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CU System
Allegacy receives patent for card fraud measures
WINSTON SALEM, N.C. (10/13/11)--Allegacy FCU, a $928 million asset credit union in Winston-Salem, N.C., has been assigned a patent developed by Dean A. Adams, Winston-Salem, N.C., for a “bank card fraud detection and/or prevention methods.” The patent involves setting a threshold for card transaction frequencies--which if exceeded, could indicate potentially fraudulent card activity. The patent application was filed Dec. 13, 2007 (Targeted News Service Oct. 12). The abstract of the patent published by the U.S. Patent and Trademark Office states: “Bank card fraud detection and/or prevention methods can generally involve determining a common point of compromise and/or identifying merchants associated with bank card transaction frequencies which exceed a predetermined threshold value which is indicative of potentially fraudulent bank card activity. These methods can further involve identifying other bank cards used at the common point of compromise.”


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