Authentication methods for use in financial transactions and information banking

• US 8,028,896 B2
• Filed: 07/15/2008
• Issued: 10/04/2011
• Est. Priority Date: 12/14/2007
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Joa, David, Joffe, David, Obradovic, Zoran, Schumacher, Hans, Mertz, John, Carter, Samuel Jeff, Garcia, Ray
• Primary Examiner(s): TRAIL, ALLYSON NEEL
• Application Number:
  US12/173,720
• Publication Number:
  US 20090152343A1
• Time in Patent Office: 1,176 Days
• Field of Search: 235/379, 235/380, 705/14, 705/17, 705/21, 705/67, 705/71
• US Class Current: 235/379
• CPC Class Codes: G06Q 10/0633 Workflow analysis
• CPC Class Codes: G06Q 10/0637 Strategic management or analysis, e.g. setting a goal or target of an organisation; Planning actions based on goals; Analysis or evaluation of effectiveness of goals
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• 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 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3829 involving key management
• 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 20/42 Confirmation, e.g. check or permission by the legal debtor of payment
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 50/188 Electronic negotiation
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

A method for conducting a financial transaction can be used by a person using a mobile device to conduct the transaction. The mobile device receives information related to the person that can be used for authentication purposes, such as a PIN or biometric data. The mobile device then authenticates the person by verifying the information received. If the person is authenticated, the transaction is completed using the mobile device, and if the person is not authenticated, the transaction is prevented.

Claims

1. A method comprising:

initiating a financial transaction involving a person, using a mobile device;

determining, based on a characteristic of the transaction, a necessary authentication level for the transaction within a hierarchy of authentication levels, wherein each authentication level requires a different authentication method, and wherein each authentication level in the hierarchy of authentication levels requires an authentication method comprising the cumulative authentication methods of all lower authentication levels in the hierarchy and an additional authentication method;

receiving, at the mobile device, authentication information related to the person based on the necessary authentication level; and

authenticating the person by verification of the authentication information, using the mobile device, using the authentication method required by the necessary authentication level,

wherein if the person is authenticated, the transaction is completed, and if the person is not authenticated, the transaction is prevented.

2. The method of claim 1, wherein the authentication method is selected from the group consisting of:

fingerprint validation, voice validation, facial recognition validation, iris scan validation, PIN validation, and GPS location validation.

3. The method of claim 1, wherein the characteristic of the transaction used in determining the necessary authentication level comprises a monetary value of the transaction.

4. The method of claim 1, wherein the characteristic of the transaction used in determining the necessary authentication level comprises a type of the transaction.

5. The method of claim 1, wherein the necessary authentication level for the transaction is determined based on preferences previously indicated by the person.

6. A mobile device comprising a processor configured for use in conducting a plurality of financial transactions related to the person using the mobile device, wherein, in performing each transaction, the processor is configured to cause the mobile device to perform:

initiating a financial transaction involving a person;

determining, based on a characteristic of the transaction, a necessary authentication level for the transaction within a hierarchy of authentication levels, wherein each authentication level requires a different authentication method, and wherein each authentication level in the hierarchy of authentication levels requires an authentication method comprising the cumulative authentication methods of all lower authentication levels in the hierarchy and an additional authentication method;

receiving authentication information related to the person based on the necessary authentication level; and

authenticating the person by verification of the authentication information, using the authentication method required by the necessary authentication level,

wherein if the person is authenticated, the transaction is completed, and if the person is not authenticated, the transaction is prevented.

7. A computer-readable medium containing computer-executable instructions configured to cause a mobile device to perform:

initiating a financial transaction involving a person;

determining, based on a characteristic of the transaction, a necessary authentication level for the transaction within a hierarchy of authentication levels, wherein each authentication level requires a different authentication method, and wherein each authentication level in the hierarchy of authentication levels requires an authentication method comprising the cumulative authentication methods of all lower authentication levels in the hierarchy and an additional authentication method;

receiving authentication information related to the person based on the necessary authentication level; and

authenticating the person by verification of the authentication information, using the authentication method required by the necessary authentication level,

wherein if the person is authenticated, the transaction is completed, and if the person is not authenticated, the transaction is prevented.

