Bolt Financial. has been granted a patent for a method that enables the notification of potential fraud through transaction authorization channels. The method involves analyzing transactions, generating fraud notifications, and modifying billing descriptors to alert account holders of fraudulent activity while processing transactions. GlobalData’s report on Bolt Financial gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Bolt Financial, Cryptocurrency wallets was a key innovation area identified from patents. Bolt Financial's grant share as of July 2024 was 53%. Grant share is based on the ratio of number of grants to total number of patents.
Fraud notification method using transaction authorization channels
The patent US12062049B2 outlines a method for processing transactions that enhances the communication between a transaction processing system and an issuer electronic device. The method begins with the transaction processing system receiving transaction information from a user’s electronic device and generating an authorization request message formatted for the issuer. This message is sent through a communication channel to the issuer, which responds with an authorization message indicating whether the transaction is approved. Notably, even if the transaction is approved, the system generates a second authorization request message that includes instructions for the issuer to modify the billing descriptor field, replacing the transaction code with a predefined message that contains different information than the merchant's details.
Additionally, the method incorporates a fraud evaluation mechanism. It analyzes the first transaction against predefined indicators of potential fraud, such as abnormal transaction patterns or mismatched addresses. If indicators of fraud are detected, the system can decline the transaction and update its fraud models accordingly. The second transaction authorization request may also include data that notifies the issuer of potential fraud, ensuring that the transaction processing system maintains a comprehensive approach to transaction security. This innovative method aims to improve transaction processing efficiency while enhancing fraud detection and user account protection.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
