FreshPatents.com Logo
stats FreshPatents Stats
n/a views for this patent on FreshPatents.com
Updated: April 14 2014
newTOP 200 Companies filing patents this week


    Free Services  

  • MONITOR KEYWORDS
  • Enter keywords & we'll notify you when a new patent matches your request (weekly update).

  • ORGANIZER
  • Save & organize patents so you can view them later.

  • RSS rss
  • Create custom RSS feeds. Track keywords without receiving email.

  • ARCHIVE
  • View the last few months of your Keyword emails.

  • COMPANY DIRECTORY
  • Patents sorted by company.

AdPromo(14K)

Follow us on Twitter
twitter icon@FreshPatents

Identity verification switch

last patentdownload pdfdownload imgimage previewnext patent


Title: Identity verification switch.
Abstract: Methods, systems, and machine-readable media are disclosed for an identity verification switch. According to one embodiment, the method comprises receiving from an inquirer a request to verify an identity of an individual initiating a transaction. The request includes account information for an account subject to the transaction and identity information for the individual initiating the transaction. Based on the request, a verifying financial institution is selected from one or more participating financial institutions. The request is forwarded to the verifying financial institution for verification of the identity information. An answer is received from the verifying financial institution indicating results of verification of the identity information. The answer is returned to the inquirer. ...


Browse recent Early Warning Services, LLC patents - Scottsdale, AZ, US
Inventors: Richard Mayo, Glen Sgambati, Robert Perrotta
USPTO Applicaton #: #20120101945 - Class: 705 44 (USPTO) - 04/26/12 - Class 705 
Data Processing: Financial, Business Practice, Management, Or Cost/price Determination > Automated Electrical Financial Or Business Practice Or Management Arrangement >Finance (e.g., Banking, Investment Or Credit) >Including Funds Transfer Or Credit Transaction >Requiring Authorization Or Authentication

view organizer monitor keywords


The Patent Description & Claims data below is from USPTO Patent Application 20120101945, Identity verification switch.

last patentpdficondownload pdfimage previewnext patent

CROSS-REFERENCES TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No. 11/183,167, filed Jul. 14, 2005, entitled “IDENTITY VERIFICATION SWITCH,” which is incorporated herein by reference.

BACKGROUND OF THE INVENTION

Numerous losses to merchants and/or financial institutions occur due to identity theft, counterfeiting, and account takeovers. With the rapid growth in Internet transactions and E-Check payments, fraud perpetrators can conduct fraud remotely when they want, where they want, and with no face-to-face contact. Because of the anonymity, reach and speed that the Internet provides for fraud perpetrators, risk management and fraud prevention are increasingly important and valuable. For example, with the increase of web transactions, (non face-to-face transactions), efforts to identify the person conducting the transaction as an authorized user of the account is important to help mitigate losses from identity theft and account take-over. Similarly, identification of an authorized account owner for new account funding opening deposits and account to account transfers, processed through financial services companies, is beneficial for preventing losses as well as for customer convenience.

In order to reduce the risk of losses due to fraud, banks, merchants, and other entities routinely verify information related to a particular financial account when conducting transactions with that account. For example, payment processors and financial service companies verify checking account information for a consumer wishing to make a transaction using that account. Such transactions occur in a variety of forms, including traditional paper checks, debit cards, electronic checks, or Automated Clearing House system transactions.

Presently, verification systems exist which include a centralized database populated with account information contributed directly by participating banks and institutions. These systems provide advance notification of potential check returns to participating financial institutions by allowing financial institutions inquiry to a national shared account and transaction database (NSD), which is contributed to by major financial institutions and updated daily, and which includes the most current checking account status information as well as check level detail on returned items and stop payments. The information stored in the NSD is intended to be available to inquirers receiving funds by check or electronic payment in sufficient time to enable them to avoid loss that might result from non-payment. The NSD thus stores information about each participant institutions checking accounts, such that, if queried about a particular participant bank\'s account, the database may return the status (e.g., closed, overdrawn, high check return rate, new account) of that account to the inquirer. The inquirer (such as a merchant or depository bank) may then decide how they want to handle the transaction (e.g., merchants and financial institutions may decide whether to accept the check and financial institutions may decide whether to place an “extended hold” on the checking account). Inquiries may take place immediately (i.e., in real time) or in overnight batch processes.

Additionally, the NSD can include identity information related to individuals authorized to use the account. For instance, the NSD can maintain names of authorized individuals for each account. Such information can be used to verify that a particular individual is authorized to conduct a given transaction on a specific account, prior to completion of the transaction.

However, because of the account and identity information such a centralized database holds, it presents an attractive target for hackers, thieves, and other assorted miscreants. Typically, such a centralized database will be protected by the best firewalls, encryption, and other security technology available to prevent unauthorized access and/or theft of the information stored therein. Nevertheless, some financial institutions may be reluctant to contribute account information to such a centralized system for fear of the information being stolen or misused.

