SYSTEM AND METHOD FOR RECONCILING ELECTRONIC TRANSACTION RECORDS FOR ENHANCED SECURITY

• US 20160203481A1
• Filed: 01/14/2015
• Published: 07/14/2016
• Est. Priority Date: 01/14/2015
• Status: Active Grant

• Current Assignee: Tactilis Pte. Limited
• Original Assignee: Tactilis Sdn. Bhd. (Tactilis Pte. Limited)
• Inventors: Gardiner, Michael, Canzi, Adriano
• Granted Patent: US 10,395,227 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/40145 Biometric identity checks

Abstract

A system and method for enhancing security of an electronic transaction is described. The method comprises receiving a request for an authentication of an electronic portable transaction device in connection with a new electronic transaction involving the electronic portable transaction device; retrieving a first record of one or more previous electronic transactions involving the electronic portable transaction device from a first storage device; retrieving a second record of one or more previous electronic transactions involving the electronic portable device from a second storage device; and determining whether the first record and the second record are reconcilable.

Claims

1. A method of enhancing security of an electronic transaction, the method comprising:

(a) receiving a request for an authentication of an electronic portable transaction device in connection with a new electronic transaction involving the electronic portable transaction device;

(b) retrieving a first record of one or more previous electronic transactions involving the electronic portable transaction device from a first storage device;

(c) retrieving a second record of one or more previous electronic transactions involving the electronic portable device from a second storage device; and

(d) determining whether the first record and the second record are reconcilable.

2. The method of claim 1, wherein the electronic portable transaction device is selected from the group consisting of a smart card, a smartphone, a smart computer access card, and a smart computer access card.

3. The method of claim 1 further comprising authorizing the new electronic transaction if the first record and the second record are reconcilable.

4. The method of claim 3, wherein the step of authorizing comprises sending an indication that the first record and the second record are reconcilable to an external device that sent the request.

5. The method of claim 1 further comprising disabling the electronic portable transaction device if the first record and the second record are not reconcilable.

6. The method of claim 1 further comprising:

performing a token-based authentication, and authorizing the new electronic transaction if the first record and the second record are reconcilable and the token-based authentication is successful.

7. The method of claim 1 further comprising:

performing a biometric authentication, and authorizing the new electronic transaction if the first record and the second record are reconcilable and the biometric authentication is successful.

8. The method of claim 1, wherein the step of determining comprises comparing a first set of one or more most-recent electronic transactions in the first record with a second set of one or more most-recent electronic transactions in the second record.

9. The method of claim 8, where the step of determining further comprises determining whether there is at least a predetermined number of matches between the first set and the second set.

10. The method of claim 1, wherein the step of determining comprises comparing a first set of one or more previous electronic transactions in the first record that satisfy one or more predetermined criteria with a second set of one or more previous electronic transactions in the second record that satisfy the one or more predetermined criteria.

11. The method of claim 10 further comprising determining whether there is at least a predetermined number of matches between the first set and the second set.

12. The method of claim 1, wherein the one or more predetermined criteria comprise a minimum amount of transaction.

13. The method of claim 1, wherein the one or more predetermined criteria comprise transactions involving one or more entities that support a reconciliation-based authentication.

14. The method of claim 1, wherein the steps (a)-(d) are performed at the electronic portable transaction device.

15. The method of claim 1, wherein the steps (a)-(d) are performed at a transaction processing system.

16. The method of claim 15, wherein the transaction processing system is a payment processing system.

17. The method of claim 1, wherein the steps (a)-(d) are performed at an interface device for facilitating communication between the electronic portable device and a transaction processing system.

18. The method of claim 17, wherein the transaction processing system is a payment processing system, and the interface device is a point of sale terminal.

19. The method of claim 1, wherein the first storage device is located at the electronic portable transaction device, and the second storage device is located at a transaction processing system.

20. The method of claim 1, wherein the first storage device is located at the electronic portable transaction device, and the second storage device is located at an interface device for facilitating communication between the electronic portable device and a transaction processing system.