18514256. FRAUD MITIGATION VIA WIRELESS COMMUNICATION OF DYNAMIC TRANSACTION CARDS simplified abstract (Capital One Services, LLC)
Contents
FRAUD MITIGATION VIA WIRELESS COMMUNICATION OF DYNAMIC TRANSACTION CARDS
Organization Name
Inventor(s)
Austin Walters of Savoy IL (US)
Vincent Pham of Seattle WA (US)
Jeremy Goodsitt of Champaign IL (US)
FRAUD MITIGATION VIA WIRELESS COMMUNICATION OF DYNAMIC TRANSACTION CARDS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18514256 titled 'FRAUD MITIGATION VIA WIRELESS COMMUNICATION OF DYNAMIC TRANSACTION CARDS
Simplified Explanation
The patent application abstract describes a system for fraud mitigation using dynamic transaction card wireless communication. Here is a simplified explanation of the innovation:
- A mobile device can enable a dynamic transaction card to scan for nearby wireless devices.
- Approved devices are determined based on the wireless devices frequently located near the card.
- During a transaction, the card scans for nearby wireless devices and authorizes the transaction if they match the approved devices.
- Potential Applications
This technology could be applied in the banking and financial industry to enhance security measures for transactions.
- Problems Solved
This technology helps mitigate fraud by ensuring that only approved devices are in proximity to the dynamic transaction card during transactions.
- Benefits
The system provides an additional layer of security for transactions, reducing the risk of unauthorized use of the dynamic transaction card.
- Potential Commercial Applications
This technology could be implemented by banks, credit card companies, and other financial institutions to improve the security of their transaction cards.
- Possible Prior Art
One possible prior art could be the use of RFID technology in credit cards for contactless payments.
- Unanswered Questions
- How does the system handle situations where approved devices are not detected during a transaction?
The abstract does not provide information on how the system handles transactions when approved devices are not detected nearby.
- What measures are in place to prevent unauthorized access to the dynamic transaction card?
The abstract does not detail the specific security features or protocols in place to prevent unauthorized access to the dynamic transaction card.
Original Abstract Submitted
Systems and methods disclosed herein provide fraud mitigation via dynamic transaction card wireless communication. A mobile device may cause a dynamic transaction card to periodically scan its environment to detect wireless enabled devices proximately located near the dynamic transaction card. Based on identifying the wireless enabled devices frequently located near the dynamic transaction card, a set of approved devices may be determined. During a transaction, a dynamic transaction card may scan its environment for other wireless enabled devices proximately located near the dynamic transaction card. If wireless enabled devices detected by the dynamic transaction card are all, or a subset, of the devices that are frequently located near the card, then the transaction may be authorized. However, if the wireless enabled devices detected by the dynamic transaction card are not all, or a subset, of the devices that are frequently located near the card, then the transaction may be unauthorized.
