System and Method to Reduce Misuse of a Financial Instrument at a Point-of-Sale Location

摘要

Disclosed are systems and methods of utilizing an initial, automatic authentication of a financial instrument user's identity when the user attempts to make a purchase with a financial instrument at a point-of-sale. Many financial instrument users have cell phones which are able to be located, and users often carry their phones with them when making purchases. An initial authentication of the identity of a credit card user could be made by comparing the location of the point-of-sale with the location of the card user's registered cell phone.

主权项

1. A non-transitory computer readable medium comprising computer executable instructions stored thereon to cause one or more processing units to:
recognize an initiation of a transaction using a financial instrument at a point-of-sale; determine a first location of the point-of-sale; determine a second location of a mobile device associated with the financial instrument; calculate a distance between the first and second location; compare the calculated distance to a threshold distance; and authenticate the transaction based upon a determination that the calculated distance is less than the threshold distance.