Transaction security apparatus and method

Abstract

A transaction security apparatus and method, including a receiver which receives a limitation or restriction on an account usage, wherein the limitation or restriction on an account usage is received in real-time from a communication device associated with an individual account holder, a memory device for storing the limitation or restriction on an account usage, and a processing device for processing a transaction on an account or an authorization request in conjunction with the limitation or restriction on an account usage. The processing device generates a signal, wherein the signal contains information for authorizing or disallowing the transaction.

Description

FIELD OF THE INVENTION [0001] The present invention pertains to a financial transaction and / or wireless communication device authorization, notification and / or security apparatus and method, and, in particular to a financial transaction and / or wireless communication device authorization, notification and / or security apparatus and method for use in providing authorization, notification and / or security in conjunction with credit card, charge card and / or debit card use, savings and / or checking account activity and / or cellular telephone use. BACKGROUND OF THE PRESENT INVENTION [0002] Millions of individuals enjoy the convenience of utilizing credit cards, charge cards, debit cards, and / or currency or “smart” cards as a convenient way in which to purchase goods and / or services. By utilizing credit cards, charge cards, debit cards, and / or currency or “smart” cards, an individual may enter into a transaction without having to have cash or currency in hand or otherwise. In the case of credi...

AI Technical Summary

Benefits of technology

[0042] The apparatus and method of the present invention provides for the real-time authorization, notification and/or security of financial transactions involving credit cards, charge cards, debit cards, and/or currency or “smart” cards, which enables a cardholder to monitor, in real-time, all activity involving his or her card(s) and the corresponding account numbers. The apparatus and method of the present invention also provides a means and a mechanism by which to inform a cardholder that his or her card(s) are lost, stolen and/or are or have been fraudulently used, and/or when his or her card number(s) are or have been fraudulently used, and provides an indication to the cardholder of wher

Problems solved by technology

Unfortunately, with the convenience of each of the above credit cards, charge cards, debit cards, and/or currency or “smart” cards, savings accounts, checking accounts, automated teller machine accounts, and cellular telephones or cellular communications devices, comes many disadvantages and the opportunity for theft and/or fraud.

Similarly, even in the absence of the physical card, an unauthorized individual may utilize the account number which corresponds to the card in order to make certain transactions.

While card holders are usually protected by various coverages which shield them from the liabilities associated with the fraudulent use of a card or the corresponding account number, the card issuers, credit, charge and/or debit card issuing companies and/or institutions, and/or their insurance companies, end up paying for the above described thefts and/or fraudulent and/or unauthorized uses.

Ultimately, the consumer also shoulders the burden of the costs associated with these thefts and/or fraudulent and/or unauthorized uses in the form of increased prices.

This current authorization practice fails to prevent the use of a lost or stolen card, or the unauthorized use of either the card or the account number corresponding thereof, if the card has not been reported, and/or discovered, to be lost, stolen or used without authorization and/or if the account credit limit has not yet been reached.

In the case of currency or “smart” cards, which typically may serve as bear

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