Financial Account Protection Method Utilizing a Variable Assigning Request String Generator and Receiver Algorithm

Abstract

A novel method of substantially, if not totally, eliminating financial account fraud through the implementation of a specific algorithm that permits a financial institution the means to communicate directly and nearly instantaneously with an account holder for verification purposes during a financial transaction. The overall system depends on a string variable method that accords a limited number of representations to all the words and numbers of a specific human language in order to provide a suitable machine language translation for the capability of communicating quickly and effectively between a financial institution, an account holder, and possibly, a third party. Through a link between the digital communication platform set up by the variable string algorithm between the financial institution's system and at least one account holder electronic device, such communications, which do not require any need to divulge personal or other information of the account holder, ensure such transactions are proper.

What is claimed is: 
     
         1 . A computerized method for substantially eliminating financial account fraud or theft, said method including the utilization of contact point verifications through SMS communications alone between a financial institution, a financial account holder, and a third party database, said method involving an intermediary algorithm system that a) stores within an intermediary database profile information pertaining to said financial institution, said financial account holder, and said third party database as searchable data, b) generates searches of said searchable data upon request of verification of financial account holder identity by said third party database and/or said financial institution in relation to a financial transaction, wherein the results of said searches are provided as unique string variables, c) communicates with profile contact points meeting all criteria defined within said search results, and d) verifies contact point identity in relation to said search criteria and said profile information, said method comprising the steps of:
 1) initiating a financial transaction by said financial account holder to transfer funds to or from said financial institution in relation to said financial account holder's account;   2) requesting verification of the identity of said financial account holder by said financial institution through communicating with said intermediary algorithm system prior to completion of said financial transaction;   3) upon receipt of such a request, generating by said intermediary algorithm system search criteria including identifiers related to said requested financial transaction;   4) upon generation of said search criteria, said intermediary algorithm system creating said unique string of variables based upon results of said search criteria, said string including contact point requirements associated with said financial account holder of said financial transaction;   5) said intermediary algorithm system retaining said unique string of variables in order to a) validate profile identities associated with said financial transaction, b) identify all matching profiles meeting said search criteria, and c) identify the search associated with said search criteria;   6) transmitting a request for response from said intermediary algorithm system to each contact point associated with said at least one account holder profile, wherein said request includes said unique string of variables and a request for return of said string variables from each contact point, and wherein said request is transmitted through SMS messaging;   7) holding said transaction open by said intermediary algorithm system until verification of said financial account holder identity is completed;   8) receiving at least one response from each contact point by said intermediary algorithm system, wherein said response is transmitted through SMS messaging;   9) confirming the presence of said unique string of variables within said at least one received response by said intermediary algorithm system;   10) confirming the match of each contact point from which said response is received with at least one contact point within said database by said intermediary algorithm system;   11) confirming the match of said account holder profile in comparison with said search criteria of step “3” by said intermediary algorithm system;   12) authorizing said transaction by said intermediary algorithm system if each of steps “9,” “10,” and “11” are confirmed, wherein if any of said steps “9,” “10,” or “11” are not confirmed, then said intermediary algorithm system invalidates said financial account holder identity and prohibits said transaction from proceeding; and   13) transferring the result of step “12” from said intermediary algorithm system to each of said financial account holder, said financial institution, and said third party database;   wherein said method is undertaken through the utilization of at least one computer program within a non-transitory medium.   
     
     
         2 . The method of  claim 1  wherein said intermediary algorithm system provides all communications to all parties without any required human interaction;
 wherein said results transfer of step “13” is undertaken without the need for any input or disclosure of any personal information of said financial account holder to said financial institution and/or said optional third party; and 
 wherein no financial account information is shared with nor stored within said intermediary algorithm system. 
 
     
     
         3 . The method of  claim 1  wherein said financial account holder profile includes more than one verification contact point requirement per each account transaction. 
     
     
         4 . The method of  claim 1  wherein said financial transaction is a point-of-sale purchase at a merchant. 
     
