US Patent Issued to Capital One Services on July 22 for "System and method for detecting fraudulent bank transaction" (Virginia Inventor)

ALEXANDRIA, Va., July 23 -- United States Patent no. 12,367,493, issued on July 22, was assigned to Capital One Services LLC (McLean, Va.).

"System and method for detecting fraudulent bank transaction" was invented by Richard Allen Post (Mechanicsville, Va.).

According to the abstract* released by the U.S. Patent & Trademark Office: "A system for detecting a fraudulent ATM transaction is disclosed. The system relates to an ATM machine that receives a bank/ATM card from a customer. The ATM first attempts to read information from the card chip, but is unable to do so due to a read error. The ATM then instead reads the information from the magnetic strip, and initiates a fraud detection procedure. In one such procedure, the ATM uses a local ...