Bank of America Corporation (20240249288). VIRTUAL CASH WITH FLAGGING OR TRACKING OF SUSPICIOUS TRANSACTIONS simplified abstract

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 20240249288 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 at the vendor.
• Upon receiving the request, the method transmits a consent to transact the cryptocurrency-based transaction.
• In response, the user sends a quick response (QR) code specifying the amount of cryptocurrency and the product or service to be exchanged.
• The method includes flagging suspicious transactions if a fraudulent QR code is detected, which may terminate the transfer.

Key Features and Innovation:

• Transfer of goods or services using cryptocurrency.
• Use of QR codes for specifying transaction details.
• Detection and prevention of fraudulent transactions.

Potential Applications:

• E-commerce platforms.
• Retail stores.
• Online services.

Problems Solved:

• Secure and efficient transfer of value.
• Prevention of fraudulent transactions.

Benefits:

• Enhanced security in cryptocurrency transactions.
• Streamlined process for exchanging goods or services.

Commercial Applications: Cryptocurrency payment systems for various industries such as e-commerce, retail, and online services.

Prior Art: Readers can explore prior patents related to cryptocurrency transactions, QR code technology, and fraud detection in financial transactions.

Frequently Updated Research: Stay updated on advancements in cryptocurrency security, QR code technology, and fraud prevention in financial transactions.

Questions about Cryptocurrency Transactions: 1. How does this method enhance security in cryptocurrency transactions? 2. What are the potential implications of using QR codes for specifying transaction details in cryptocurrency transactions?

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.