Method and system for improving security of financial transactions

A method of improving a security of financial transactions associated with a financial account of a user at a financial account provider, comprising the steps of:

• establishing a communication session between a computer system of the financial account provider and a remote device of the user, by the computer system, for accessing the financial account of the user at the financial account provider;
• prompting the user, by the computer system, to provide a first type of authentication;
• providing the user, by the computer system, with a financial transaction control setting associated with the financial account of the user in response to receiving the first type of authentication from the user;
• receiving, by the computer system, a request to change the financial transaction control setting associated with the financial account of the user and a type of financial transaction to be made by the user;
• determining, by the computer system, an authentication control setting associated with the type of financial transaction to be made by the user, wherein the authentication control setting is selectable between a first setting in which a change of the financial transaction control setting may proceed with only one type of authentication and a second setting in which a second type of authentication is required for changing the financial transaction control setting;
• based on the authentication control setting indicating a requirement for a second type of authentication, prompting the user, by the computer system, to provide the second type of authentication, wherein the second type of authentication requires two-factor authentication information;
• changing the financial transaction control setting, by the computer system, in response to at least one of receiving the second type of authentication from the user and determining the authentication control setting indicates no requirement for the second type of authentication;
• preventing, by the computer system, the financial transaction control setting from being changed when the user fails to provide the second type of authentication and there is a requirement for the second type of authentication;
• providing a user, by the computer system, with an account management section through the remote device of the user, wherein the account management section includes a plurality of financial control settings associated with at least one type of financial transaction that may be conducted by the user financial account, the at least one type of financial transaction having been authorized by receiving the first type of authentication, and by receiving the second type of authentication if required;
• receiving, by the computer system from the remote device, a user-selected allowed geographic region for at least one of a first type of financial transaction and a second type of financial transaction from a plurality of transaction types available from the financial account provider:
• in response to receiving the user-selected allowed geographic region, initiating a video chat, by the computer system, between the user and an account representative of the financial account provider to confirm that the user matches a picture of the user on file with the financial account provider;
• and
• upon confirming, by the computer system, that the user in the video chat matches the picture, granting permission, by the computer system, to the user to change the user-selected allowed geographic region.

A method of improving a security of financial transactions associated with a financial account of a user at a financial account provider, comprising the steps of:

• establishing a communication session between a computer system of the financial account provider and a remote device of the user, by the computer system, for accessing the financial account of the user at the financial account provider;
• receiving, by the computer system, a first type of authentication;
• providing the user, by the computer system, with a financial transaction control setting associated with the financial account of the user in response to receiving the first type of authentication;
• receiving, by the computer system, a request to change the financial transaction control setting associated with the financial account of the user and a type of financial transaction to be made by the user;
• determining, by the computer system, an authentication control setting associated with the type of financial transaction to be made by the user, wherein the authentication control setting is selectable between a first setting in which a change of the financial transaction control setting may proceed with only one type of authentication and a second setting in which a second type of authentication is required for changing the financial transaction control setting;
• based on the authentication control setting indicating a requirement for a second type of authentication, prompting the user, by the computer system, to provide the second type of authentication, wherein the second type of authentication requires voice authentication information;
• changing the financial transaction control setting, by the computer system, in response to at least one of receiving the second type of authentication from the user and determining the authentication control setting indicates no requirement for the second type of authentication;
• preventing, by the computer system, changes to the financial transaction control setting when the user fails to provide the second type of authentication and there is a requirement for the second type of authentication;
• providing a user, by the computer system, with an account management section through the remote device of the user, wherein the account management section includes a plurality of financial control settings associated with at least one type of financial transaction that may be conducted by the user financial account, the at least one type of financial transaction having been authorized by receiving the first type of authentication, and by receiving the second type of authentication if required;
• receiving, by the computer system from the remote device, a user-selected allowed geographic region for at least one of a first type of financial transaction and a second type of financial transaction from a plurality of transaction types available from the financial account provider;
• in response to receiving the user-selected allowed geographic region, initiating a video chat, by the computer system, between the user and an account representative of the financial account provider to confirm that the user matches a picture of the user on file with the financial account provider;
• and
• upon confirming, by the computer system, that the user in the video chat matches the picture, granting permission, by the computer system, to the user to change the user-selected allowed geographic region.