18100673. VIRTUAL CASH WITH FLAGGING OR TRACKING OF SUSPICIOUS TRANSACTIONS simplified abstract (Bank of America Corporation)

VIRTUAL CASH WITH FLAGGING OR TRACKING OF SUSPICIOUS TRANSACTIONS

Organization Name

Bank of America Corporation

Inventor(s)

Steven Greene of New York NY (US)

Kerry Vaughan of Pennington NJ (US)

Srinath Chakravarty of Plano TX (US)

Aravind Shankaragouda Singtalur of McKinney TX (US)

Dinesh Kumar Agrawal of Rowlett TX (US)

Stephen Belton of Garden City NY (US)

Kenneth Boyd of Richmond VA (US)

Petar Puskarich of Plano TX (US)

VIRTUAL CASH WITH FLAGGING OR TRACKING OF SUSPICIOUS TRANSACTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18100673 titled 'VIRTUAL CASH WITH FLAGGING OR TRACKING OF SUSPICIOUS TRANSACTIONS

Simplified Explanation:

This patent application describes a method for transferring goods or services from a vendor supporting d+b wallets to a user registered with a digital+bitcoin (d+b) wallet. The method involves receiving a user request for a cryptocurrency-based transaction, transmitting consent to transact, receiving a Quick Response (QR) code specifying the amount of cryptocurrency and the product or service to be exchanged, and flagging suspicious transactions to prevent fraudulent activity.

Key Features and Innovation:

• Transfer of goods or services from d+b wallet-supporting vendors to users with d+b wallets
• Use of QR codes to specify cryptocurrency amount and product/service for exchange
• Flagging of suspicious transactions to prevent fraud

Potential Applications: This technology could be applied in various industries such as e-commerce, retail, and online services where cryptocurrency transactions are common.

Problems Solved:

• Preventing fraudulent transactions in cryptocurrency-based exchanges
• Streamlining the process of transferring goods or services using digital wallets

Benefits:

• Enhanced security in cryptocurrency transactions
• Simplified and efficient exchange of goods or services between vendors and users

Commercial Applications: Potential commercial applications include online retail platforms, digital service providers, and cryptocurrency exchanges looking to enhance security and streamline transactions.

Prior Art: Researchers interested in this technology may want to explore prior patents related to cryptocurrency transactions, digital wallets, and fraud prevention mechanisms in financial transactions.

Frequently Updated Research: Stay informed about the latest developments in cryptocurrency security, digital wallet technology, and fraud detection in financial transactions to enhance the effectiveness of this method.

Questions about Cryptocurrency-Based Transaction Method: 1. How does the method flag suspicious transactions to prevent fraud? 2. What are the potential implications of this technology for online retail platforms and digital service providers?

Original Abstract Submitted

A method for transferring a good or service from a d+b wallet-supporting vendor to a user registered with a digital+bitcoin (d+b) wallet is provided. The user may be registered with a cryptocurrency provider and a value allocation. The method may receive, at the vendor, a user request configured for a cryptocurrency-based transaction. The method may transmit, a consent to transact the cryptocurrency-based transaction and, in response to the transmitting of the consent to transact, receive, from the user device, a Quick Response (QR) code. The code specifies: a) an amount of cryptocurrency; and b) a product or a service to be exchanged for the amount of cryptocurrency. Prior to transferring the value, the method may flag the transfer of the value as suspicious when the QR code received by the user has been identified as a fraudulent QR code. The flagging may terminate the transfer.