System and Method for Enhanced Transaction Authorization

Abstract

The present invention relates to system and method for authorizing a transaction using user data collected from third-party websites/applications/sources, such as social media networks. In operation, collected user data may be compared to a financial data or user data collected during a transaction to identify potential fraud and/or other discrepancies, confirming the identity of the user with a greater degree of accuracy and/or imposing purchase parameters.

1 - 20 . (canceled) 
     
     
         21 . A transaction authorization system for managing financial transactions, the transaction authorization system comprising:
 a user social media account, wherein said social media account is associated with a user social media account identification and includes a trusted location database, wherein said trusted location database represents a set of one or more predetermined trusted geographic locations selected by said user;   a financial institution computerized system, wherein said user links said user social media account with said financial institution computerized system by providing said user social media account identification for said user social media account to said financial institution computerized system, wherein said user social media account identification is stored at said financial institution computerized system; and   a financial institution database in communication with said financial institution computerized system wherein said user social media account identification is associated with financial account data stored in said financial institution database, so that said financial account data is usable to determine said user social media account identification,   wherein said financial institution computerized system:   receives, from a computerized merchant transaction system, transaction data associated with a proposed financial transaction, wherein said transaction data includes transaction location data and transaction financial account data;   wherein said financial institution computerized system uses said transaction financial account data to retrieve from said financial institution database a user social media account identification associated with said transaction financial account data; and   a computerized social network module, wherein said computerized social network module receives said set of one or more predetermined trusted geographic locations selected by said user from said trusted location database from said user social media account and receives said transaction location data and said user social media account identification associated with said transaction financial account data from said financial institution computerized system,   wherein said computerized social network module:
 compares said transaction location data with said set of one or more predetermined trusted geographic locations, and 
 transmits transaction authorization data to said financial institution computerized system to authorize said proposed financial transaction only when said transaction location data represents a geographic location less than a stored predetermined geographic distance from a location included in said set of one or more predetermined trusted geographic locations. 
   
     
     
         22 . The transaction authorization system of  claim 21  wherein at least one of said set of one or more predetermined trusted geographic locations selected by said user is associated with a start time and a stop time. 
     
     
         23 . The transaction authorization system of  claim 22  wherein said transaction data also includes transaction time data,
 wherein said transaction authorization system authorizes said proposed financial transaction only when said transaction location data represents a geographic location less than a stored predetermined geographic distance from a location included in said set of one or more predetermined trusted geographic locations, and 
 said transaction time data is after said start time associated with said location and before said stop time associated with said location.