With an early priority date of 1998, this portfolio discloses fundamental aspects of online fraud prevention. It should be of great interest to companies offering credit fraud protection services.
NEW YORK, NY (PRWEB) May 19, 2015
ICAP Patent Brokerage announces for sale early priority patents disclosing methods of fraud prevention for online (or telephonic) purchases, available from Searchlite Advances, LLC. This portfolio is offered as part of the Internet of Things IP Auction, with a bidding deadline of July 30th, 2015.
“With an early priority date of 1998, this portfolio discloses fundamental aspects of online fraud prevention. It should be of great interest to companies offering credit fraud protection services,” says Dean Becker, CEO of ICAP Patent Brokerage.
Key Characteristics & Benefits
This portfolio is directed to methods for verifying or blocking online or telephonic purchases, in an effort to protect against fraudulent debit or credit card orders. Additionally, the methods allow for selectively placing purchase limits.
This is done by selectively blocking a remote purchase request based on information gained from a previous purchase request, such as a purchasers IP address or telephone number. The legitimacy of a remote purchase request may also be verified by comparing the origin details for a card number involved in a transaction with the origin details on file for the card number at the card issuing financial institution. A transaction can be blocked if the origin details do not match or are not preapproved. Alternatively, a limit on the value or quantity of purchases within a predetermined time period can be set. A higher limit can be placed on origins with a history of non-fraudulent purchases.
End users can also affect the process via pre-set spending limits, to keep tabs on their spending. Parents can place limits on their children’s spending accounts and be notified if certain purchases originate at prohibited locations or exceed a spending threshold. Any violation of such limits can trigger fraud or alert notifications in real time.
With an increasing number of e-commerce transactions taking place over mobile platforms, this portfolio provides added layers of security to online, in-app purchases or any other form-factors for ecommerce over Internet of Things. As of 2012, Cybersource (a subsidiary of Visa) reported $3.5 billion in annual losses due to online fraud (or 0.9% of total revenue)(1).
Forward citing companies include Allied Security Trust (AST), Bank of America, Digital Envoy, E2interactive, Ebay, Fujitsu Limited, H.I.G. Capital, Intellectual Ventures, JPMorgan Chase & Co., Microsoft, Priceline.com, Siris Capital Group, Sony, Visa, and Vodafone.
See the technical description of the remote purchase verification IP sales offering.
To learn more about the intellectual property available for sale in this portfolio:
Contact Michelle Tyler of ICAP Patent Brokerage at (650) 741-4117 or via email at michelle(at)icapip(dot)com.
If you have a patent portfolio for sale, visit our website to make a patent portfolio submission for an upcoming sealed bid event.
About ICAP Patent Brokerage
ICAP Patent Brokerage is the world's largest intellectual property brokerage and patent auction firm, leveraging the talents of experienced patent brokers to match buyers and sellers for the sale of patents and other intellectual property assets. With multiple transaction platforms and unparalleled industry knowledge, including experience with trademarks, brands, intellectual property licensing, and UCC sales, ICAP Patent Brokerage is the global leader in the transaction of intellectual property.