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6 October 2016Patents

Wells Fargo caught up in patent claim

Marketing and technology company Verify Smart has sued financial institution Wells Fargo for patent infringement.

Filed at the US District Court for the District of New Jersey on Tuesday, October 4, Verify’s suit claimed that Wells Fargo has infringed US patent number 8,285,648.

The patent concerns “novel systems and methods of verifying the identity of consumers initiating electronic transactions to provide enhanced security for such transactions”.

Wells Fargo provides a two-factor verification system, enabling users to authenticate their identity when initiating an electronic transaction through the use of a one-time pass code sent to the user’s mobile phone.

Verify claimed that the verification system, called Wells Fargo Online, directly and indirectly infringes its patent.

“Wells Fargo has induced these infringing uses with full knowledge of the ‘648 patent and with full knowledge that the use of its enhanced sign on (two-factor authentication) feature as directed constitutes infringement of the ‘648 patent,” said the suit.

Verify also alleged that the presence of “more established market participants” offering or using infringing products and services “prevented Verify from successfully entering the market”.

The marketing company is seeking a jury trial, damages, costs, expenses, and attorneys’ fees.

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