The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Mar. 14, 2023
Filed:
Nov. 29, 2021
Wells Fargo Bank, N.a., San Francisco, CA (US);
Wells Fargo Bank, N.A., San Francisco, CA (US);
Abstract
The concept involves efficiently using machine learning to quickly identify possible fraudulent applications in small business loan and credit applications by automatically flagging applications that meet certain criteria. In one preferred implementation, the tool compares a business description to a selected NAICS code in a loan application to assess the potential for fraud. Specifically, an algorithm can match the leftmost two digits of the selected code with the description of the category from an applicant. An engine calculates a probability of a fraud score based on the matching attached to the application. Because the tool detects fraud proactively rather than reactively, it substantially reduces computational costs and resources and reduces the biases associated with highly intensive manual work.