18379940. Systems and Methods for Determining Transaction Locations simplified abstract (Capital One Services, LLC)
Contents
Systems and Methods for Determining Transaction Locations
Organization Name
Inventor(s)
Pavel Fort of Westbury NY (US)
Andrew Veenstra of San Francisco CA (US)
Natasha Mitchko of New York NY (US)
Systems and Methods for Determining Transaction Locations - A simplified explanation of the abstract
This abstract first appeared for US patent application 18379940 titled 'Systems and Methods for Determining Transaction Locations
Simplified Explanation
The patent application describes systems and methods for determining transaction locations. Here is a simplified explanation of the abstract:
- Receiving transaction completion information from a computing terminal
- Sending confirmation of transaction completion to a mobile device
- Receiving location information from the mobile device
- Confirming the location is within a predetermined distance of the computing terminal
- Updating the location information associated with the computing terminal
- Determining the location of the computing terminal based on the received information
- Potential Applications
This technology could be used in mobile payment systems, location-based services, and fraud detection systems.
- Problems Solved
This technology helps verify the location of a transaction, ensuring security and accuracy in transaction records.
- Benefits
The system provides an added layer of security by confirming the location of the transaction, which can help prevent fraud and unauthorized transactions.
- Potential Commercial Applications
One potential commercial application of this technology could be in the financial industry for secure mobile banking transactions.
- Possible Prior Art
One possible prior art could be location-based services that track the location of mobile devices for various purposes.
- Unanswered Questions
- How does the system handle cases where the location information is inaccurate or unavailable?
The system may have mechanisms in place to handle inaccurate or unavailable location information, such as using alternative methods for verification.
- What measures are taken to ensure the privacy and security of the location information collected?
The patent application may include details on encryption, data protection protocols, and user consent mechanisms to safeguard the privacy and security of the location information.
Original Abstract Submitted
Systems and methods for determining transaction locations are disclosed. In one embodiment, a method includes receiving, from a computing terminal, information indicating the completion of a transaction associated with a mobile device, sending, to the mobile device, a confirmation of the completion of the transaction, receiving, from the mobile device, location information indicating latitude and longitude information of the mobile device, confirming that the location information is within a predetermined distance of a stored location of the computing terminal, updating the location information associated with the computing terminal to include the received location information, and determining, based on the location information associated with the computing terminal, a location of the computing terminal.
