- RBA International, Inc.
- 703 Broadway, Suite 600
- Vancouver, WA 98660
- 1-800-348-8962
- 360-213-2300
- 360-696-9398 (fax)
Patents
RBA's patent on systems and methods for remote account control has been issued! United States Patent: 7229006
There are many challenges in managing personal finances in today's world, including fraud, accidental transactions, avoidable fees, and other issues. There is a growing need to provide consumer driven tools that provide the consumer with a high level of control over his/her financial accounts, database accounts, and sensitive personal data. The technology covered by this patent enables users to dynamically control access to those type of accounts and information using telephony-based technology.
Card theft and fraud are, unfortunately, extremely pervasive. It has been said that the cost of card fraud (to cardholders and to card companies alike) may be as high as $500 million per year. Everyone pays for card fraud in higher prices, whether or not they are personally defrauded. Of course, when one does personally fall victim to this type of fraud, it can be devastating both financially and personally.
When a purse or wallet containing cards is stolen, it may be only a matter of hours, or even minutes, before those cards are used to purchase hundreds, if not thousands of dollars worth of merchandise. While theft is probably the most obvious precursor to card fraud, it is not the only way fraud occurs. A more subtle form of fraud is "misappropriation", which is the use of a card number (and not necessarily the card itself) without the owner's permission. Unfortunately, obtaining someone else's card information is not particularly difficult. For example, telephone scams abound in which a caller might indicate that one need only provide a card number and associated expiration date to qualify for a "special discount vacation". Alternatively, thieves might simply sift through a homeowner's trash to find discarded receipts with credit numbers and expiration dates. Further, and perhaps less common, though not less damaging, is a scenario in which a sales clerk makes an extra imprint of a card for subsequent fraudulent use.
In today's fast paced economy it is difficult to always carefully scrutinize every card transaction, especially when people are increasingly using cards for purchases worth only a few dollars. While companies have recently instituted better safeguards, including real-time, dial up, authorization, such safeguards do not necessarily protect against all possible fraudulent uses of someone's card. Indeed, in the case where a card is stolen, a subsequent transaction would still be "authorized" unless the owner of the card was able to first notify the issuer/company of the theft, so that the account could be closed.
There is therefore a critical need for improved safety and anti-fraud measures with respect to cards and the like. There is also a need to provide to the owner of the account improved overall control over the account.
This technology is designed to provide an account holder acute control over his/her account, allowing them to enable or disable authorization of transactions. To learn more about the current uses of this patent, please visit www.bankbycell.com.
Additional patents currently in process include: