Method of conducting financial transactions

Abstract

A method is provided of conducting a financial transaction with reduced likelihood of fraud where a first party's financial account information is entered using the first party's mobile device with a single initial entry to a payment service. Funds are transferred to and/or from the first party's financial account using the payment service. The first party is registered with the payment service, or becomes registered prior to transferring funds to and/or from the financial account using the payment service. For future uses of the first party's financial account to transfer funds to and/or from the first party's financial account, the first party's financial account information need not be entered again with the payment service. In response to, (i) entering the first party's financial account information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, a determination is made to see if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.

1 . A method for detecting fraudulent use of a party's financial account information, comprising: comprising:
 entering a first party's financial account information using the first party's mobile device with a single initial entry to a payment service;   transferring funds to and/or from the first party's financial account using the payment service, the first party being registered with the payment service, or becomes registered prior to transferring funds to and/or from the financial account using the payment service, wherein for future uses of the first party's financial account to transfer funds to and/or from the first party's financial account, the first party's financial account information need not be entered again with the payment service; and   in response to, (i) entering the first party's financial account information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, determining if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.   
     
     
         2 . A method for detecting fraudulent use of a party's financial account information, comprising: comprising:
 entering a first party's financial account information using the first party's mobile device with a single initial entry to a payment service;   transferring funds from the first party's financial account to a second party using the payment service, the first party being registered with the payment service, or becomes registered prior to transferring funds to and/or from the first party's financial account using the payment service; wherein for future uses of the first party's financial account to transfer funds to and/or from the first party's financial account, the first party's financial account information need not be entered again with the payment service; and   in response to, (i) entering the first party's financial account information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, determining if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.   
     
     
         3 . The method of  claim 2 , wherein the mobile device includes a position sensor. 
     
     
         4 . The method of  claim 2 , wherein a card reader includes a sensor and is coupled to the mobile device. 
     
     
         5 . A method for detecting fraudulent use of a party's financial account information, comprising: comprising:
 entering a first party's financial account information using the first party's mobile device with a single initial entry to a payment service, the first party's financial account being selected from at least one of, a bank account, credit card, debit card, pre-paid card and a third party funding source;   transferring funds to and/or from the first party's financial account using the payment service, the first party being registered with the payment service, or becomes registered prior to transferring funds to and/or from the financial account using the payment service; wherein for future uses of the first party's financial account to transfer funds to and/or from the first party's financial account, the first party's financial account information need not be entered again with the payment service; and   in response to, (i) entering the first party's financial account information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, determining if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.   
     
     
         6 . The method of  claim 5 , wherein the mobile device includes a position sensor. 
     
     
         7 . The method of  claim 5 , wherein a card reader includes a sensor and is coupled to the mobile device. 
     
     
         8 . A method for detecting fraudulent use of a party's financial account information, comprising: comprising:
 entering a first party's financial account information using the first party's mobile device with a single initial entry to a payment service, the first party's financial account is selected from at least one of, a bank account, credit card, debit card, pre-paid card and a third party funding source;   transferring funds from the first party's financial account to a second party using the payment service, the first party being registered with the payment service, or becomes registered prior to transferring funds to and/or from the first party's financial account using the payment service, wherein for future uses of the first party's financial account to transfer funds to and/or from the first party's financial account, the first party's financial information need not be entered again with the payment service; and   in response to, (i) entering the first party's financial account information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, determining if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.   
     
     
         9 . The method of  claim 8 , wherein the mobile device includes a position sensor. 
     
     
         10 . The method of  claim 8 , wherein a card reader includes a sensor and is coupled to the mobile device. 
     
     
         11 . A method for detecting fraudulent use of a party's financial transaction card information, comprising:
 entering a first party's financial transaction card information using the first party's mobile device with a single initial entry to a payment service;   wherein for future uses of the first party's financial transaction card to transfer funds to and/or from the first party's financial transaction card, the first party's financial transaction card information need not be entered again with the payment service; and   in response to, (i) entering the first party's financial transaction card information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, determining if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.   
     
     
         12 . The method of  claim 11 , wherein the mobile device includes a position sensor. 
     
     
         13 . The method of  claim 11 , wherein a card reader includes a sensor and is coupled to the mobile device. 
     
     
         14 . A method for detecting fraudulent use of a party's financial transaction card information, comprising:
 entering a first party's financial transaction card information using the first party's mobile device with a single initial entry to a payment service;   transferring funds from the first party's financial transaction card to a second party using the payment service, the first party being registered with the payment service, or becomes registered prior to transferring funds to and/or from the first party's financial transaction card using the payment service, wherein for future uses of the first party's financial transaction card to transfer funds to and/or from the first party's financial transaction card, the first party's financial; and   in response to, (i) entering the first party's financial transaction card information or (ii) using the first party's mobile device for a financial transaction following the single initial entry to the payment service, determining if a fraudulent attempt or fraudulent use of the first party's financial account information is committed.   
     
     
         15 . The method of  claim 14 , wherein the mobile device includes a position sensor. 
     
     
         16 . The method of  claim 14 , wherein a card reader includes a sensor and is coupled to the mobile device. 
     
     
         17 - 28 . (canceled)