MASTERCARD INTERNATIONAL INCORPORATED (20240346508). CHAINING TRANSACTIONS FOR FRAUD PREVENTION simplified abstract

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CHAINING TRANSACTIONS FOR FRAUD PREVENTION

Organization Name

MASTERCARD INTERNATIONAL INCORPORATED

Inventor(s)

David Alexander Jevans of Menlo Park CA (US)

CHAINING TRANSACTIONS FOR FRAUD PREVENTION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240346508 titled 'CHAINING TRANSACTIONS FOR FRAUD PREVENTION

Simplified Explanation: The patent application describes a method to detect fraud in peer-to-peer transactions without the need for an intermediary. It involves generating audit trails for each token of digital currency transferred between wallets, allowing for the identification of fraudulent transactions through analysis of these trails.

  • Tokens maintain audit trails of all intermediate wallets involved in the transaction chain.
  • Fraud detection is based on analyzing these audit trails for signs of wallet cloning or value manipulation.
  • The system can identify the first fraudulent transaction in a chain by examining the audit trail of the associated token.

Key Features and Innovation:

  • Generation of audit trails for digital currency transactions.
  • Detection of fraud in peer-to-peer payments without intermediaries.
  • Analysis of audit trails to identify fraudulent transactions.
  • Focus on wallet cloning and value manipulation as indicators of fraud.
  • Ability to pinpoint the first fraudulent transaction in a chain.

Potential Applications:

  • Enhancing security in peer-to-peer payment systems.
  • Preventing fraudulent transactions in digital currency transfers.
  • Improving trust and reliability in decentralized financial transactions.

Problems Solved:

  • Addressing fraud issues in peer-to-peer payments.
  • Providing a transparent audit trail for digital currency transactions.
  • Enhancing the security and integrity of decentralized financial systems.

Benefits:

  • Increased security and trust in peer-to-peer transactions.
  • Improved fraud detection capabilities in digital currency transfers.
  • Enhanced transparency and accountability in financial transactions.

Commercial Applications:

  • Fraud detection software for peer-to-peer payment platforms.
  • Security solutions for decentralized financial systems.
  • Compliance tools for digital currency transactions.

Questions about Fraud Detection in Peer-to-Peer Transactions: 1. How does the system differentiate between legitimate and fraudulent transactions based on audit trails? 2. What measures are in place to ensure the accuracy and reliability of the audit trail data?

Frequently Updated Research: Stay updated on advancements in fraud detection technologies in peer-to-peer transactions and blockchain systems for enhanced security and transparency.


Original Abstract Submitted

fraud transactions are detected in peer-to-peer payments without an intermediary. audit trails associated with a chain of transactions to transfer digital currency from an initial sending wallet to a final receiving wallet are generated and associated with a token of the digital currency. each token maintains an audit trail of intermediate digital wallets through which that token transacted before being received by the final receiving wallet. a request is received to identify whether a first transaction, of the chain of transactions, is a fraud transaction. in response to the request, a first audit trail associated with a first token associated with the first transaction is retrieved. when wallet cloning or value manipulation is detected, by analyzing the first audit trail, in the first token associated with the first transaction, the first transaction is determined as the fraud transaction.

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