Check fraud prevention method
US10414197B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Sep 20, 2017 |
| Grant date | Sep 17, 2019 |
| Priority date | — |
| Expiry date | Sep 20, 2037 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/4016
- WIPO fieldOther consumer goods
- WIPO sectorOther fields
Abstract
A method to prevent check fraud and to ensure valid negotiable instrument transactions with the use of randomized alphanumeric and special character sequence passwords or passcodes. Check stock is prepared with either serialized or un-serialized check numbers printed on the check stock. Randomized passcodes are generated, one for each check in the check stock. Each of the randomized passcodes is printed on a single check and correlated to a unique check number. A passcode file listing correlated check numbers and passcodes is prepared. Alternatively, the passcode can be maintained physically separate from the check. When a check is presented for payment, the check number and passcode has to be presented to the payor bank that compares the check number/passcode combination to list in the passcode file. If there is no match, or if the match has occurred before concerning another payment, the check is invalidated. The passcodes may be printed on the checks in invisible ink. If invisible ink is used, payee banks process presented checks to render the invisible passcodes visible before transfer to either a check clearing unit, or a payor bank. Alternatively, two sets of randomized passc…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.