| System, method and computer program product for authorizing transactions using enhanced authorization data -> Monitor Keywords |
|
|
 
System, method and computer program product for authorizing transactions using enhanced authorization dataRelated Patent Categories: 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 AuthenticationSystem, method and computer program product for authorizing transactions using enhanced authorization data description/claimsThe Patent Description & Claims data below is from USPTO Patent Application 20070192249, System, method and computer program product for authorizing transactions using enhanced authorization data. Brief Patent Description - Full Patent Description - Patent Application Claims
CROSS REFERENCE TO RELATED APPLICATIONS [0001] This application is a continuation-in-part of Patent Cooperation Treaty Application No. PCT/US05/004135, filed Feb. 9, 2005, and titled "System And Method Using Enhanced Authorization Data To Reduce Travel-Related Transaction Fraud," which claims the benefit of U.S. Provisional Patent Application Ser. No. 60/543,044, filed Feb. 9, 2004, and titled "Enhanced Airline Authorization Data For Fraud Control," which are all hereby incorporated by reference herein in their entireties. BACKGROUND OF THE INVENTION [0002] 1. Field of the Invention [0003] The present invention generally relates to fraud detection and more particularly to reducing fraudulent transactions. [0004] 2. Related Art [0005] Credit cards, charge cards, and other transaction instruments are commonly accepted today as a form of payment under a variety of circumstances. A transaction instrument may be used to make a purchase in-person, for example, at a retail store, a restaurant, or a hotel by physically presenting a merchant with the transaction instrument. A transaction instrument may also be used to make a purchase without physically presenting the transaction instrument by relaying information associated with the transaction instrument, such as account number, account name, expiration date, and billing address, to a merchant. Examples of merchants that accept transaction instruments as payment without physically receiving the transaction instrument include Internet, telephone and mail order merchants. [0006] Although transaction instruments provide a convenient means for making payments, they are vulnerable to fraud. A transaction instrument may be copied, or information about a transaction instrument necessary to make purchases may be stolen. While the card member and card issuer are unsuspecting of any fraudulent activity, numerous fraudulent purchases may be charged to the card member's transaction instrument. [0007] To counteract fraudulent purchases, a card issuer may employ a risk analysis when a merchant requests authorization to receive a transaction instrument as payment. Risk analysis is utilized to evaluate the risks of a purchase being fraudulent. If the risks are determined to be, unacceptable, the card issuer may deny the merchant's request to receive the transaction instrument as payment. For example, if a transaction instrument is reported as being lost, risk analysis may indicate an unacceptable level of risk for any further purchases involving the transaction instrument. The card issuer may then deny any requests made by merchants for authorization to accept the transaction instrument as payment. [0008] Although conventional risk analysis reduces incidences of fraud, its ability to distinguish genuine and fraudulent purchases is limited because only a limited amount of information about a purchase is provided to a card issuer from the merchant. Conventional risk analysis is based on transaction account information and payment information. Transaction account information may include, for example, account number, account name, expiration date, billing address, and credit card verification (CCV) number. Payment information may include, for example, payment amount and payment recipient. Conventional risk analysis does not utilize other information associated with a purchase such as, for example, a ship-to-address, an email address of the purchaser, an IP address of the machine from which the purchase was initiated, etc. [0009] Given the foregoing, what is needed is a system, method and computer program product that accepts a greater amount of purchase-related information than that used by conventional risk analysis to further reduce incidences of fraud. BRIEF DESCRIPTION OF THE INVENTION [0010] Systems, methods and computer program products for authorizing transactions based at least in part on enhanced authorization data are provided. Enhanced authorization data includes information associated with a purchase other than transaction account information and payment information. The enhanced authorization data may be received from a merchant in a request for authorization to accept a transaction instrument as payment. A decision to approve, deny, or refer the request is made based, at least in part, on the enhanced authorization data. The authorization decision is then provided to the merchant. [0011] Examples of enhanced authorization data include an automatic number identification (ANI), an information identifier (II), an email address, a contact telephone number, a ship-to-name, a ship-to-address, an Internet Protocol (IP) address, and a seller identification. Enhanced authorization data may be specific to a particular industry or category of merchants. For example, merchants dealing in airline tickets may provide information such as a passenger