System and Method to Reduce Misuse of a Financial Instrument at a Point-of-Sale Location
OwnerHarish Balasubramanianinventor
Life of this patent
Estimating the term…
Abstract
Disclosed are systems and methods of utilizing an initial, automatic authentication of a financial instrument user's identity when the user attempts to make a purchase with a financial instrument at a point-of-sale. Many financial instrument users have cell phones which are able to be located, and users often carry their phones with them when making purchases. An initial authentication of the identity of a credit card user could be made by comparing the location of the point-of-sale with the location of the card user's registered cell phone.
Claims25
A non-transitory computer readable medium comprising computer executable instructions stored thereon to cause one or more processing units to:
- recognize an initiation of a transaction using a financial instrument at a point-of-sale;
- determine a first location of the point-of-sale;
- determine a second location of a mobile device associated with the financial instrument;
- calculate a distance between the first and second location;
- compare the calculated distance to a threshold distance;
- and
- authenticate the transaction based upon a determination that the calculated distance is less than the threshold distance.
A method of automatically authenticating a financial instrument transaction, comprising:
- recognizing, using a processor, an initiation of a transaction using a financial instrument at a point-of-sale;
- determining a first location of the point-of-sale;
- determining a second location of a mobile device associated with the financial instrument;
- calculating a distance between the first and second locations;
- comparing the calculated distance to a threshold distance;
- and
- authenticating the financial instrument transaction based upon a determination that the calculated distance is less than the threshold distance.
A system configured to automatically authenticate a financial instrument transaction, comprising:
- a memory;
- one or more processing units, communicatively coupled to the memory, wherein the memory stores instructions to configure the one or more processors to:
- recognize an initiation of a transaction using a financial instrument at a point-of-sale;
- determine a first location of the point-of-sale;
- determine a second location of a mobile device associated with the financial instrument;
- calculate a distance between the first and second locations;
- compare the calculated distance to a threshold distance;
- and
- authenticate the transaction based upon a determination that the calculated distance is less than the threshold distance.
A non-transitory computer readable medium comprising computer executable instructions stored thereon to cause one or more processing units to:
- recognize an initiation of a transaction using a financial instrument at a point-of-sale;
- identify that a mobile device associated with the financial instrument is within a proximity of the point-of-sale;
- and
- authenticate the financial instrument transaction based on a determination that the mobile device is within a proximity of the point-of-sale.
Dependencies are inferred from the claim text.