Abstract
News editors obtained the following quote from the background information suppli ed by the inventors:“When attempting to make a purchase from a merchant, partic ularly a small, new, or otherwise unfamiliarmerchant, a potential purchaser wan ts to know that they are dealing with a legitimate (and ideallyreputable) busin ess. The potential purchaser wants to make sure that their credit card, bank inf ormation,and identity are not compromised when making a purchase among other th ings, and such a compromisepresents risk, expense, and inconvenience to both th e potential purchase (or credit card holder) and thefinancial service provider (or credit card provider). For example, from the potential purchaser’s perspective, a fraudulent charge using their credit card or other banking information can present a risk as to who ison the hook for fraudulent charge, require actions from the potential purchaser to help monitor for futurefraudulent charges, and inconvenience the potential purchaser by requiring replacement of the credit card and updating all recurring charges (e.g., for utilities, donations, etc.) and saved payment profiles to usethe new credit card’s information. Similarly, from the financial service provider’s perspective, a fraudulentcharge likely expose s them to liability for the fraud along with the expense of issuing a new credit cardand potentially providing credit monitoring services.
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