BRIEF

SUMMARY

OF THE INVENTION

Methods, systems, and machine-readable media are disclosed for an identity verification switch. According to one embodiment, the method comprises receiving from an inquirer a request to verify account ownership and, thus, authorized use of the account based on the identity of an individual initiating a transaction. The request can include account information for an account subject to the transaction and identity information for the individual initiating the transaction. Based on the request, a verifying financial institution can be selected from one or more participating financial institutions. The request can be forwarded to the verifying financial institution for verification of the identity information and the linkage of the account owner(s) to the account. An answer can be received from the verifying financial institution indicating results of verification of the identity information. The answer can be returned to the inquirer.

The account information from the request can include a Routing Transit (RT) number and account number. In this case, selecting the verifying financial institution from one or more participating financial institutions can be based on the RT number.

Verification of the identity information can comprise determining whether the individual is authorized to conduct transactions on the account based on the identity information from the request and account information maintained by the verifying financial institution. The answer can include positive indications corresponding to identity information from the request that matches identity information for individuals authorized to conduct transactions on the account maintained by the verifying financial institution. The answer can include negative indications corresponding to identity information from the request that does not match identity information for individuals authorized to conduct transactions on the account maintained by the verifying financial institution. The answer can include cautionary indications corresponding to identity information from the request that is not found in identity information for individuals authorized to conduct transactions on the account maintained by the verifying financial institution.

According to another embodiment, a system can comprise a processor and a memory communicatively connected with and readable by the processor. The memory can contain instructions which, when executed by the processor, cause the system to receive from an inquirer a request to verify account ownership of an individual initiating a transaction. The request can include account information for an account subject to the transaction and identity information for the individual initiating the transaction. Based on the request, a verifying financial institution can be selected from one or more participating financial institutions. The request can be forwarded to the verifying financial institution for verification of the identity information. An answer can be received from the verifying financial institution indicating results of verification of the identity information and linkage to the account owner(s). The answer can be returned to the inquirer.

According to yet another embodiment, a machine-readable medium can have stored thereon a series of executable instructions which, when executed by a processor, cause the processor to receive from an inquirer a request to verify account ownership of an individual initiating a transaction. The request can include account information for an account subject to the transaction and identity information for the individual initiating the transaction. The account information can comprise a Routing Transit (RT) number and an account number. A verifying financial institution can be selected from one or more participating financial institutions based on the RT number. The request can be forwarded to the verifying financial institution for verification of the identity information. An answer can be received from the verifying financial institution indicating results of verification of the identity information and the answer can be returned to the inquirer.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a block diagram conceptually illustrating an exemplary environment in which an identity verification switch system may be implemented according to one embodiment.

FIG. 2 is a block diagram illustrating an exemplary computer system upon which various elements of the exemplary environment illustrated in FIG. 1 may be implemented.

FIG. 3 is a block diagram illustrating functional components of an identity verification switch system according to one embodiment.

FIG. 4 is flowchart illustrating, at a high level, a process for verifying an identity according to one embodiment.

FIG. 5 is a flowchart illustrating an identity verification switch system process for verifying an identity according to one embodiment.

FIG. 6 is a flowchart illustrating a process for verifying request information received from an identity verification switch system according to one embodiment.

FIG. 7 is a block diagram illustrating an inquiry message and an answer message according to one embodiment.



Download full PDF for full patent description/claims.

Advertise on FreshPatents.com - Rates & Info


You can also Monitor Keywords and Search for tracking patents relating to this Identity verification switch patent application.
###
monitor keywords



Keyword Monitor How KEYWORD MONITOR works... a FREE service from FreshPatents
1. Sign up (takes 30 seconds). 2. Fill in the keywords to be monitored.
3. Each week you receive an email with patent applications related to your keywords.  
Start now! - Receive info on patent apps like Identity verification switch or other areas of interest.
###


Previous Patent Application:
E-wallet service method based on a waiting screen application
Next Patent Application:
System and method for processing media gifts
Industry Class:
Data processing: financial, business practice, management, or cost/price determination
Thank you for viewing the Identity verification switch patent info.
- - - Apple patents, Boeing patents, Google patents, IBM patents, Jabil patents, Coca Cola patents, Motorola patents

Results in 0.55569 seconds


Other interesting Freshpatents.com categories:
QUALCOMM , Monsanto , Yahoo , Corning , -g2-0.1896
     SHARE
  
           

FreshNews promo


stats Patent Info
Application #
US 20120101945 A1
Publish Date
04/26/2012
Document #
13341072
File Date
12/30/2011
USPTO Class
705 44
Other USPTO Classes
International Class
06Q40/02
Drawings
8



Follow us on Twitter
twitter icon@FreshPatents