Systems and methods for multi-factor authentication using device tracking and identity verification

A system for implementing multi-factor transaction authentication, comprising:

• a structural element for storing a user card within a near field communication (NFC) range of a mobile device;
• and
• a user application executing on the mobile device,
• wherein the user application:
• generates one or more event timestamps associated with one or more detection events, wherein each detection event corresponds to a change in the connectivity status of an NFC link between the user card and the mobile device;
• transmits, to a validation server, a most recent event timestamp from the one or more event timestamps for comparison with a transaction timestamp associated with a transaction request message for a transaction involving the user card;
• and
• receives, from the validation server, a validation response for the transaction request message.

A method for multi-factor transaction authentication, the method comprising:

• providing a structural element for storing a user card within a near field communication (NFC) range of a mobile device;
• generating, by a user application executing on the mobile device, one or more event detection timestamps associated with one or more detection events, wherein each detection event corresponds to a change in the connectivity status of an NFC link between the user card and the mobile device;
• transmitting, by the user application to a validation server, a most recent event timestamp from the one or more event timestamps for comparison with a transaction timestamp associated with a transaction request message for a transaction involving the user card;
• and
• receiving, by the user application from the validation server, a validation response for the transaction request message.

A non-transitory computer-accessible medium containing executable instructions, wherein, when executed by a computer hardware arrangement comprising a processor, a near field communication (NFC) reader, and a structural element for storing a user card within a NFC range of the computer hardware arrangement, the instructions cause the computer hardware arrangement to perform procedures comprising:

• generating one or more event timestamps associated with one or more detection events, wherein each detection event corresponds to a change in the connectivity status of an NFC link between the user card and the mobile device;
• transmitting, to a validation server, a most recent event timestamp from the one or more event timestamps for comparison with a transaction timestamp associated with a transaction request message for a transaction involving the user card;
• and
• receiving, from the validation server, a validation response for the transaction request message.