SYSTEMS AND METHODS FOR SECURE FINANCIAL TRANSACTION AUTHORIZATION
A system, process and methods for providing secure point of sale and financial transaction authorization, secure party-to-party financial transaction authorization and secure internet transaction authorization using a multi-layer security mechanism aimed at thwarting fraud. A procedure of involving computer system to be utilized with a mobile network to create a secure self-provisioned registration process that will enable creating a secure profile of users that can be subsequently used for logging into a network for transactions in a uncompromised manner.
1 . A method for conducting a financial transaction authorization comprising:
assigning a user a password;
requiring the user to enter the password;
verifying the password;
contacting a transaction processing server;
determining type of the financial transaction;
verifying geographical location of the user;
generating a TAK code;
playing the TAK code on the user's phone;
requiring user to enter the TAK code within one minute or less;
verifying the TAK code; and
contacting bank to credit merchant's and user's accounts.
2 . The method as in claim 1 further comprising:
rejecting the financial transaction if said verifying the password fails.
3 . The method as in claim 1 further comprising:
rejecting the financial transaction if said verifying geographical location fails.
4 . The method as in claim 1 further comprising:
Rejecting the financial transaction if the user fails to enter TAK code within one minute of said generating of the TAK code.
5 . A method for conducting a financial transaction authorization comprising:
assigning a user a password;
requiring the user to enter the password;
verifying the password;
contacting a transaction processing server;
determining type of the financial transaction;
generating a SCK code;
displaying the SCK code on the user's webpage;
requiring user to enter the SCK code within two minute or less;
verifying the SCK code; and
contacting bank to credit merchant's and user's accounts.
6 . The method as in claim 1 further comprising:
rejecting the financial transaction if said verifying the password fails.
7 . The method as in claim 1 further comprising:
Rejecting the financial transaction if the user fails to enter SCK code within two minute of said generating of the SCK code.
8 . A system comprising a group of computers programmed to:
assigning a user a password;
requiring the user to enter the password;
verifying the password;
contacting a transaction processing server;
determining type of the financial transaction;
generating a SCK code;
displaying the SCK code on the user's webpage;
requiring user to enter the SCK code within two minute or less;
verifying the SCK code; and
contacting bank to credit merchant's and user's accounts.