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Method and system for changing account status

IP.com Disclosure Number: IPCOM000126983D
Original Publication Date: 2005-Aug-16
Included in the Prior Art Database: 2005-Aug-16
Document File: 1 page(s) / 39K

Publishing Venue

IBM

Abstract

Included within a collection of credit tokens is one or more tokens which have the function of being "change account status" tokens. In case of loss by the original owner, use of the "change" token may notify an agency to cancel the other credit tokens.

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Method and system for changing account status

In the United States, over one hundred million people have credit card accounts. These include entertainment cards, bank cards, phone calling cards, and oil company cards. The typical holder of at least one credit card has ten such cards. In addition, there are other account access tokens that people carry in a tangible form: ATM, automatic teller machine, cards, debit cards, RFID, radio frequency identification, tags. When a wallet, purse, briefcase, or article of clothing in which these tokens are carried is lost or stolen, it is up to the owner to notify the agencies involved of the loss.

The solution is to include within the collection of credit tokens one or more tokens which have the function of being "change account status" tokens. These cards or tags will look like ordinary credit cards or tags but will automatically notify desired agencies to suspend the privileges of a collection of credit tokens when one of the access tokens is used. The suspension may be final or may be a suspension of use pending further confirmation from the owner, or may impose a limitation on the use of the account. The method for changing account status consists of receiving an account transaction request, determining that the request is a change account status request, and sending an order to change the status of at least one account.

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