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

• Current Assignee: Xia Dai
• Original Assignee: Xia Dai
• Inventors: Dai, Xia
• Primary Examiner(s): Kazimi, Hani M
• Application Number:
  US13/018,375
• Publication Number:
  US 20110191244A1
• Time in Patent Office: 2,122 Days
• Field of Search: 705 35- 38, 705/44, 705/64, 705/71
• US Class Current: 1/1
• CPC Class Codes: G06F 21/64 Protecting data integrity, e.g. using checksums, certificates or signatures
• 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 20/209 Specified transaction journal output feature, e.g. printed receipt or voice output
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• 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 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: H04W 12/06 Authentication
• CPC Class Codes: H04W 12/12 Detection or prevention of fraud
• CPC Class Codes: H04W 12/126 Anti-theft arrangements, e.g. protection against subscriber identity module [SIM] cloning
• CPC Class Codes: H04W 12/63 Location-dependent; Proximity-dependent
• CPC Class Codes: H04W 12/77 Graphical identity
• CPC Class Codes: H04W 4/021 Services related to particular areas, e.g. point of interest [POI] services, venue services or geofences
• CPC Class Codes: H04W 4/80 Services using short range communication, e.g. near-field communication [NFC], radio-frequency identification [RFID] or low energy communication

Abstract

The present invention relates to a secured transaction system. In one embodiment, a mobile transaction processing agent system includes 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 in the form of a bar code generated by 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.

Claims

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.

2. The mobile transaction processing agent system of claim 1, wherein the one or more POS devices comprise:

an input module configured to receive the secured transaction description from a mobile client device;

an encryption engine configured to generate an encrypted transaction description using the secured transaction description from the mobile client device; and

a communication module configured to transmit the encrypted transaction description for processing.

3. The mobile transaction processing agent system of claim 1, wherein the secured transaction description describes a mobile cash transaction, a mobile check transaction, or a mobile credit card transaction.

4. The mobile transaction processing agent system of claim 1, wherein the communication module is configured to communicate with one or more issuer servers for processing the secured transaction description generated by the mobile client device.

5. The mobile transaction processing agent system of claim 4, wherein the communication module is configured to send a transaction record to the mobile client device upon finish processing the secured transaction description.

6. The mobile transaction processing agent system of claim 1, wherein the communication module is configured to communicate with one or more acquirer servers for processing the encrypted transaction description generated by the POS device.

7. The mobile transaction processing agent system of claim 6, wherein the communication module is configured to send an acknowledgement transaction packet to the POS device upon finish processing the encrypted transaction description.

8. The mobile transaction processing agent system of claim 1, wherein logic for reporting fraudulent activities comprises:

logic for generating at least one of instant message, email, ringtone, or vibration to notify the user of the mobile client device.

12. The mobile transaction processing agent system of claim 1, further comprising:

logic configured to provide a POS GPS location as a transaction record to assist the user to identify a corresponding transaction location when reviewing a history of prior transactions made by the user.

9. A computer implemented method for processing secured transactions, comprising:

receiving a payment request at a mobile transaction processing agent (MTPA) server, wherein the payment request includes a secured transaction description, and wherein the secured transaction description is dynamically generated by a payer device and is presented in the form of a two dimensional bar code, wherein the secured transaction description include corresponding point-of-sale GPS locations of the payer device near the time of the transactions, wherein the payer device comprises;

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 payer device;

verifying payer account information in association with the payment request;

upon verifying the payer account information, processing the payment request;

receiving a digital signature from the payer device at the MTPA server;

upon authenticating the secured transaction description with the received digital signature, adjusting the payer account with the transaction amount;

verifying validity of the transactions at a transaction processing module using the corresponding point-of-sale GPS locations of the payer device and an actual GPS location of the payer device, wherein the secured transaction description describes the actual GPS location of the payer device;

identifying fraudulent activities by the transaction processing module according to discrepancy between the corresponding point-of-sale GPS location and the actual GPS location of the payer device; and

reporting fraudulent activities to the user of the payer device; and

sending a transaction receipt to the payer device.

10. The computer implemented method of claim 9, wherein the payment request is received from the payer device or from a payee device.

11. The computer implemented method of claim 9 further comprising:

upon verifying the payer account information, sending an acknowledgement to the payer device.

13. The computer implemented method of claim 9, further comprising:

providing a POS GPS location as a transaction record to assist the user to identify a corresponding transaction location when reviewing a history of prior transactions made by the user.