SYSTEM AND METHOD FOR CONSUMER FRAUD PROTECTION
First Claim
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1. A process for authorizing a financial transaction comprising the steps of:
- receiving transaction-data related to said financial transaction from a financial institution over a communication network;
receiving user-data from a third-party information source; and
comparing said transaction-data to said user-data to authorize or deny said financial transaction.
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Abstract
The present invention relates to system and method for authorizing a financial transaction using user-data collected from third party websites, such as Social Media Networks. In operation, collected user-data may be compared to a financial-data collected during a financial transaction to identify potential fraud and/or other discrepancies, confirming the identity of the user with a greater degree of accuracy.
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Citations
19 Claims
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1. A process for authorizing a financial transaction comprising the steps of:
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receiving transaction-data related to said financial transaction from a financial institution over a communication network; receiving user-data from a third-party information source; and comparing said transaction-data to said user-data to authorize or deny said financial transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A transaction authentication system for managing financial transactions, said transaction authentication system comprising:
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a data storage device storing a database linking at least one financial account at a financial institution with at least one third-party information source; and at least one processor, operatively coupled to the data storage device, wherein, when financial-data related to a financial transaction for the at least one financial account is received at said transaction authentication system, said at least one processor (a) retrieves user-data from said third-party information source and (b) compares said financial-data to said user-data to authorize or deny said financial transaction. - View Dependent Claims (17, 18, 19)
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Specification