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Secured transaction system

  • US 9,501,773 B2
  • Filed: 01/31/2011
  • Issued: 11/22/2016
  • Est. Priority Date: 02/02/2010
  • Status: Expired due to Fees
First Claim
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1. A mobile transaction processing agent system, comprising:

  • a communication module configured to receive a secured transaction description from a mobile client device or an encrypted transaction description from a point-of-sale (POS) device, wherein the secured transaction description is presented in the form of a two dimensional bar code dynamically generated by the mobile client device, wherein the one or more mobile client devices comprise;

    a user interface configured to enable a user to select a transaction type and collect a user pin number;

    a processor configured to generate the secured transaction description using the transaction type and the user pin number, wherein the secured transaction description includes issuer ID, account ID, merchant ID, password, transaction amount, and transaction time stamp in the form of the two dimensional bar code;

    the processor is further configured to transmit the secured transaction description to a mobile processing agent for processing, and receive a transaction record from the mobile transaction processing agent; and

    a memory configured to store the transaction record in the mobile client device;

    an authentication module configured to decode the secured transaction description and verify the secured transaction description is valid based on the mobile client device or the point-of-sale device; and

    a transaction processing module configured to process the transaction in accordance with the secured transaction description, wherein the transaction processing module comprises logic for generating a transaction record in accordance with the secured transaction description, wherein transactions in the transaction record include corresponding point-of-sale GPS locations of the mobile client device near the time of the transactions, wherein the transaction processing module further comprises;

    logic for verifying validity of the transactions using the corresponding point-of-sale GPS locations of the mobile client device and an actual GPS location of the mobile client device, wherein the secured transaction description describes the actual GPS location of the mobile client device;

    logic for identifying fraudulent activities according to discrepancy between the corresponding point-of-sale GPS location and the actual GPS location of the mobile client device; and

    logic for reporting fraudulent activities to a user of the mobile client device.

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