- Latest Patent Covers the Use of Mobile Phone and Transaction Data to Generate a Statistical Transaction Validity Score
BELLEVUE, Washington, Oct. 12, 2012 /PRNewswire/ -- Finsphere Corporation, a leading provider of identity authentication analytics, announced today the issuance to it of Patent 8280348 by the United States Patent and Trademark Office for system and method for identity protection using mobile device signaling network derived location pattern recognition.
The issuance of patent 8280348 further validates Finsphere's unique and innovative vision that mobile phone user and transaction data can be statistically correlated to improve decision making and, ultimately, better protect both consumers and merchants while enhancing the end user experience. This patent supports applications that include credit/debit card purchases (in- person, on-line, or via a mobile payment or mobile wallet), wireless point of sale (mobile POS) and ATM transactions.
"We are very excited today as this represents the fourth patent issued to Finsphere Corporation," said Michael Buhrmann, CEO of Finsphere. "With over a dozen patent applications in process, including three filed this year alone, we remain motivated to aggressively and strategically strengthen our unrivaled intellectual property portfolio of mobile-based identity authentication services."
Finsphere was founded on the simple yet powerful vision that a mobile phone, acting as a proxy for an individual's identity, can be used to authenticate high-risk events such as financial transactions, online login attempts, physical access, and more. Patent 8280348 fortifies Finsphere's unique position to utilize mobile app-based and network-based mobile device location and other mobile attributes to reduce credit/debit card denials and fraud associated with financial transactions.
About Finsphere Corporation
Based in Bellevue, Washington, Finsphere was founded in 2007 to enable wireless carriers and enterprises to help protect their customers through identity authentication services. With its patent protection, Finsphere utilizes sophisticated analytics that provides a platform and applications for non-intrusive, privacy enhancing services to authenticate transactions across all industry segments. Finsphere is a privately held corporation whose major investors include Vodafone Ventures, Mohr Davidow, Shasta Ventures and Frazier Technology Ventures. For more information, visit www.finsphere.com.
SOURCE Finsphere Corporation