Automated payment card fraud detection and location
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United States of America Patent
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Jun 9, 2009
Grant Date -
Nov 9, 2006
app pub date -
Apr 14, 2006
filing date -
Dec 17, 2003
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A payment card fraud detection business model comprises an internal virtual account number generator and a user display for Card-Not-Present transactions. Card-Present transactions with merchant card readers are enabled by a magnetic array internally associated with the card's magnetic stripe. The internal virtual account number generator is able to reprogram some of the magnetic bits encoded in the magnetic stripe to reflect the latest virtual account number. The internal virtual account number generator produces a sequence of virtual numbers that can be predicted and approved by the issuing bank. Once a number is used, such is discarded and put on an exclusion list or reserved for a specific merchant until the expiration date. A server for the issuing bank logs the merchant locations associated with each use or attempted use, and provides real-time detection of fraudulent attempts to use a virtual account number on the exclusion list. Law enforcement efforts can then be directed in a timely and useful way not only where the fraud occurs but also at its origination.
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