System and method for generation of virtual account-linked card
Embodiments of systems and methods for generating virtual account-linked cards are described. A virtual account-linked card may be generated in response to a determination that a physical account-linked card has been forgotten at a card reader and ingested by the card reader. A virtual account-linked card may be restricted such that it can only be used to execute a transaction with authorized transaction partners identified in a database.
1 . A method, comprising the steps of:
identifying, by a card reader, an absence of activity for a predetermined time period when a card associated with an account is in a slot of the card reader;
ingesting, by the card reader, the card based on the identified absence of activity;
generating, by a server, a virtual card associated with the account;
generating, by the server, partner identifying information;
identifying, by the server, a set of authorized transaction partners from the partner identifying information by applying a machine learning algorithm; and
limiting, by the server, the use of the virtual card to transactions involving one from the identified set of authorized transaction partners.
2 . The method of claim 1 , wherein the machine learning algorithm is applied to transaction partners engaging in recurring transactions with the account.
3 . The method of claim 1 , wherein each authorized transaction partner has engaged in a transaction with the account within a predetermined time period.
4 . The method of claim 1 , wherein the set of authorized transaction partners comprises transaction partners which have engaged in two or more transactions with the account.
5 . The method of claim 1 , wherein each transaction partner has engaged in a card-not-present transaction with the account.
6 . The method of claim 1 , wherein the machine learning algorithm identifies the set of authorized transaction partners based on at least one selected from the group of dates and times of transactions with transaction partners, a frequency of transactions with transaction partners, and a similarity in values of transactions with certain transaction partners.
7 . The method of claim 1 , further comprising, requesting, via the server, issuance of a new card associated with the account.
8 . The method of claim 1 , wherein the partner identifying information is generated based on a transaction history associated with the account.
9 . The method of claim 1 , further comprising, transmitting, via the server, a notification to an account owner of the account that the virtual card is available for use with the set of authorized transaction partners.
10 . The method of claim 1 , wherein the notification is transmitted to an account holder mobile device.
11 . The method of claim 1 , further comprising, requesting, via the server, issuance of a new card associated with the account.
12 . A system, comprising:
a card reader configured to:
identify an absence of activity for a predetermined time period when a card associated with an account is in a slot of the card reader;
ingest the card based on the identified absence of activity;
a server comprising a processor in data communication with the card reader, configured to:
generate a virtual card associated with the account;
generate partner identifying information;
identify a set of authorized transaction partners from the partner identifying information by applying a machine learning algorithm; and
limit the use of the virtual card to transactions involving one from the identified set of authorized transaction partners.
13 . The system of claim 12 , wherein the machine learning algorithm is applied to transaction partners engaging in recurring transactions with the account.
14 . The system of claim 12 , wherein each authorized transaction partner has engaged in a transaction with the account within a predetermined time period.
15 . The system of claim 12 , wherein the set of authorized transaction partners comprises transaction partners which have engaged in two or more transactions with the account.
16 . The system of claim 12 , further comprising, requesting, via the server, issuance of a new card associated with the account.
17 . The system of claim 12 , wherein the partner identifying information is generated based on a transaction history associated with the account.
18 . The system of claim 12 , further comprising, transmitting, via the server, a notification to an account owner of the account that the virtual card is available for use with the set of authorized transaction partners.
19 . The system of claim 12 , further comprising, requesting, via the server, issuance of a new card associated with the account.
20 . A computer-accessible non-transitory medium having stored thereon computer-executable instructions, wherein, when a computer arrangement comprising a card reader and a server executes the instructions, the computer arrangement is configured to perform procedures comprising:
identifying, by a card reader, an absence of activity for a predetermined time period when a card associated with an account is in a slot of the card reader;
ingesting, by the card reader, the card based on the identified absence of activity;
generating, by a server, a virtual card associated with the account;
generating, by the server, partner identifying information;
identifying, by the server, a set of authorized transaction partners from the partner identifying information by applying a machine learning algorithm; and
limiting, by the server, the use of the virtual card to transactions involving one from the identified set of authorized transaction partners.