System, method and computer program product for assessing risk of identity theft
AssigneeID Insight Incorporated
InventorsRobert T. Clark, Adam Elliott
Life of this patent
Estimating the term…
Abstract
In one embodiment, this invention analyzes demographic data that is associated with a specific street address when presented as an address change on an existing account or an address included on a new account application when that address is different from the reference address (e.g., a credit bureau type header data). The old or reference address and the new address, the new account application address or fulfillment address demographic attributes are gathered, analyzed, compared for divergence and scaled to reflect the relative fraud risk.
Claims9
A computerized method for a client to assess a risk of fraud, comprising:
- receiving at a server information relating to a first address of one of an account holder or an applicant;
- receiving at the server information relating to a second address of the account holder or applicant, the server comprising a processor and a memory to store the first address information and the second address information as computer readable media, wherein the processor is configured by an algorithm to:
- access one or more third party databases to determine data related to each of the first address and the second address, the data comprising at least one of demographic data, United States Postal Service (USPS) data, previous history file data, warm address data, address velocity data and known fraud address data;
- append the determined data to the first address and the second address;
- compare the determined data for the first address with the determined data for the second address to determine one or more difference variables;
- assign a weight to each of the one or more difference variables and calculate a score based on the assigned weight to each of the one or more difference variables using artificial intelligence technology;
- predict the risk of fraud and calculate a level of risk of fraud based on the calculated score for each of the one or more difference variables;
- and communicate the level of risk of fraud to the client through (the) a software application user interface by one or more notifications in substantially real time.
A computer-implemented method for a client to assess a risk of identity theft fraud with respect to new applications, comprising:
- receiving at a server information for a first address corresponding to the new application of an applicant for an account, the server comprising a processor and a memory to store the first address information as computer readable media, wherein the processor is configured by an algorithm to:
- obtain a reference address from a third party database;
- assess one or more databases to determine data related to each of the first address and the reference address, the data comprising at least one of demographic data, United States Postal Service (USPS) data, previous history file data, warm address data, address velocity data, high risk address data and known fraud address data;
- append the determined data to the first address and the reference address;
- compare the determined data for the first address with the determined data for the reference address to determine one or more difference variables;
- assign a weight to each of the one or more difference variables and calculate a score based on the assigned weight to each of the one or more difference variables using artificial intelligence technology;
- predict the risk of fraud and calculates a level of risk of fraud based on the calculated score for each of the one or more difference variables;
- and communicate the level of risk of fraud to the client through (the) a software application user interface by one or more notifications sent in substantially real time.
Dependencies are inferred from the claim text.