Bank of America had 33 patents in big data during Q4 2023. The Bank of America Corp filed patents related to utilizing artificial intelligence and machine learning to detect human trafficking, dynamic model configuration and execution, document categorization using machine learning, monitoring physical locations for anomalous activities using machine learning algorithms, and an intelligent web service verification and validation system that uses machine learning to improve testing procedures. These patents focus on leveraging technology to address complex issues and improve operational efficiency. GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Bank of America grant share with big data as a theme is 69% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Assisting at risk individuals (Patent ID: US20230410238A1)
The patent filed by Bank of America Corp. describes a computer-implemented human trafficking detection system that utilizes artificial intelligence and machine learning to identify illicit businesses involved in human trafficking through analyzing sex-buyer behavior and the merchants they frequent. The system scores customers exhibiting sex-buyer patterns and merchants based on various factors to measure the extent of illicit and legitimate services provided, identifying those likely involved in human trafficking. By matching likely illicit merchants to customers' business accounts and analyzing shared social data, entire criminal networks can be identified. The process involves steps such as retrieving subscriber financial transactions, filtering suspect businesses, and utilizing artificial intelligence or machine learning to identify potential sex businesses based on various metrics.
The claims of the patent detail a comprehensive computer-implemented human trafficking detection process that involves identifying subscribers, retrieving financial transactions, filtering suspect businesses, and utilizing artificial intelligence or machine learning to identify potential sex businesses based on various criteria. The process includes steps such as calculating summations of cash withdrawals and advances, executing IMB detection and scoring metrics, and identifying red flags such as suspicious activity reports or cryptocurrency transactions. The system aims to detect human trafficking by analyzing patterns in financial transactions and customer behavior, ultimately identifying potential criminal networks involved in illicit activities.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
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.
