Method and apparatus of providing enhanced authentication and security for financial institution transactions

An apparatus configured to authenticate a user transaction, the apparatus comprising:

• a receiver configured to receive, during a user transaction, both first user authentication information of a first type from a user, and second user authentication information, of a second type different than the first type, from a mobile device associated with the user;
• and
• a processor configured to:
• confirm the second user authentication information is correct,
• perform at least one of triangulation and global positioning via communication with a base station communicating with the mobile device to determine a current location of the mobile device,
• compare the location of the mobile device to a known location of an entity associated with the user transaction,
• identify a plurality of location positions of the mobile device prior to the user transaction,
• log the plurality of location positions of the mobile device by periodically updating location information of the mobile device in a location database over a predetermined amount of time prior to the user transaction,
• compare the plurality of location positions of the mobile device to the known location of the entity associated with the user transaction,
• perform a first authentication of the user transaction based on the first user authentication information;
• and
• perform a second authentication of the user transaction based on the second user authentication information, wherein the second user authentication information includes information identifying a current location of the mobile device with respect to at least one of the plurality of location positions, wherein,
• in response to the first authentication being successful and the second authentication indicating that the at least one of the plurality of location positions of mobile device are within a predetermined distance of the known location of the entity associated with the user transaction, then remotely control a first level of access granted to the user for the user transaction, and
• in response to the first authentication being successful and the second authentication not indicating that the at least one of the plurality of location positions of mobile device are within a predetermined distance of the known location of the entity associated with the user transaction, then remotely control a second level of access, less than the first level of access, is granted to the user for the user transaction.

A non-transitory computer readable storage medium configured to store instructions that when executed by a processor cause the processor to perform authenticating a user transaction, the processor being further configured to perform:

• receiving first user authentication information of a first type from a user during the user transaction;
• receiving second user authentication, of a second type different than the first type, during the user transaction;
• confirming the second user authentication information is correct;
• performing at least one of triangulation and global positioning via communication with a base station communicating with the mobile device to determine a current location of the mobile device;
• comparing the location of the mobile device to a known location of an entity associated with the user transaction;
• identifying a plurality of location positions of the mobile device prior to the user transaction;
• logging the plurality of location positions of the mobile device by periodically updating location information of the mobile device in a location database over a predetermined amount of time prior to the user transaction;
• comparing the plurality of location positions of the mobile device to the known location of the entity associated with the user transaction;
• performing, via the authenticating computing device, a first authentication of the user transaction based on the first user authentication information;
• and
• performing, via the authenticating computing device, a second authentication of the user transaction based on the second user authentication information, wherein the second user authentication information includes information identifying a current location of the mobile device with respect to at least one of the plurality of location positions, wherein,
• in response to the first authentication being successful and the second authentication indicating that the at least one of the plurality of location positions of mobile device are within a predetermined distance of the known location of the entity associated with the user transaction, then remotely controlling a first level of access granted to the user for the user transaction, and
• in response to the first authentication being successful and the second authentication not indicating that the at least one of the plurality of location positions of mobile device are within a predetermined distance of the known location of the entity associated with the user transaction, then remotely controlling a second level of access, less than the first level of access, is granted to the user for the user transaction.