Mobile transaction device security system

Abstract

Embodiments of the invention include apparatuses, methods, and computer-program products that provide for a unique financial transaction security system. In one embodiment, the financial transaction security system receives a security protocol from a user. The security protocol includes instructions for allowing transactions without authentication and security features for the user if authentication is necessary. The system then determines that the user is conducting a transaction, evaluates the instructions, and determines whether the transaction can occur without authentication. If the user is required to authenticate his identity, the system requests input from the user, compares the input to the security feature, and determines if the user is authenticated. The user is able to customize both the instructions and the security features to provide greater control over financial transaction security.

1 . A mobile transaction device security system comprising:
 a memory device;   a communication device; and   a processing device coupled to the memory device, wherein the processing device is configured to:
 receive a security protocol from a user, the security protocol comprising a permission module and an authentication module, wherein the permission module comprises instructions on when the user must authenticate an identity of the user to perform a transaction, wherein the instructions are provided by the user and stored in a database; 
 identify at least one financial account of the user; 
 determine that the user is conducting the transaction using the financial account; 
 compare at least one characteristic of the financial account or the transaction with the instructions provided by the user; and 
 determine if the user must authenticate the user's identity based on the comparison of the characteristic with the instructions provided by the user; 
 allow the transaction when the user is not required to authenticate the user's identity based on the comparison; and 
 require authentication of the user through the authentication module when the comparison of the characteristic to the instructions provided by the user indicates that the transaction cannot proceed without authentication. 
   
     
     
         2 . The system of  claim 1 , wherein the authentication module comprises at least one security feature. 
     
     
         3 . The system of  claim 2 , wherein the at least one security feature is customizable by the user. 
     
     
         4 . The system of  claim 2 , wherein the security feature consists of at least one of a username, a password, a challenge question, a voice recognition test, a facial recognition test, a fingerprint identification test, and an iris scan. 
     
     
         5 . The system of  claim 1 , wherein the characteristic of the financial account is having sufficient funds to meet a minimum balance prior to the transaction. 
     
     
         6 . The system of  claim 1 , wherein the characteristic of the financial account is selected from the group consisting of a total transaction balance for a statement period, a total number of pending transactions, and a location of a previous transaction. 
     
     
         7 . A computer-implemented method of providing financial transaction security, the method comprising:
 receiving a security protocol from a user, the security protocol comprising a permission module and an authentication module, wherein the permission module comprises instructions on when the user must authenticate an identity of the user to perform a transaction, wherein the instructions are provided by the user and stored in a database;   identifying at least one financial account of the user;   determining that the user is conducting the transaction using the financial account;   comparing at least one characteristic of the financial account or the transaction with the instructions provided by the user;   determining if the user must authenticate the user's identity based on the comparison of the characteristic with the instructions provided by the user;   allowing the transaction when the user does not need to authenticate the user's identity based on the comparison; and   requiring authentication of the user through the authentication module when the comparison of the characteristic to the instructions provided by the user indicates that the transaction cannot proceed without authentication.   
     
     
         8 . The method of  claim 7 , wherein receiving the security protocol from the user comprises receiving security features for authenticating the user's identity. 
     
     
         9 . The method of  claim 7 , wherein determining that the user is conducting a transaction comprises receiving a signal from a point-of-sale device indicating that the user is attempting to conduct a transaction. 
     
     
         10 . The method of  claim 7 , wherein the characteristic of the financial account is having sufficient funds to meet a minimum balance prior to the transaction. 
     
     
         11 . The method of  claim 7 , wherein the characteristic of the financial account is selected from the group consisting of a total transaction balance for a statement period, a total number of pending transactions, and a location of a previous transaction. 
     
     
         12 . A computer program product for providing a financial transaction security product, the computer program product comprising:
 a non-transitory computer-readable medium comprising:
 an executable portion for causing a computer to receive a security protocol from a user, the security protocol comprising a permission module and an authentication module, wherein the permission module comprises instructions on when the user must authenticate an identity of the user to perform a transaction, wherein the instructions are provided by the user and stored in a database; 
 an executable portion for causing a computer to identify a financial account of the user; 
 an executable portion for causing a computer to determine that the user is conducting the transaction using the financial account; 
 an executable portion for causing a computer to compare at least one characteristic of the financial account or the transaction with the instructions provided by the user; 
 an executable portion for causing a computer to determine if the user must authenticate the user's identity based on the comparison of the characteristic with the instructions provided by the user; 
 an executable portion for causing a computer to allow the transaction when the user does not need to authenticate the user's identity based on the comparison; and 
 an executable portion for requiring authentication of the user through the authentication module when the comparison of the characteristic to the instructions provided by the user indicates that the transaction cannot proceed without authentication. 
   
     
     
         13 . The computer program product of  claim 12 , further comprising an executable portion for causing a computer to determine a location of the user when the user is conducting the transaction. 
     
     
         14 . The computer program product of  claim 12 , wherein the financial account comprises information associated with at least one of a checking account, a savings account, a money market account, a credit account, an investment account, and a rewards points account. 
     
     
         15 . The computer program product of  claim 12 , wherein the characteristic of the financial account is having sufficient funds to meet a minimum balance prior to the transaction. 
     
     
         16 . The computer program product of  claim 12 , wherein the characteristic of the financial account is selected from the group consisting of a total transaction balance for a statement period, a total number of pending transactions, and a location of a previous transaction. 
     
     
         17 . The computer program product of  claim 16 , wherein the permission module requires the user to authenticate the user's identity when the total transaction balance for a statement period is greater than a predetermined amount. 
     
     
         18 . The computer program product of  claim 16 , wherein the permission module requires the user to authenticate the user's identity when the total number of pending transactions in the financial account is greater than a predetermined amount. 
     
     
         19 . The computer program product of  claim 16 , wherein the permission module requires the user to authenticate the user's identity when the location of the previous transaction is a predetermined distance from a current location of the user. 
     
     
         20 . The computer program product of  claim 12 , wherein the permission module requires the user to authenticate the user's identity if a transaction amount would lower a balance in the financial account below a predetermined level.