System and Method for Enhanced Transaction Authorization

摘要

The present invention relates to system and method for authorizing a transaction using user data collected from third-party websites/applications/sources, such as social media networks. In operation, collected user data may be compared to a financial data or user data collected during a transaction to identify potential fraud and/or other discrepancies, confirming the identity of the user with a greater degree of accuracy and/or imposing purchase parameters.

主权项

1. A transaction authorization system for managing transactions, the transaction authorization system comprising:
a non-transitory data storage device; a data transmission device; a processor operatively coupled to the non-transitory data storage device and the data transmission device,
wherein the processor is communicatively coupled with a point-of-sale system and a trusted data storage device,wherein the processor retrieves transaction data associated with a transaction by a customer from the point-of-sale system via the data transmission device,wherein the processor retrieves user data associated with an account holder from the trusted data storage device via the data transmission device, andwherein the processor is configured to authorize the transaction if the customer is determined to be (a) the account holder, or (b) an individual authorized by the account holder.