METHOD AND SYSTEM OF TRANSACTION CARD FRAUD MITIGATION UTILIZING LOCATION BASED SERVICES

摘要

A method and system of transaction card fraud mitigation utilizes location based services provided by a card holder's wireless carrier for verification of whether or not a transaction with the card holder's transaction card is fraudulent. For example, when factors indicative of a likelihood of a fraudulent transaction with the card holder's transaction card are present, the card processing system requests the card holder's wireless carrier to return the location information of the card holder's mobile phone, which is typically on the person of the subscriber. When the location of the subscriber's mobile phone is returned and determined to be at or near the location from which the transaction is being attempted with the transaction card, the card processing system has a reasonable degree of confidence that the particular transaction is or is not fraudulent and allows the transaction to proceed. Otherwise, the transaction is denied.