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Mobile telephone transaction systems and methods

a mobile telephone and transaction system technology, applied in payment protocols, special services for subscribers, instruments, etc., can solve the problems of fraud, theft, and other misuse of checks and credit/debit accounts, and cost both banks and consumers substantial sums of money, and achieve financial losses for both banks and individuals

Inactive Publication Date: 2009-11-12
GLOBAL 1 ENTERPRISES
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

This solution allows secure, regulated financial transactions directly through mobile phones, reducing fraud risks and enabling participation in payment systems for the unbanked, while ensuring two-factor security and compliance with banking regulations.

Problems solved by technology

However, fraud, theft, and other misuse of checks and credit / debit accounts is a serious problem, costing both banks and consumers substantial sums of money.
For example, identity theft has become a significant source of fraud, resulting in financial losses to both banks and individuals.
For the individual involved, the effects of identity theft may reverberate well past an initial theft of information—costing time and resources for the affected individual to address.
For the bank, identity theft typically results in unrecoverable losses.
However, stored value accounts provide consumers with little protection against fraud, theft, or other misuse.
Further, stored value accounts may limit the use of funds transferred to the stored value account, e.g., a gift-card is typically good for a single (or limited number) of locations.
Further still, stored value accounts are frequently operated in a manner to avoid banking regulation, and thus often operate in a largely unregulated (and uninsured) manner.
At the other end of the spectrum, a sizeable number of individuals do not even have a bank account, and thus, cannot participate in a variety of transactions, e.g., on-line purchases, credit / debit card transactions, etc.
As of February 2009, for example, an estimated 28 million people in the United States do not have a bank account—often because of mistrust, cultural, or language barriers.
However, such approaches turn the phone itself into a target for potential identity theft, fraud or other misuse, as identifying information and account numbers are stored on the mobile phone and subject to misuse when a mobile telephone is lost or stolen.
Thus, current approaches for allowing a mobile phone to participate in payment transactions systems have not experienced widespread adoption—despite the overwhelmingly worldwide adoption of mobile phones generally.

Method used

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  • Mobile telephone transaction systems and methods
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  • Mobile telephone transaction systems and methods

Examples

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Embodiment Construction

[0023]Embodiments of the invention generally provide transaction systems and methods for mobile telephone devices. For example, embodiments of the invention allow a mobile telephone, in conjunction with a payment transaction server, to be used directly as a payment device for a variety of financial transactions. Further, the transaction systems and methods for mobile telephone devices described herein allow a mobile telephone to participate in payment transactions in a manner that both prevents identify theft and does not rely on transferring amounts to / from one stored value account to another.

[0024]In one embodiment, an individual enrolls their mobile telephone in the payment transaction system by providing a cell phone number, along with information as needed to identify that individual and to comply with “know-your-customer” laws, or other regulations. In a particular embodiment, the enrollment process may be kiosk-driven, where the user interacts with a kiosk to provide informat...

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PUM

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Abstract

Techniques are disclosed for a mobile telephone, in conjunction with a payment transaction server, to be used directly as a payment device for a variety of financial transactions. Further, the transaction systems and methods for mobile telephone devices described herein allow a mobile telephone to participate in payment transactions in a manner that helps prevent identify theft and without relying on transferring amounts to / from one stored value account to another.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims benefit of U.S. Provisional Patent Application Ser. No. 61 / 041,723, filed Apr. 2, 2008. This application also claims benefit of U.S. Provisional Patent Application Ser. No. 61 / 127,314, filed on May 12, 2008. Both provisional applications are incorporated by reference herein in their entirety.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]Embodiments of the invention generally provide transaction systems and methods for mobile telephone devices. More specifically, embodiments of the invention allow a mobile telephone, in conjunction with a payment transaction server, to be directly used as a payment device for a variety of financial transactions.[0004]2. Description of the Related Art[0005]As is well known, individuals may establish an account with a bank and write checks drawn on their account to pay for goods and / or services. Similarly, credit and debit cards have replaced the use of cash (and che...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q20/00G06Q40/00H04W4/24G06F17/00
CPCG06Q20/102H04L67/34G06Q20/108G06Q20/12G06Q20/202G06Q20/204G06Q20/223G06Q20/32G06Q20/322G06Q20/3227G06Q20/3274G06Q20/385G06Q20/40G06Q20/425H04L63/08H04L63/126G06Q20/105G06Q20/326G06Q20/3223G06Q20/382G06Q20/16
Inventor PHARRIS, DENNIS J.
Owner GLOBAL 1 ENTERPRISES
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