SYSTEM AND METHOD FOR DETECTING AND MITIGATING DUPLICATE TRANSACTION FRAUD
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United States of America Patent
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Issued Date -
Jan 10, 2013
app pub date -
Apr 19, 2012
filing date -
Apr 19, 2011
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Abstract
A method and system for reducing fraud by detecting duplicate financial transactions in a financial transaction processing system. In various embodiments, financial institutions can be alerted when a financial instrument such as a check is being tendered for deposit, wherein a previous deposit for that same instrument had previously been submitted at the same or a different financial institution. The system and method provide for detection of deposits of checks after remote deposit of the same check had been previously performed (for example by submitting a digital image of the check). Deposit of duplicate counterfeit paper checks issued to multiple parties can also be detected and mitigated.
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