MUMBAI, India, Nov. 21 -- Intellectual Property India has published a patent application (202521103955 A) filed by Chhajed Sapana Ramesh; Rachna Karnavat; and Harshad Chhajed, Pune, Maharashtra, on Oct. 28, for 'distributed ai-enabled blockchain-based secure fraud detection system and a method thereof.'
Inventor(s) include Chhajed Sapana Ramesh; Rachna Karnavat; and Harshad Chhajed.
The application for the patent was published on Nov. 21, under issue no. 47/2025.
According to the abstract released by the Intellectual Property India: "The present disclosure relates to a system and method for secure automated financial transactions. The system (100) comprises a user interface unit (102) for receiving send-only transaction data; a processor (104) executing instructions stored in a memory (106) to control multiple functional units including a transaction initiation unit (104a) for biometric acquisition, an authentication unit (104b) for dual-factor user verification, and a risk evaluation unit (104c) employing artificial intelligence to determine transaction safety. Upon approval, a payment execution unit (104d) initiates the transaction through a banking API. A fraud recovery unit (104e) performs automatic fund freezing, legal automation via blockchain-based smart contracts, and multi-authority fund reversal. A communication interface (108) ensures encrypted data exchange, while a secure data repository (110) preserves evidentiary and regulatory records."
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