name, a travel date and/or a destination city as enhanced authorization data. [0012] Enhanced authorization data is collected, for example, by a merchant in the course of fulfilling a purchase desired by a purchaser. When enhanced authorization data is provided with a request for authorization to accept a transaction instrument as payment, risk analysis is performed using the enhanced authorization data to calculate the risks of the purchase being fraudulent. [0013] In performing risk analysis, enhanced authorization data may be compared with historical transaction information as well as with information stored for a card member associated with the request. Historical transaction information includes information about previous transactions. Historical transaction data may be compared to determine, for example, if the enhanced authorization data was provided previously in fraudulent purchases. Historical transactions may also be examined to determine the rate, also referred to as velocity, at which transactions associated with an enhanced authorization data are initiated to evaluate the risks of the request being fraudulent. [0014] Once a risk is calculated for a request, it is compared with a range of acceptable risks to make an authorization decision. If the risk is acceptable, an authorization decision is made to approve the request. If the risk is not acceptable, an authorization decision to deny or to refer the request is made. [0015] The authorization decision is provided to the merchant in response to the merchant's request for authorization. If the request is approved, the merchant may complete the purchase by accepting the transaction instrument as payment. If the request is denied, the merchant may ask for another form of payment from the purchaser to complete the purchase. If the request is referred, the merchant or the purchaser may be asked to contact the card issuer to provide additional information so that the request may be approved. [0016] If a request is approved and it is later determined to be associated with a fraudulent purchase, the merchant may be contacted to reverse the authorization. If the purchase has not yet been fulfilled, for example, because the purchased item has not yet been shipped, the merchant may cancel the purchase. A request may be determined as being fraudulent, for example, by contacting a card member of the transaction instrument associated with the request to confirm the validity of the transaction or purchase. [0017] An advantage of the present invention is that a more sophisticated risk analysis may be performed since enhanced authorization data provides additional information that can be used to distinguish between requests for genuine transactions and fraudulent transactions. Furthermore, since enhanced authorization data is typically captured by a merchant during the ordinary course of processing a purchase, the purchaser is not burdened with providing information other than those the purchaser is ordinarily asked to provide. Another advantage of the present invention is that since enhanced authorization data is independent of transaction account information, it may be used to correlate fraudulent activity patterns experienced across multiple card members and merchants. [0018] Further features and advantages of the present invention as well as the structure and operation of various embodiments of the present invention are described in detail below with reference to the accompanying drawings. BRIEF DESCRIPTION OF THE DRAWINGS [0019] The features and advantages of the present invention will become more apparent from the detailed description set forth below when taken in conjunction with the drawings in which like reference numbers indicate identical or functionally similar elements. Additionally, the left-most digit of a reference number identifies the drawing in which the reference number first appears. [0020] FIG. 1 is a system diagram of an exemplary environment in which the present invention can be implemented. Continue reading about System, method and computer program product for authorizing transactions using enhanced authorization data... Full patent description for System, method and computer program product for authorizing transactions using enhanced authorization data Brief Patent Description - Full Patent Description - Patent Application Claims Click on the above for other options relating to this System, method and computer program product for authorizing transactions using enhanced authorization data patent application. ###  How KEYWORD MONITOR works... a FREE service from FreshPatents1. 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 System, method and computer program product for authorizing transactions using enhanced authorization data or other areas of interest. ### Previous Patent Application: Method and apparatus for implementing an activity watch for financial accounts Next Patent Application: Information processing apparatus, control method for the same, program and storage medium Industry Class: Data processing: financial, business practice, management, or cost/price determination ### FreshPatents.com Support Thank you for viewing the System, method and computer program product for authorizing transactions using enhanced authorization data patent info. IP-related news and info Results in 0.13336 seconds Other interesting Feshpatents.com categories: Daimler Chrysler , DirecTV , Exxonmobil Chemical Company , Goodyear , Intel , Kyocera Wireless , 174 |
 * Protect your Inventions * US Patent Office filing 
PATENT INFO |
|
