A computerized method for substantially eliminating financial account fraud or theft, said method including the utilization of electronic communication devices by a financial institution, a financial account holder, and, optionally, a third party, said method comprising the steps of:
- 1) initiating a protocol between said financial institution and said financial account holder through an intermediary algorithm system in relation to a financial account held by said financial account holder and serviced by said financial institution, wherein said protocol includes the generation of a financial account holder profile and a financial institution profile within said intermediary algorithm system, wherein said financial account holder profile and said financial institution profile both include a client number generated in relation to the identity of said financial account holder, as well as verification contact point requirements to be undertaken by said intermediary algorithm system upon utilization of said financial account within a transaction, and wherein said financial account holder's account information is not shared with or otherwise stored within said intermediary algorithm system;
- 2) establishing specific contact point identifications with said intermediary algorithm system through an initial communication with each required verification contact point within both profiles of said financial account holder and said financial institution, wherein each of said specific contact point identifications are defined by unique string variables generated by said intermediary algorithm system;
- 3) initiating a financial transaction by said financial account holder to transfer funds to or from said financial institution in relation to said financial account holder's account;
- 4) requesting verification of the identity of said financial account holder by said financial institution through communication with said intermediary algorithm system prior to completion of said financial transaction;
- 5) undertaking communication between said intermediary algorithm system and the required verification contact points associated with said financial account holder and said financial institution such that substantially instantaneous determination of verification is accomplished through the reception of proper signals from said verification contact points by said intermediary algorithm system in response to requests sent from said system to each of said required verification contact points for that specific transaction, such that if the proper signals from all such required contact points are received then said intermediary algorithm system determines the financial account holder is authentic for such a transaction and if any signals are determined improper, then said intermediary algorithm system determines said financial account holder is not authentic for such a transaction;
- and
- 6) transferring the results of step “5” from said intermediary algorithm system to each of said financial account holder, said financial institution, and said optional third party;
- wherein said intermediary algorithm system provides verification notifications and responses to all parties without any required human interaction;
- wherein said results transfer step of “6” is undertaken without the need for any input or disclosure of any personal information of said financial account holder to said financial institution and/or said optional third party;
- and
- wherein said method is undertaken through the utilization of at least one computer program within a non-transitory medium.