Patent attributes
Introduced here is a technology that enables effective fraud detection and protection in financial transactions by use of a communication signal capability associated with payment cards. The technology eliminates the uncertainty inherent in card transactions as to the authenticity of a payment card. In various embodiments, methods and systems are disclosed for placing context-based restrictions on the payment card to assist in eliminating the uncertainty in card transactions. The payment card can include any electronic card having an embedded smart chip (e.g., BLE, WiFi, GPRS, 4G, LTE, etc.). The context-based restrictions can include a geographical restriction, a timing restriction, a purchase amount restriction, a merchant-category-code restriction, a particular merchant restriction, or a proximity restriction. The context-based restrictions can be placed on the payment card through communication with a computing device (e.g., smartphone, computing tablet, laptop, desktop, etc.).