8. A mobile device comprising:

a biometric sensor configured to read biometric information of a person;

a processor configured to cause the mobile device to perform;

receiving, at a point-of-sale, information regarding a financial transaction occurring at the point-of-sale;

receiving, at the point-of-sale, biometric information of a person to the financial transaction;

verifying, at the point-of-sale, the biometric information by comparing the biometric information with stored biometric information accessible to the processor; and

transmitting a signal confirming the verification of the biometric information, wherein the transaction is prevented unless the biometric information is verified;

automatically periodically gathering additional biometric information related to the person; and

re-authenticating the person by verification of the additional biometric information.

9. The mobile device of claim 8, wherein the biometric information is selected from the group consisting of:

fingerprint information, voice validation information, facial recognition information, and iris scan information.

10. The mobile device of claim 8, wherein the processor is further configured to cause the mobile device to perform:

determining, based on a characteristic of the transaction, one or more types of biometric information which are necessary for authenticating the transaction.

11. The mobile device of claim 8, wherein the mobile device is a mobile phone.

12. The mobile device of claim 8, further comprising:

a recognition feature configured to recognize a payment card, wherein the mobile device is configured to be used in connection with the payment card to complete the financial transaction, wherein the recognition feature recognizes the payment card.

13. The mobile device of claim 12, wherein the recognition feature is configured to recognize at least one feature from the group consisting of:

physical orientation features, optical storage, smart card features, contacted communication features, machine decodable images, barcodes, and magstripes.

14. A system comprising:

a mobile device comprising a biometric sensor configured to read biometric information of a person and a processor configured to cause the mobile device to perform;

receiving, at a point-of-sale, information regarding a financial transaction occurring at the point-of-sale;

determining, based on a characteristic of the transaction, one or more types of biometric information which are necessary for authenticating the transaction;

receiving, at the point-of-sale, biometric information of a person to the financial transaction, the received biometric information corresponding to the one or more types of biometric information that are determined to be necessary;

verifying, at the point-of-sale, the biometric information by comparing the biometric information with stored biometric information accessible to the processor; and

transmitting a signal confirming the verification of the biometric information, wherein the transaction is prevented unless the biometric information is verified;

automatically periodically gathering additional biometric information related to the person; and

re-authenticating the person by verification of the additional biometric information; and

a payment card, wherein the payment card cannot be used to complete a financial transaction without verification and recognition of the payment card by the mobile device.

15. A method comprising:

receiving, by a mobile device having a processor and a biometric sensor, at a point-of-sale, information regarding a financial transaction occurring at the point-of-sale;

receiving, by the mobile device at the point-of-sale, biometric information of a person to the financial transaction;

verifying, by the mobile device at the point-of-sale, the biometric information by comparing the biometric information with stored biometric information accessible to the processor;

transmitting a signal from the mobile device, confirming the verification of the biometric information, wherein the transaction is prevented unless the biometric information is verified;

automatically periodically gathering additional biometric information related to the person, by the mobile device; and

re-authenticating the person by verification of the additional biometric information, by the mobile device.

16. A computer-readable medium containing computer-executable instructions configured to cause a mobile device having a biometric sensor to perform:

receiving, at a point-of-sale, information regarding a financial transaction occurring at the point-of-sale;

receiving, at the point-of-sale, biometric information of a person to the financial transaction;

verifying, at the point-of-sale, the biometric information by comparing the biometric information with stored biometric information accessible to the processor;

transmitting a signal confirming the verification of the biometric information, wherein the transaction is prevented unless the biometric information is verified;

automatically periodically gathering additional biometric information related to the person; and

re-authenticating the person by verification of the additional biometric information.