System for managing risk of financial transactions with location information
First Claim
1. A method of determining the risks of accepting a proffered promissory payment, the method comprising:
- receiving transaction information about the proffered promissory payment;
receiving location information about the location of at least one remote transaction device; and
performing a risk assessment of the proffered promissory payment, wherein performing the risk assessment comprises, at least in part, determining whether the location information indicates that the location of the remote transaction device is within at least one of a plurality of authorized locations for the remote transaction device, and wherein the risk assessment comprises additional non-location based risk factors associated with the financial transaction if the location of the remote transaction device is not within one of the plurality of authorized locations.
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0 Petitions
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.
25 Citations
20 Claims
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1. A method of determining the risks of accepting a proffered promissory payment, the method comprising:
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receiving transaction information about the proffered promissory payment;
receiving location information about the location of at least one remote transaction device; and
performing a risk assessment of the proffered promissory payment, wherein performing the risk assessment comprises, at least in part, determining whether the location information indicates that the location of the remote transaction device is within at least one of a plurality of authorized locations for the remote transaction device, and wherein the risk assessment comprises additional non-location based risk factors associated with the financial transaction if the location of the remote transaction device is not within one of the plurality of authorized locations. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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- 9. A system for processing financial transactions, the system comprising an authorizing host that receives information about a financial transaction and location information about one or more remote transaction devices, wherein if the remote transaction device is not within at least one approved location, the authorizing host is configured to evaluate additional parameters associated with the financial transaction.
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17. A system for determining the risks of accepting a proffered payment, the system comprising:
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means for receiving transaction information about the proffered promissory payment and for receiving location information about the location of at least one remote transaction device; and
means for performing a risk assessment of the proffered promissory payment, wherein performing the risk assessment comprises, at least in part, determining whether the location information indicates that the location of the remote transaction device is within at least one of a plurality of authorized locations for the remote transaction device, and wherein the risk assessment comprises additional non-location based risk factors associated with the financial transaction if the location of the remote transaction device is not within one of the plurality of authorized locations. - View Dependent Claims (18, 19, 20)
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Specification