U.S. Bancorp has been granted a patent for an apparatus that detects and identifies fraudulent activity involving multiple transaction cards at different locations. The technology monitors changes over time, identifies points of compromise, and removes non-fraudulent transactions from suspicion. GlobalData’s report on U.S. Bancorp gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on U.S. Bancorp, Virtual banking assistant was a key innovation area identified from patents. U.S. Bancorp's grant share as of April 2024 was 94%. Grant share is based on the ratio of number of grants to total number of patents.
Fraud detection apparatus for identifying point-of-compromise location
A recently granted patent (Publication Number: US11941633B2) discloses an innovative apparatus and method for detecting and mitigating fraudulent activities involving transaction cards. The apparatus includes a processor with programmed instructions stored in memory that enable it to receive information on suspicious fraud activity, monitor changes over time intervals, identify points of compromise (POC) locations, determine the number of transaction cards involved in suspicious activity, and manage reissuing cards to prevent fraud. The method involves collecting location data for suspicious fraud transactions, constructing a three-dimensional matrix, updating indicators, generating POC locations, and removing transaction cards not within the compromise window. The system also provides recommended POC locations, sends reissue instructions, and calculates reissue scores to predict future fraud occurrences.
Furthermore, the patent details the construction of a three-dimensional data structure using collected locations and associated transaction cards over multiple time windows. The method involves incrementing counters for fraudulent transactions, updating indicators, identifying POC locations, determining the number of transaction cards with suspicious activity, and removing non-compromised transaction cards. The system also offers recommended POC locations, sends reissue instructions, and utilizes static random access memory (SRAM) arrays for efficient data management. This innovative approach aims to enhance fraud detection and prevention in the realm of transaction card activities, providing a comprehensive solution for identifying and addressing potential points of compromise to safeguard against fraudulent transactions.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
