US Patent Issued to Wells Fargo Bank on March 31 for "Fraud prevention via beneficiary account validation" (California Inventor)

ALEXANDRIA, Va., March 31 -- United States Patent no. 12,591,894, issued on March 31, was assigned to Wells Fargo Bank N.A. (San Francisco).

"Fraud prevention via beneficiary account validation" was invented by Marcus Yamane (San Anselmo, Calif.).

According to the abstract* released by the U.S. Patent & Trademark Office: "Disclosed are methods, systems, and devices for preventing payments to unintended beneficiaries. A service provider system may receive, from a user device of a user, a payment request to transfer funds from a source account to an identified destination account. A beneficiary system may be identified, and a validation request (e.g., an API call) may be transmitted to the beneficiary system. The service provider system may...