Financial Transaction Fraud Prevention System

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This system conducts a verification of information on a submitted financial transaction and detects fraudulent activity using 25 points of reference. In the case of submitted personal or payroll checks it reads and analyzes the entire document not just the bottom MICR (magnetic ink printing of routing number, account number, and check number). The system will also put businesses in compliance with various federal and state financial transaction laws and regulations. The 25 points of reference were developed by analyzing common characteristics of a fraudulent transaction.

The characteristics listed above are part of a database that can query partial and full data from a financial transaction, flag the transaction for further analysis and prevent the loss of funds from this financial transaction. Once fraud is detected and probable cause established, we the begin a process of notifying the approporiate law enforcement jurisdiction, sending them images and pedigree information on the suspect and providing a report and evidence of the incident for criminal prosecution. The database will link information from all law enforcement jurisdictions into one central database so that law enforcemnt will be able to determine in real time if a victim of fraud or ID theft ids being victimized again. Information from reports of stolen, missing licenses or identifications, check books, debit/ credit cards, passportswill be entered into the database and linked to State Attorney General Fraud database, Federal Trade Commission ID Theft Database, Military fraud database