Systems and methods for performing transactions using active authentication

A method of performing a transaction at a point of sale (POS) device, comprising:

• connecting, via a first computer processor associated with a financial institution, with a second computing device being associated with a user being remote from the first computer processor;
• receiving, at the first computer processor, data indicative of a financial transaction from the second computing device, the data comprising parameters associated with the financial transaction;
• generating, using a random number generator associated with the first computer processor, a single-use authentication key associated with the financial transaction, wherein the single-use authentication key is unique for the financial transaction at the POS device and is valid for a limited period of time;
• storing, in data storage associated with the financial institution, the single-use authentication key and the data indicative of the financial transaction;
• sending, from the first computer processor, the single-use authentication key to the second computing device;
• extracting, by the POS device, at least a portion of the single-use authentication key, an internet protocol (IP) address for the POS device, and a merchant identifier (ID) associated with the merchant;
• transmitting, by the POS device and via a network in direct communication with the financial institution, the at least a portion of the single-use authentication key, the IP address, and the merchant ID to the financial institution along with a transaction request associated with the POS device;
• receiving, at the first computer processor, the transaction request from the POS device;
• comparing, via the first computer processor, the transaction request with the data indicative of the financial transaction and the stored single-use authentication key;
• and
• either:
• approving, with the first computer processor, the transaction request when the transaction request complies with the parameters;
• or
• declining, with the first computer processor, the transaction when the transaction request does not comply with the parameters.