Device with GPS to manage risk for financial transactions
First Claim
1. A remote transaction device for capturing and transmitting data to a central authorizing host indicative of a proffered payment, the device comprising:
- a financial data component that obtains financial information about the proffered payment;
a location component that determines the location of the remote transaction device when the financial information about the proffered payment is obtained;
a transceiver component that is communicatively linked to the central authorized host; and
a processor component that receives the financial information and the location information and induces the transceiver component to transmit the financial information and the location information to the central authorizing host to thereby permit the central authorizing host to evaluate the risk of accepting the proffered payment, wherein the risk can be assessed in light of the present location of the remote transaction device.
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Accused Products
Abstract
The present teachings describe a system for processing financial transactions. In one embodiment, the system includes a remote terminal adapted to identify the location of financial transactions via global positioning system (GPS) information such that the remote terminal acquires transaction information from a user and transmits a first signal indicative of transaction information and GPS information. In addition, the system includes an authorizing host adapted to receive the first signal transmitted by the remote terminal such that the authorizing host evaluates the risk associated with financial transactions based, at least in part, on the GPS information so as to determine whether to accept or decline the financial transaction. The present teachings further describe devices and methods of acquiring GPS information for the purpose of managing risk for financial transactions.
101 Citations
23 Claims
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1. A remote transaction device for capturing and transmitting data to a central authorizing host indicative of a proffered payment, the device comprising:
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a financial data component that obtains financial information about the proffered payment;
a location component that determines the location of the remote transaction device when the financial information about the proffered payment is obtained;
a transceiver component that is communicatively linked to the central authorized host; and
a processor component that receives the financial information and the location information and induces the transceiver component to transmit the financial information and the location information to the central authorizing host to thereby permit the central authorizing host to evaluate the risk of accepting the proffered payment, wherein the risk can be assessed in light of the present location of the remote transaction device. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A remote transaction device for capturing and transmitting data to a risk assessment agency indicative of a proffered promissory payment, the device comprising:
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a financial data means for obtaining financial information about the proffered promissory payment;
a location means for determining the location of the remote transaction device when the financial information about the proffered promissory payment is obtained;
a transceiver means for communicating with the risk assessment agency; and
a control means for accumulating information from the financial data means and the location means so as to be able to induce the transceiver means to transmit information to the risk assessment agency to allow the risk assessment agency to determine the risk of accepting the proffered promissory payment based on both the financial information about the proffered promissory payment and the location at which the payment is occurring. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A method of providing information about the risk of accepting a proffered promissory payment at a point of sale (POS) device, the method comprising:
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inputting financial information about the proffered promissory payment at the point of sale device;
determining the physical location of the point of sale device; and
transmitting both the financial information and the physical location information from the point of sale device to a central authorizing host such that the central authorizing host can determine the risk of accepting or declining the proffered promissory payment based on both the financial information and the physical location information. - View Dependent Claims (20, 21, 22, 23)
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Specification