Systems and methods for fraud detection by transaction ticket size pattern
US9875475B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 8, 2016 |
| Grant date | Jan 23, 2018 |
| Priority date | — |
| Expiry date | Jan 15, 2037 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/00
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method and system for detecting fraud in a payment card network using a pattern of transaction ticket size are provided. The method including receiving transaction information, for a current financial transaction, from at least one of a merchant point of sale (POS) device and a merchant website, the transaction information including a current transaction amount, the transaction information associated with a single payment card cardholder, retrieving a predetermined number of historical transactions for the single cardholder based on the transaction information, and generating a historical spend ticket size pattern based on average ticket size and dispersions for at least one of the same store, similar stores, and relevant merchant categories. The method further including comparing the current transaction amount to the historical spend ticket size pattern and generating a recommendation for approval or decline of the current financial transaction based on the comparison.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.