This system aims to prevent unauthorized online transactions. It works by analyzing past fraudulent money transfers, noting where, when, and from what device they occurred, to identify patterns. Based on these patterns, it creates a virtual boundary, or geo-fence, and then applies stricter authentication rules for any transaction requests originating from within that specific area. A particular version of the system uses machine learning to predict future fraud and defines the geo-fence using a simple radius.
Why it matters: The sophistication and accessibility of machine learning models for real-time anomaly detection and predictive analytics have significantly advanced since 2021. This makes the dynamic pattern identification and predictive geo-fencing described in the claims more feasible and powerful today.
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