System and Method for Enhanced Transaction Authorization
First Claim
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1. A transaction authorization system for managing transactions, the transaction authorization system comprising:
- a non-transitory data storage device;
a data transmission device;
a processor operatively coupled to the non-transitory data storage device and the data transmission device,wherein the processor is communicatively coupled with a point-of-sale system and a trusted data storage device,wherein the processor retrieves transaction data associated with a transaction by a customer from the point-of-sale system via the data transmission device,wherein the processor retrieves user data associated with an account holder from the trusted data storage device via the data transmission device, andwherein the processor is configured to authorize the transaction if the customer is determined to be (a) the account holder, or (b) an individual authorized by the account holder.
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Abstract
The present invention relates to system and method for authorizing a transaction using user data collected from third-party websites/applications/sources, such as social media networks. In operation, collected user data may be compared to a financial data or user data collected during a transaction to identify potential fraud and/or other discrepancies, confirming the identity of the user with a greater degree of accuracy and/or imposing purchase parameters.
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Citations
20 Claims
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1. A transaction authorization system for managing transactions, the transaction authorization system comprising:
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a non-transitory data storage device; a data transmission device; a processor operatively coupled to the non-transitory data storage device and the data transmission device, wherein the processor is communicatively coupled with a point-of-sale system and a trusted data storage device, wherein the processor retrieves transaction data associated with a transaction by a customer from the point-of-sale system via the data transmission device, wherein the processor retrieves user data associated with an account holder from the trusted data storage device via the data transmission device, and wherein the processor is configured to authorize the transaction if the customer is determined to be (a) the account holder, or (b) an individual authorized by the account holder. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A system for authorizing financial transactions, the system comprising:
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means for retrieving transaction data associated with a financial transaction from a non-transitory storage device associated with a financial institution'"'"'s server over a communication network, wherein said transaction data comprises data representing at least one attribute descriptive of said financial transaction; means for retrieving user data from a non-transitory storage device associated with a third-party information source, wherein said user data comprises (i) data representing at least one attribute descriptive of an authorized financial transaction, or (ii) data representing at least one attribute descriptive of an unauthorized financial transaction; means for comparing said transaction data to said user data to generate (i) an authorization flag or (ii) a denial flag, wherein the authorization flag is generated when said at least one attribute descriptive of said transaction data substantially matches said at least one attribute descriptive of an authorized financial transaction, wherein the denial flag is generated when said at least one attribute descriptive of said transaction data substantially matches said at least one attribute descriptive of an unauthorized financial transaction; and means for communicating (i) the generated denial flag or (ii) the generated authorization flag to said financial institution'"'"'s server over a communication network, wherein the financial transaction is authorized when the generated authorization flag is communicated by the one or more computers.
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Specification