manual registrations.
3Ease of operation
If fraud detection engine modifies risk scores for registered transactions, then legitimate transaction approval is improved, but processing complexity increases
Solution Approach 1:
The fraud detection engine uses feedback from the consolidated registration data to dynamically adjust risk scores for transactions. When a transaction is initiated, the system checks against the registered travel information and automatically modifies the risk score accordingly, improving approval ease for legitimate transactions while the complexity of the feedback mechanism is managed by the centralized fraud detection engine.
Data Source
AI summary
The subject matter described herein relates to methods, systems, and computer readable media for consolidated registration of payment cards. In some examples, a method includes receiving data specifying a geographic location and one or more dates of travel to a geographic location for a user. The method includes registering, with a fraud detection engine executing on a computer system, digital payment cards for the user and the dates of travel to the geographic location. The registration causes the fraud detection engine to modify a risk score of at least a first transaction initiated by the user during the dates of travel and within a threshold geographic distance of the geographic location.