System for managing risk of financial transactions with location information
First Claim
1. A method of determining a risk of accepting a proffered promissory payment, the method comprising;
- receiving transaction information about a proffered promissory payment from a transaction device;
extracting a location of the transaction device from the transaction information;
determining whether the transaction device location is approved;
if the transaction device location is not approved, determining whether risk factors are available for the transaction device location;
requesting additional information associated with the proffered promissory payment;
determining whether the requested additional information is acceptable; and
if the requested additional information is acceptable, performing a risk assessment of the proffered promissory payment based at least in part on the additional information.
7 Assignments
0 Petitions
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
20 Claims
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1. A method of determining a risk of accepting a proffered promissory payment, the method comprising;
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receiving transaction information about a proffered promissory payment from a transaction device; extracting a location of the transaction device from the transaction information; determining whether the transaction device location is approved; if the transaction device location is not approved, determining whether risk factors are available for the transaction device location; requesting additional information associated with the proffered promissory payment; determining whether the requested additional information is acceptable; and if the requested additional information is acceptable, performing a risk assessment of the proffered promissory payment based at least in part on the additional information. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for determining a risk of accepting a proffered promissory payment, the system comprising;
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means for receiving transaction information about a proffered promissory payment from a transaction device; means for extracting a location of the transaction device from the transaction information; means for determining whether the transaction device location is approved; if the transaction device location is not approved, means for determining whether risk factors are available for the transaction device location; means for requesting additional information associated with the proffered promissory payment; means for determining whether the requested additional information is acceptable; and if the requested additional information is acceptable, means for performing a risk assessment of the proffered promissory payment based at least in part on the additional information. - View Dependent Claims (13, 14, 15)
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16. A system for determining a risk of accepting a proffered promissory payment, the system comprising;
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one or more computer processors configured to receive transaction information about a proffered promissory payment from a transaction device; one or more computer processors configured to extract a location of the transaction device from the transaction information; one or more computer processors configured to determine whether the transaction device location is approved; if the transaction device location is not approved, one or more computer processors configured to determine whether risk factors are available for the transaction device location; one or more computer processors configured to request additional information associated with the proffered promissory payment; one or more computer processors configured to determine whether the requested additional information is acceptable; and if the requested additional information is acceptable, one or more computer processors configured to perform a risk assessment of the proffered promissory payment based at least in part on the additional information. - View Dependent Claims (17, 18, 19)
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20. A method of determining the risks of accepting a financial transaction, the method comprising:
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receiving transaction information about a financial transaction; receiving location information about the location of at least one remote transaction device; and performing a risk assessment of the financial transaction, 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.
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Specification