Bank of America had 22 patents in ecommerce during Q4 2023. The Bank of America Corp filed patents in Q4 2023 related to detecting human trafficking using AI, tracking data over an asset lifecycle, detecting non-linear data dependencies in machine learning with quantum computing, managing return logistics using a distributed ledger, and providing customer service within a metaverse using avatars. These patents focus on utilizing technology to address various aspects of financial transactions and customer interactions. GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Bank of America grant share with ecommerce as a theme is 68% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Assisting at risk individuals (Patent ID: US20230410238A1)
The patent filed by Bank of America Corp. describes a computer-implemented human trafficking detection system that utilizes artificial intelligence and machine learning to identify illicit businesses involved in human trafficking through analyzing sex-buyer behavior and the merchants they frequent. The system scores customers exhibiting sex-buyer patterns and merchants based on various factors to measure the extent of illicit and legitimate services provided, identifying those likely involved in human trafficking. By matching likely illicit merchants to customers' business accounts and analyzing shared social data, entire criminal networks can be identified. The process involves retrieving subscriber data, financial transactions, and ATM data, filtering suspect businesses, and utilizing artificial intelligence or machine learning algorithms to identify potential sex businesses and criminal networks.
The claims of the patent detail a computer-implemented human trafficking detection process that involves steps such as identifying subscribers to analyze, retrieving financial transaction data, filtering suspect businesses providing sex-buyer services, and utilizing artificial intelligence or machine learning to identify potential sex businesses based on various metrics. The process includes steps for calculating summations of cash withdrawals and advances, executing IMB detection and scoring metrics, and identifying red flags such as suspicious activity reports or cryptocurrency transactions. The system aims to detect human trafficking by analyzing patterns in financial transactions and social data, ultimately identifying potential sex businesses and criminal networks involved in illicit activities.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
