Mobile transaction device security system

Abstract

Embodiments of the invention include apparatuses, methods, and computer-program products that provide for a unique financial transaction security system. In one embodiment, the financial transaction security system receives a security protocol from a user. The security protocol includes instructions for allowing transactions without authentication and security features for the user if authentication is necessary. The system then determines that the user is conducting a transaction, evaluates the instructions, and determines whether the transaction can occur without authentication. If the user is required to authenticate his identity, the system requests input from the user, compares the input to the security feature, and determines if the user is authenticated. The user is able to customize both the instructions and the security features to provide greater control over financial transaction security.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application is a continuation application of and claims priority to copending U.S. patent application Ser. No. 13 / 017,823 filed on Jan. 31, 2011 entitled “Mobile Transaction Device Security System” in the name of DAVID M. GRIGG, et al., which is incorporated by reference herein in its entirety.BACKGROUND[0002]People desire convenience and speed when conducting financial transactions but are also concerned about the security of the transactions. Many people conduct transactions at a variety of merchants, such as coffee shops and grocery stores, and would like both convenience and control over their transaction security. Currently, people use debit cards, credit cards, checks, or cash when paying for goods and services. These current forms of payment can be inconvenient to use and lack effective customizable security measures.[0003]When using a debit card or credit card to conduct a financial transaction, the user is often required to ...

AI Technical Summary

Benefits of technology

The present invention provides an apparatus and method for a mobile payment device (e.g. a mobile wallet) that allows users to customize the security protocols for the device. Users can provide instructions that control the authentication procedures based on details of the transaction or the user's preferences. This allows for a more secure and efficient mobile payment experience for users, as they can control the security features of the device based on their own preferences. The invention also includes a security management module that manages the security protocols of the mobile payment device, allowing users to view and edit their settings and add new accounts and security features. Overall, the invention provides a more customizable and secure mobile payment device for users.

Problems solved by technology

These current forms of payment can be inconvenient to use and lack effective customizable security measures.

Checks also require separate identification and must be written out, taking up valuable time.

Paying for transactions with cash requires that the person carry the cash with them, wait while change is counted out, and risk losing the cash.

All of these inconveniences can add up to wasted time, effort, and worry for people as they conduct transactions.

Furthermore, while some people may think that the security procedures required to use a certain payment device are too onerous and inconvenient, other people may think that the required security procedures are not tough enough for the user to overcome.

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