System and Method for Enhanced Transaction Authorization

• US 20150142595A1
• Filed: 01/20/2015
• Published: 05/21/2015
• Est. Priority Date: 03/15/2013
• Status: Active Grant

• Current Assignee: Allowify LLC
• Original Assignee: Allowify LLC
• Inventors: Acua-Rohter, Jos Antonio
• Granted Patent: US 11,232,447 B2
• Time in Patent Office: Days
• US Class Current: 705/21
• CPC Class Codes: G06Q 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 30/0185 Product, service or business identity fraud
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 50/01 Social networking

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.

Claims

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, 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.

2. The transaction authorization system of claim 1, wherein said trusted data storage device is affiliated with a social media network, or a user-interface terminal.

3. The transaction authorization system of claim 1, wherein said processor is configured to communicate at least a portion of said user data from said trusted data storage device to said point-of-sale system.

4. The transaction authorization system of claim 3, wherein said point-of-sale system comprises a display and wherein said at least a portion of said user data is displayed on said display.

5. The transaction authorization system of claim 4, wherein said at least a portion of said user data displayed on said display is an image of (a) the account holder or (b) an individual authorized by the account holder.

6. The transaction authorization system of claim 5, wherein a transaction operator indicates to the processor, via the point-of-sale system'"'"'s user interface, whether the customer matches the image displayed on said display.

7. The transaction authorization system of claim 1, wherein said processor is configured to:

(1) receive an image from the point-of-sale system;

(2) compare said image to a trusted image; and

(3) authorize the transaction if said image matches said trusted image.

8. The transaction authorization system of claim 7, wherein (a) said image is an image of the customer acquired at the time of the transaction;

and (b) said trusted image is an image of the account holder or an individual authorized by the account holder.

9. The transaction authorization system of claim 7, wherein said processor employs facial recognition processing techniques to compare said image to said trusted image.

10. The transaction authorization system of claim 1, wherein said processor is configured to:

(1) receive a transaction location from the point-of-sale system;

(2) compare said transaction location to a trusted location; and

(3) authorize the transaction if said transaction location is within a predetermined distance of said trusted location.

11. The transaction authorization system of claim 1, wherein said processor is configured to:

(1) receive a transaction location from the point-of-sale system;

(2) compare said transaction location to a recent location associated with the account holder or an individual authorized by the account holder; and

(3) authorize the transaction if said transaction location is within a predetermined distance of said recent location.

12. The transaction authorization system of claim 1, wherein said processor is configured to:

(1) retrieve a predetermined profession profile for the account holder from the non-transitory data storage device;

(2) compare at least a portion of said transaction data to said predetermined profession profile; and

(3) authorize the transaction if said at least a portion of said transaction data is consistent with said predetermined profession profile.

13. The transaction authorization system of claim 1, wherein said processor is configured to:

(1) retrieve a string of text from the trusted data storage device;

(2) extract one or more keywords from said string of text;

(3) comparing said one or more keywords to said transaction data; and

(4) authorize the transaction if at least one of said one or more keywords matches at least a portion of said transaction data.

14. The transaction authorization system of claim 1, wherein said processor is configured to:

(1) retrieve historic data for the account holder from the non-transitory data storage device;

(2) compare at least a portion of said transaction data to said historic data; and

(3) authorize the transaction if said at least a portion of said transaction data is consistent with said historic data.

15. The transaction authorization system of claim 14, wherein said historic data comprises historic data comprises historic transaction data or historic user data.

16. The transaction authorization system of claim 4, wherein said at least a portion of said user data displayed on said display is data associated with the account holder'"'"'s social media profile.

17. The transaction authorization system of claim 16, wherein a transaction operator indicates to the processor, via the point-of-sale system'"'"'s user interface, whether the customer appears to be the account holder based on the data displayed on said display.

18. The transaction authorization system of claim 13, wherein said string of text is:

(1) received from trusted data storage device associated with a social media network; and

(2) used when a key value pair is not available.

19. The transaction authorization system of claim 1, wherein a user accesses the transaction authorization system using a user-interface terminal.

20. A system for authorizing financial transactions, the system comprising:

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.