     
         5 . The method of  claim 1  wherein said financial transaction is an on-line purchase. 
     
     
         6 . The method of  claim 2  wherein said financial transaction is a point-of-sale purchase at a merchant. 
     
     
         7 . The method of  claim 2  wherein said financial transaction is an on-line purchase. 
     
     
         8 . The method of  claim 3  wherein said financial transaction is a point-of-sale purchase at a merchant. 
     
     
         9 . The method of  claim 3  wherein said financial transaction is an on-line purchase. 
     
     
         10 . A computerized method for verifying contact point identifications of an entity within a financial transaction, said method utilizing substantially instantaneous actions and involving an intermediary algorithm system that a) stores within an intermediary database profile information pertaining to said entity as searchable data, b) generates searches of said searchable data upon request of verification of said entity's identification from a different entity in relation to said financial transaction, wherein the results of said searches are provided as unique string variables, c) communicates with profile contact points meeting all criteria defined within said search results, and d) verifies said contact point identity in relation to said search criteria and said profile information, said method comprising the steps of:
 1) initiating a financial transaction by said entity to transfer funds to or from a financial institution;   2) requesting verification of the identity of said entity through communicating with said intermediary algorithm system prior to completion of said financial transaction;   3) upon receipt of such a request, generating by said intermediary algorithm system search criteria including identifiers related to said requested financial transaction;   4) upon generation of said search criteria, said intermediary algorithm system creating said unique string of variables based upon results of said search criteria, said string including contact point requirements associated with said entity related to said financial transaction;   5) said intermediary algorithm system retaining said unique string of variables in order to a) validate the entity profile identity associated with said financial transaction, b) identify all matching profiles meeting said search criteria, and c) identify the search associated with said search criteria;   6) transmitting a request for response from said intermediary algorithm system to each contact point associated with said entity profile, wherein said request includes said unique string of variables and a request for return of said string variables from each contact point; and wherein said request is transmitted through SMS messaging;   7) holding said transaction open by said intermediary algorithm system until said entity identification is verified;   8) receiving at least one response from each contact point by said intermediary algorithm system; wherein said response is transmitted through SMS messaging;   9) confirming the presence of said unique string of variables within said at least one received response by said intermediary algorithm system;   10) confirming the match of each contact point from which said response is received with at least one contact point within said database by said intermediary algorithm system;   11) confirming the match of said entity profile in comparison with said search criteria of step “3” by said intermediary algorithm system; and   12) authorizing said transaction by said intermediary algorithm system if each of steps “9,” “10,” and “11” are confirmed, wherein if any of said steps “9,” “10,” or “11” are not confirmed, then said intermediary algorithm system invalidates said entity identification and prohibits said transaction from proceeding;   wherein said method is undertaken through the utilization of at least one computer program within a non-transitory medium; and   wherein said string archives each contact point verification undertaken by said method with a time stamp to provide further verification criteria for future financial transaction identity requests.   
     
     
         11 . The method of  claim 10  wherein said entity profile includes more than one verification contact point requirement per each account transaction. 
     
     
         12 . The method of  claim 10  wherein all communications within the verification method are undertaken through SMS messaging alone. 
     
     
         13 . The method of  claim 11  wherein all communications within the verification method are undertaken through SMS messaging alone. 
     
     
         14 . The method of  claim 10  wherein the number and level of verification contact point requirements per account transaction within said entity's profile are modifiable by said entity subsequent to initial intermediary algorithm system profile set-up. 
     
     
         15 . The method of  claim 14  wherein all communications within the verification method are undertaken through SMS messaging alone. 
     
     
         16 . The method of  claim 10  wherein said financial transaction is a point-of-sale purchase at a merchant. 
     
     
         17 . The method of  claim 10  wherein said financial transaction is an on-line purchase. 
     
     
         18 . The method of  claim 15  wherein said financial transaction is a point-of-sale purchase at a merchant. 
     
     
         19 . The method of  claim 16  wherein said financial transaction is an on-line purchase.