Method for determining if a current wallet-based transaction initiated by a digital wallet user is fraudulent

Patent metadata

Field	Value
Publication number	US-2017193515-A1
Application number	US-201615395670-A
Country	US
Kind code	A1
Filing date	Dec 30, 2016
Priority date	Oct 27, 2015
Publication date	Jul 6, 2017
Grant date	—

Abstract

A computer-implemented method for determining if a current wallet-based transaction initiated by a digital wallet user is fraudulent is provided. The method includes receiving current wallet-based transaction data relating to the current wallet-based transaction, and identifying one or more profile characteristics relating to a digital wallet owner based on the current wallet-based transaction data. The method further includes retrieving historical payment card transaction data based on the identified one or more profile characteristics. The method also includes comparing the current wallet-based transaction data and the historical payment transaction data to determine if the current wallet-based transaction is fraudulent.

First claim

1 . A computer-implemented method for determining if a current wallet-based transaction initiated by a digital wallet user is fraudulent, the method comprising:
receiving current wallet-based transaction data relating to the current wallet-based transaction, the current wallet-based transaction data identifying a digital wallet account to be used by the digital wallet user; identifying one or more profile characteristics relating to a digital wallet owner based on the current wallet-based transaction data, the digital wallet owner being an owner of the identified digital wallet account; retrieving historical payment card transaction data based on the identified one or more profile characteristics, the historical payment card transaction data relating to a plurality of historical payment card transactions for a plurality of payment card owners satisfying all of the identified one or more profile characteristics and indicating a prediction of a purchasing behavior of the digital wallet owner; and comparing the current wallet-based transaction data and the historical payment transaction data to determine if the current wallet-based transaction is fraudulent.

2 . The method according to claim 1 , wherein the step of receiving the current wallet-based transaction data relating to the current wallet-based transaction further comprises assigning a fraud score to the current wallet-based transaction, the fraud score indicating a likelihood that the current wallet-based transaction is fraudulent.

3 . The method according to claim 2 , wherein the step of comparing the current wallet-based transaction data and historical payment transaction data to determine if the current wallet-based transaction is fraudulent further comprises:
updating the fraud score when the current wallet-based transaction is determined to be fraudulent.

4 . The method according to claim 2 , wherein the step of comparing the current wallet-based transaction data and historical payment transaction data further comprises comparing the fraud score with a predetermined threshold value.

5 . The method according to claim 4 , wherein the current wallet-based transaction is determined to be fraudulent when the fraud score is more than the predetermined threshold value.

6 . The method according to claim 1 , further comprising:
obtaining an identity of a merchant with whom the digital wallet user has initiated the current wallet-based transaction; and comparing the identity of the merchant with a list of merchants to determine if the current wallet-based transaction is fraudulent, the list of merchants comprising merchants who have been identified to be unauthorized to initiate a transaction.

7 . The method according to claim 6 , further comprising updating the fraud score when the current wallet-based transaction is determined to be fraudulent.

8 . The method according to claim 1 , further comprising:
determining current product data associated with the current wallet-based transaction; and comparing the current product data with a list of product data to determine if the current wallet-based transaction is fraudulent, the list of product data comprising products which have been purchased by the digital wallet owner.

9 . The method according to claim 1 , further comprising:
determining a number of login attempts for the digital wallet account of the digital wallet owner.

10 . The method according to claim 9 , further comprising:
identifying a digital wallet device used in the current wallet-based transaction; and comparing the digital wallet device with one or more digital wallet devices to determine if the current wallet-based transaction is fraudulent, the one or more digital wallet devices comprising devices authorized to initiate a wallet-based transaction on behalf of the digital wallet owner.

11 . The method according to claim 10 , further comprising:
transmitting a verification request to a digital wallet device included in the one or more digital wallet devices when it is determined that the current wallet based transaction is fraudulent; and settling the current wallet based transaction based on a verification input.

12 . An apparatus for determining if a current wallet-based transaction initiated by a digital wallet user is fraudulent, the apparatus comprising:
at least one processor; and at least one memory including computer program code; the at least one memory and the computer program code configured to, with at least one processor, cause the apparatus at least to: receive current wallet-based transaction data relating to the current wallet-based transaction, the current wallet-based transaction data identifying a digital wallet account to be used by the digital wallet user; identify one or more profile characteristics relating to a digital wallet owner based on the current wallet-based transaction data, the digital wallet owner being an owner of the identified digital wallet account; retrieve historical payment card transaction data based on the identified one or more profile characteristics, the historical payment card transaction data relating to a plurality of historical payment card transactions for a plurality of payment card owners satisfying all of the identified one or more profile characteristics and indicating a prediction of a purchasing behavior of the digital wallet owner; and compare the current wallet-based transaction data and the historical payment transaction data to determine if the current wallet-based transaction is fraudulent.

13 . The apparatus according to claim 12 , wherein the at least one memory and the computer program code are further configured with the at least one processor to receive the current wallet-based transaction data relating to the current wallet-based transaction further comprises assigning a fraud score to the current wallet-based transaction, the fraud score indicating a likelihood that the current wallet-based transaction is fraudulent.

14 . The apparatus according to claim 13 , wherein the at least one memory and the computer program code are further configured with the at least one processor to update the fraud score when the current wallet-based transaction is determined to be fraudulent.

15 . The apparatus according to claim 13 , wherein the at least one memory and the computer program code are further configured with the at least one processor to compare the fraud score with a predetermined threshold value.

16 . The apparatus according to claim 15 , wherein the current wallet-based transaction is determined to be fraudulent when the fraud score is more than the predetermined threshold value.

17 . The apparatus according to claim 12 , wherein the at least one memory and the computer program code is are further configured with the at least one processor to:
obtain an identity of a merchant with whom the digital wallet user has initiated the current wallet-based transaction; and compare the identity of the merchant with a list of merchants to determine if the current wallet-based transaction is fraudulent, the list of merchants comprising merchants who have been identified to be unauthorized to initiate a transaction.

18 . The apparatus according to claim 17 , wherein the at least one memory and the computer program code are further configured with the at least one processor to update the fraud score when the current wallet-based transaction is determined to be fraudulent.

19 . The apparatus according claim 12 , wherein the at least one memory and the computer program code i

Assignees

• Mastercard International Inc

Inventors

• Sharan Ashutosh
• Gupta Sheetanshu
• Prakash Mayank

Classifications

• G06Q20/363

  with the personal data of a user · CPC title

• G06F16/2457

  with adaptation to user needs · CPC title

• G06F16/2379

  Updates performed during online database operations; commit processing · CPC title

• G06Q20/4016 Primary

  involving fraud or risk level assessment in transaction processing · CPC title

• G06Q20/341

  Active cards, i.e. cards including their own processing means, e.g. including an IC or chip · CPC title