Data Ferret System for Automated Income Verification
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Solution Overview
Problem
Traditional income verification processes are limited by users' incomplete or inaccurate reporting of income sources, leading to potential inaccuracies in eligibility assessments for benefits and financial decisions.
Innovation Solution
A host platform, referred to as 'data ferret,' connects to users' financial accounts, analyzes transaction records, and identifies unclaimed income sources by leveraging third-party data and forensic analysis, providing a verification interface for users to confirm income sources and reconcile financial data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If traditional user-input based income verification is used, then the process is simple and quick, but the accuracy and completeness of income data are compromised
Solution Approach 1:
The patent introduces a data ferret system as an intermediary between the user and the verification authority. This automated agent connects to multiple third-party data sources (employers, banks, tax authorities) to collect and verify income data, eliminating the need for manual user input while ensuring accurate and comprehensive income verification through automated data reconciliation across multiple sources.
2Reliability
If users manually report all income sources, then the verification process remains simple, but incomplete or deceptive reporting occurs
Solution Approach 1:
The data ferret system performs preliminary actions by proactively collecting and verifying income data from third-party sources before the verification decision is made. It automatically connects to employers, banks, and tax authorities to gather income information in advance, ensuring complete and accurate income reporting without requiring users to manually compile or report their income sources.
3Measurement precision
If automated data collection from multiple sources is implemented, then income verification accuracy improves, but system complexity and data processing requirements increase
Solution Approach 1:
The data ferret system operates autonomously to collect, verify, and reconcile income data from multiple third-party sources. It self-manages the entire data collection process by automatically connecting to employers, banks, and tax authorities, retrieving relevant income information, validating the data against multiple sources, and generating verification reports without requiring manual intervention, thereby achieving high automation while maintaining verification accuracy.
Data Source
AI summary
Provided are systems and methods for identifying unclaimed sources of funds such as employers, gig opportunities, businesses, and the like. The process can be used as part of a larger process that may also include fraud checks, deduplication of data, verification of users, analytical insight, and the like. In one example, a method may include establishing a communication channel with a third-party data source via an application programming interface (API), ingesting data records of the user from the third-party data source via the established communication channel based on an account identifier, identifying an unclaimed source of income based on a data value stored within the ingested data records, and displaying an identifier of the unclaimed source of income and an input mechanism which is configured to confirm the identified unclaimed source of income.