Secure tokenless transaction system and method
View Patent ↗The tokenless transaction system described herein allows a user conduct financial transactions absent the need for his/her credit cards, debit cards, promotional cards, discount cards, and all other cards typically used in executing a financial transactions. In the same manner, the chances to have a card lost or stolen are reduced, bolstering the security of the user's financial information. The transaction terminals list the entire collection of a user's credit cards and the like and allow the user to access any one or a combination of the cards to finish a financial transaction. These accounts are accessed via multiple layers of security and the system further employs various security strategies to protect the user's sensitive information.
1. A method of conducting a financial transaction, the method comprising:
at least one user accessing an electronic device capable of facilitating a financial transaction via a financial transaction program;
the at least one user presenting at least one biometric identifier to the electronic device;
the at least one user presenting at least one account identifier to the electronic device;
a financial institution verifying an identity of the at least one user;
the at least one user selecting at least one financial account to complete the financial transaction;
the at least one user verifying the financial transaction; and
upon completing the financial transaction, the financial transaction program assigning a new account number to the at least one financial account used to complete the financial transaction
wherein the financial transaction is optionally between two users' financial accounts.
2. The method of claim 1 further comprising the step of:
the electronic device displaying at least one advertisement to the at least one user during the course of completion of the financial transaction.
3. The method of claim 2 further comprising the step of:
upon display of the at least one advertisement the at least one user accepting or denying the at least one advertisement,
wherein if the at least one user denies the at least one advertisement, then the at least one advertisement is null, and
wherein if the at least one user accepts the at least one advertisement, then the at least one advertisement is stored in the electronic device for future use.
4. The method of claim 2 wherein the at least one advertisement is an offer for a reduction in price on at least one purchasable item.
5. The method of claim 1 wherein the electronic device is an interactive point of sale terminal.
6. The method of claim 1 wherein the biometric identifier is a retinal scan, fingerprint scan, DNA sample, voice recognition reading, vein pattern scan, or any combination thereof.
7. The method of claim 6 wherein at least two biometric identifiers are required to complete the financial transaction.
8. The method of claim 1 wherein the electronic device logs the location and nature of the financial transaction and the item or items purchased.
9. The method of claim 8 wherein the at least one advertisement is targeted based on the logs generated by the electronic device.
10. The method of claim 1 wherein the new account number is an encrypted number.
11. A computer implemented method of completing at least one financial transaction via an electronic device, the method comprising:
storing at least one account identifier in a financial institution database;
storing at least one biometric identifier in the financial institution database;
a user associated with the at least one account identifier and the at least one biometric identifier accessing the electronic device capable of facilitating a financial transaction,
wherein the electronic device contains computer readable instructions for executing a program for conducting financial transactions;
the user submitting the at least one account identifier and the at least one biometric identifier to the financial institution database via the electronic device;
the financial institution database comparing the submitted at least one account identifier and the at least one biometric identifier to the stored at least one account number and the stored at least one biometric identifier,
wherein if the stored identifiers match the submitted identifiers then access to a financial account is granted, and
wherein if the stored identifiers do not match the submitted identifiers then access to the financial account is denied and the user is prompted to resupply the requisite identifiers; and
wherein upon completion of the at least one financial transaction the at least one account identifier is modified subject to an encryption algorithm,
wherein the financial transaction is optionally between two users' financial accounts.
12. The method of claim 11 wherein the at least one account identifier is at least one of a name, PIN number, account number, a captured representation of a person, social security number, password, or any combination thereof.
13. The method of claim 11 wherein the at least one biometric identifier is a retinal scan, fingerprint scan, DNA sample, voice recognition reading, vein pattern scan, or any combination thereof.
14. The method of claim 11 wherein the electronic device is a remote point of sale terminal, smartphone, tablet, smartwatch, gaming device, laptop computer, desktop computer, PDA, or any combination thereof.
15. The method of claim 11 further comprising the step of:
the electronic device presenting at least one targeted advertisement to the user during the course of completion of the at least one financial transaction.
16. The method of claim 11 further comprising the step of:
a camera operably coupled to the electronic device capturing a representation of the user making at least one financial transaction.
17. The method of claim 11 further comprising the steps of:
the financial institution database storing information related the at least one financial transaction; and
the financial institution sending an alert to the user based on the stored information,
wherein the alert comprises details of the at least one financial transaction and an image of the user conducting the at least one financial transaction.