System with GPS to manage risk of financial transactions
First Claim
1. A system for processing financial transactions, the system comprising:
- at least one remote terminal assigned to a merchant, wherein the at least one remote terminal is configured to obtain information about the financial transaction and location information about the location of the at least one remote terminal at the time the financial transaction occurs, wherein the at least one remote terminal sends a signal indicative of the location information and the financial information for processing; and
an authorizing host that receives the signal transmitted by the at least one remote terminal, wherein the authorizing host categorizes a plurality of approved locations for the at least one remote terminal, and wherein the authorizing host receives the signal from the at least one remote terminal and determines whether to approve or decline the financial transaction based, at least in part, on whether the location indicated by location information sent by the at least one remote terminal is within one of the plurality of approved locations for the at least one remote terminal, and if the at least one remote terminal is not within one of the plurality of approved locations, the authorizing host is configured to evaluate additional merchant parameters associated with the financial transaction that are different than the location information.
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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.
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Citations
57 Claims
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1. A system for processing financial transactions, the system comprising:
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at least one remote terminal assigned to a merchant, wherein the at least one remote terminal is configured to obtain information about the financial transaction and location information about the location of the at least one remote terminal at the time the financial transaction occurs, wherein the at least one remote terminal sends a signal indicative of the location information and the financial information for processing; and an authorizing host that receives the signal transmitted by the at least one remote terminal, wherein the authorizing host categorizes a plurality of approved locations for the at least one remote terminal, and wherein the authorizing host receives the signal from the at least one remote terminal and determines whether to approve or decline the financial transaction based, at least in part, on whether the location indicated by location information sent by the at least one remote terminal is within one of the plurality of approved locations for the at least one remote terminal, and if the at least one remote terminal is not within one of the plurality of approved locations, the authorizing host is configured to evaluate additional merchant parameters associated with the financial transaction that are different than the location information. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A system for processing financial transactions, the system comprising:
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at least one remote terminal assigned to a merchant wherein the at least one remote terminal is configured to obtain information about the financial transaction and location information about the location of the at least one remote terminal at the time the financial transaction occurs, wherein the location information includes a GPS signal, and wherein the at least one remote terminal sends a signal indicative of the location information and the financial information for processing; and an authorizing host that receives the signal transmitted by the at least one remote terminal, wherein the authorizing host categorizes a plurality of approved locations for the at least one remote terminal, and wherein the authorizing host receives the signal from the at least one remote terminal and determines whether to approve or decline the financial transaction based, at least in part, on whether the location indicated by location information sent by the at least one remote terminal is within one of the plurality of approved locations for the at least one remote terminal, and if the at least one remote terminal is not within one of the plurality of approved locations, the authorizing host is configured to further evaluate non-location based risk factors associated with the financial transaction. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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29. A method of determining the risks of accepting a proffered promissory payment, the method comprising:
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assigning a remote transaction device to a merchant; obtaining location information about the location of the remote transaction device by the remote transaction device; capturing transaction information about the proffered promissory payment by the remote transaction device; sending both the transaction information and the location information of the remote transaction device to a central authorized host; and performing risk assessment of the proffered promissory payment by the central authorized host, 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 (30, 31, 32, 33, 34, 35, 36)
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37. A method of determining the risks of accepting a proffered payment, the method comprising:
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assigning a remote transaction device to a merchant; obtaining location information about the location of a remote transaction device by the remote transaction device, wherein the location information includes a GPS signal; capturing transaction information about the proffered payment by the remote transaction device; sending both the transaction information and the location information of the remote transaction device to a central authorized host; and performing risk assessment of the proffered payment by the central authorized host, 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 (38, 39, 40, 41, 42, 43, 44)
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45. A system for determining the risks of accepting a proffered payment, the system comprising:
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a means for obtaining location information about the location of a remote transaction device assigned to a merchant; a means for capturing transaction information about the proffered payment by the remote transaction device; a means for sending the transaction information and the location information of the remote transaction device to a central authorized host; and a means for performing risk assessment of the proffered payment by the central authorized host, wherein performing the risk assessment comprises, at least in part, determining whether the location information indicates that the location of the remote 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 (46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57)
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Specification