Methods for risk management in payment-enabled mobile device

摘要

A payment-enabled mobile device such as a “smart phone” incorporates risk management features that are applicable to its use in contactless payment transactions. Some features may govern when verification of the cardholder's identity is required for consummation of the current transaction. The features may be configurable by the payment card account issuer and/or the user of the mobile device.

主权项

1. A payment-enabled mobile device, comprising:
at least one mobile device processor comprising a non-volatile memory storing a first counter and an associated first accumulator used for financial risk management purposes prescribed by an issuer of a payment card account, and storing a second counter and an associated second accumulator used for risk management purposes related to a lost or stolen mobile device prescribed by the issuer, and storing a payment application program; an antenna; and a transceiver, coupled to the antenna, for exchanging wireless signals via the antenna with a proximity reader component; the transceiver operating under control by the at least one mobile device processor and the payment application program; wherein the payment application program includes instructions configured by the issuer of the payment card account assigned to the user of the payment-enabled mobile device that cause the mobile device processor to:
detect when the payment-enabled mobile device is tapped on a reader;determine that available prepaid funds are adequate for a current transaction based on a current value of at least one of the first accumulator and the first counter;determine that a current value of the second counter and the second accumulator exceeds a lost and stolen risk management limit;prompt the user to perform at least one cardholder verification method (CVM);determine that the at least one CVM performed by the user is valid;reset the second counter and the second accumulator;detect that the mobile device has again been tapped on the reader by the user; andconsummate the transaction.