18071727. Dynamic Virtual Transaction Card Management System simplified abstract (Capital One Services, LLC)
Contents
- 1 Dynamic Virtual Transaction Card Management System
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 Dynamic Virtual Transaction Card Management System - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
Dynamic Virtual Transaction Card Management System
Organization Name
Inventor(s)
Mohak Chadha of San Francisco CA (US)
Allison Fenichel of Brooklyn NY (US)
Dynamic Virtual Transaction Card Management System - A simplified explanation of the abstract
This abstract first appeared for US patent application 18071727 titled 'Dynamic Virtual Transaction Card Management System
Simplified Explanation
Methods, systems, and apparatuses are described herein for generating and managing virtual transaction cards based on mobile device location so as to provide transaction security during in-person transactions. A geographic location of a mobile device may be determined, a proximate merchant may be selected, and a virtual transaction card may be generated for that particular merchant. Data corresponding to that virtual transaction card may be deployed into a digital wallet device for use during transactions with point-of-sale devices. Use of the digital wallet device may be conditioned on geographic location, time, an unlock command from a mobile device, or the like. By providing such dynamically-generated and limited virtual transaction cards for in-person transactions, the threat of security vulnerabilities relating to point-of-sale systems may be mitigated.
- Virtual transaction cards generated based on mobile device location
- Data deployed into digital wallet device for use during transactions
- Conditional use of digital wallet device based on various factors
- Mitigation of security vulnerabilities related to point-of-sale systems
Potential Applications
This technology could be applied in various industries such as banking, retail, and e-commerce to enhance transaction security and protect sensitive financial information.
Problems Solved
This technology helps mitigate security vulnerabilities related to point-of-sale systems, reducing the risk of fraud and unauthorized access to financial data during in-person transactions.
Benefits
- Enhanced transaction security - Protection of sensitive financial information - Convenient and secure payment method for users
Potential Commercial Applications
"Enhancing Transaction Security with Virtual Transaction Cards Based on Mobile Device Location"
Possible Prior Art
One possible prior art could be the use of location-based authentication methods in mobile banking apps to verify the user's identity and prevent unauthorized access to financial accounts.
Unanswered Questions
How does this technology impact user privacy?
This article does not delve into the potential privacy implications of tracking mobile device location for generating virtual transaction cards. It would be important to consider how user data is collected, stored, and used in relation to this technology.
What are the potential limitations of using virtual transaction cards based on mobile device location?
The article does not address any potential drawbacks or limitations of this technology. It would be crucial to explore factors such as accuracy of location tracking, compatibility with different devices, and user acceptance in real-world scenarios.
Original Abstract Submitted
Methods, systems, and apparatuses are described herein for generating and managing virtual transaction cards based on mobile device location so as to provide transaction security during in-person transactions. A geographic location of a mobile device may be determined, a proximate merchant may be selected, and a virtual transaction card may be generated for that particular merchant. Data corresponding to that virtual transaction card may be deployed into a digital wallet device for use during transactions with point-of-sale devices. Use of the digital wallet device may be conditioned on geographic location, time, an unlock command from a mobile device, or the like. By providing such dynamically-generated and limited virtual transaction cards for in-person transactions, the threat of security vulnerabilities relating to point-of-sale systems may be mitigated.
