System and method for enhanced transaction authorization

A transaction authorization system for managing financial transactions, the transaction authorization system comprising:

• a user social media account, wherein said social media account is associated with a user social media account identification and includes a trusted location database, wherein said trusted location database represents a set of one or more predetermined trusted geographic locations selected by said user;
• a financial institution computerized system, wherein said user links said user social media account with said financial institution computerized system by providing login information for said user social media account to said financial institution computerized system, wherein said login information is stored at said financial institution computerized system, wherein said login information is usable by said financial institution computerized system to access said user social media account;
• and
• a financial institution database in communication with said financial institution computerized system wherein said user social media account identification is associated with financial account data stored in said financial institution database, so that said financial account data is usable to determine said user social media account identification;
• wherein said transaction authorization system:
• receives, from a computerized merchant transaction system, transaction data associated with a proposed financial transaction, wherein said transaction data includes transaction location data and transaction financial account data;
• uses said transaction financial account data to retrieve from said financial institution database a user social media account identification associated with said transaction financial account data;
• uses said user social media account identification to determine login information associated with said user social media account identification and uses said login information to access said social media account and retrieve said set of one or more predetermined trusted geographic locations associated with said user social media account identification,
• compares said transaction location data with said set of one or more predetermined trusted geographic locations, and
• transmits transaction authorization data to said computerized merchant transaction system to authorize said proposed financial transaction only when said transaction location data represents a geographic location less than a stored predetermined geographic distance from a location included in said set of one or more predetermined trusted geographic locations.