PATENT CLAIM ANALYSIS

Application Number: 16023082
Application Type: Utility
Filing Date: 2018-06
Publication Date: 2020-01
Patent Classification: ["705", "044000"]

Abstract:
A system and method for mitigating transaction fraud by confirming a credit card is in proximity to a mobile device associated with the credit card includes a consumer attempting to make a purchase using a credit card. A credit card processing company then seeks to confirm the authenticity of the purchase by sending a request for authenticity to a mobile application running on a phone associated with the owner of the credit card. A software application running on the mobile device is programmed to transmit a RFID signal, which returned by the credit card so long as the credit card is within a predetermined distance thereof. In this manner, the application can confirm that the owner of the credit card was the person who made the purchase transaction. The application then communicates with the credit card processing company to either allow or deny the purchase transaction.

Claim (Index 1):
A system for mitigating transaction fraud by confirming a credit card that is separate and distinct from a mobile device is in proximity to the mobile device associated with the credit card, the system for mitigating transaction fraud comprising:\n a transaction device having an identification code associated with a bank account of a user that is operable to make purchase transaction requests initiated by the user; wherein said transaction device includes:\n a global position satellite (GPS) module situated on a front face and operable to determine in real time a geographic location of said transaction device and to generate location data; \n a transmitter in electronic communication with said GPS module and operable to transmit said location data; \n a software application executing on a mobile computing device associated with the user and which has a global position satellite (GPS) module operable to determine a geographic location of said mobile computing device, said software application being operable to:\n receive a request for verification of authenticity of a financial transaction associated with said transaction device; \n determine a GPS position of the mobile computing device; \n direct the mobile computing device to transmit a location signal to said GPS module on said transaction device; \n wait a predetermined time to receive a reply signal from said transaction device indicative of a GPS position of said transaction device; \n determine if said GPS position of said transaction device is less than a predetermined distance from said GPS position of the mobile computing device and, if so, recommend to said requester of verification of authenticity of the financial transaction that the financial transaction be allowed.

Metadata:
- Claim Count in Document: 40.0
- Percentile: 94.0
- Lexical Diversity: 2.09589
- Patent Class: 705.0
- Transitional Phrase Type: open
- Component Type: 1
- Foreign Priority: False
- Related Applications: ['12001843', '13479235', '11852488', '14735042', '12343036']

Analysis Scores:
- 35 USC 101 Eligibility (BERT): 0.106230186470852
- 35 USC 102 Novelty (BERT): 0.4791026613605843
- Combined Prediction Score: 0.1435174339598253
- Mean Citation Score: 183.204426
- Max Citation Score: 185.22859
- Similarity Product: 132.50031890673995

Labels:
- Claim Label 101: 1
- Claim Label 102: 1
- Claim Label 103: 1
- Claim Label 112: 1
- Combined Label: 1
- Label 101 Adjusted: 1

Dataset: test