Fraud protection in payment card transactions
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United States of America Patent
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Mar 6, 2018
Issued Date -
N/A
app pub date -
May 6, 2014
filing date -
May 6, 2014
priority date (Note) -
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Abstract
Introduced here is a technology that enables fraud detection and protection in financial transactions using a communication signal identification mechanism. The technology eliminates the uncertainties as to the authenticity of a payment card and/or a customer involved in a financial transaction, such as a payment transaction. In at least some embodiments, methods and systems are disclosed for facilitating establishment of a card presence through communication with a payment card being used in a transaction instantiated on a merchant's POS device. The payment card can be in the form of a smartcard with embedded BLE or any other smart chip (e.g., GPS, Wi-Fi, 4G, LTE, etc.) capable of transmitting a communication signal that contains identifying information, which can be used to establish the card presence.
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