US 2016/0239920 A1Published application

Crowd Funding Fraud Insurance

OwnerWilliam Michael Cunninghaminventor

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Abstract

A safety product, system, processes and methods for crowdfunding campaigns. The disclosed embodiments allow one to transform information concerning the identity and vocational capabilities of those creating a crowdfunding solicitation from social media and search engines to determine the probability that the person or persons sponsoring the campaign are who they say they are and will be successful in completing the task(s) for which they are raising money. An electronic transaction is performed between a transaction device and a business connection server through a network. A crowdfunding fraud insurance policy is created, priced, offered and, if purchased, delivered to potential investor/supporter(s) of the specified crowdfunding campaign.

Claims2

Dependent claims

A method for collecting information relating to a crowdfunding application on a given crowdfunding website and assembling and evaluating identity and potential business performance data relating to the crowdfunding applicant, resulting in the offering of a fraud insurance policy to a consumer where the method comprises the acts of:

(a) capturing identify information about one or more applicants;
(b) capturing basic identification information about the applicant, wherein the basic identification information is taken from social media and other websites;
(c) electronically retrieving additional, non-transactional information about the applicant from a social media information database, wherein the social media information database is indexed by the basic identification information taken from the crowdfunding applicant's social media (Facebook®, Twitter®, LinkedIn®, etc.) website, and wherein the consumer is required by the crowdfunding website to maintain up-to-date information in the social media information database;
(d) electronically assembling a identify confirmation and vocational data record by combining the crowdfunding application information, the additional, non-transactional social media information and the basic identification information;
(e) storing the identify confirmation and vocational data record in a transaction database;
(f) periodically updating the identify confirmation and vocational data record with updated additional, non-transactional information by periodically electronically retrieving updated additional, non-transactional information about the crowdfunding applicant from social media, government and non-governmental information database;
and
(g) analyzing the social media and vocational data record of the crowdfunding applicant to determine whether the crowdfunding insurance applicant meets predefined criterion for the issuance of a crowdfunding fraud insurance policy action.

5 more elements

A method for collecting and analyzing information relating to crowdfunding applicant identity and vocational information and assembling this data relating to the crowdfunding applicant, where the method comprises the acts of:

(a) capturing information about a crowdfunding applicant's identity, including information about the applicant's vocational skills;
(b) reading the crowdfunding applicant's government-issued identification card to acquire basic identification information about the crowdfunding applicant's identity at the time of application, wherein the basic identification information includes an identification number that is stored on the government-issued identification card;
(c) acquiring the crowdfunding applicant's address by electronically retrieving the crowdfunding applicant's address from an address database, wherein the address database is maintained by the government and is indexed by the identification number read from the crowdfunding applicant's government-issued identification card, and wherein the government requires the crowdfunding applicant to keep an up-to-date address in the address database;
(d) electronically assembling an identity data record by combining the social media generated information and the basic identification information with the address acquired in act (c);
(e) storing the identify and vocational data record in a crowdfunding applicant transaction database;
(f) periodically updating the identify and vocational data record in the crowdfunding applicant transaction database by again electronically retrieving the crowdfunding applicant's address from the address database and updating the crowdfunding applicant's address in the data record if it has changed;
and
(g) analyzing the identify and vocational data record to determine whether the crowdfunding applicant meets predefined criterion for an insurance action based on the crowdfunding applicant's social media profile and address, wherein the predefined criterion relates to probability that the crowdfunding applicant's identify is true and the crowdfunding applicant's vocational history supports the business, project or person that is the subject of the crowdfunding campaign.

5 more elements

Dependencies are inferred from the claim text.