Systems and methods for preferring payments using a social background check

Systems and methods are described for facilitating payments and transactions using social background checks. Such systems and methods may use social networks with both individual members communicating over a network to a social authentication computing system. The authentication of transactions associated financial institutions are determined through the use of relationship measures based on social media interactions. Transactions and services available to a user are determined based on a measure of social identity through the use of social media platforms. Available contact and interaction data from one or more social media platforms is leveraged to analyze a level of trust that a transaction is not a consequence of fraudulent activity. Transactions that have a low level of risk of being a consequence of fraudulent activity are benefited through faster transaction times and other improvements.

BACKGROUND

The proliferation of the internet has fundamentally changed various aspects of individuals' lives, such as communication, work, education, finance, social and personal relationships, etc. For example, the internet has remarkably increased the amount of information available and decreased the transaction cost of obtaining such information. In addition, the internet has enabled a wider range of individuals to meet and interact and form social groups online with extensions to offline groups and activities. Such social networks can be formed for a variety of reasons and can be based on a shared interest, characteristic, or identification of the members of the social network. Interactions between members of social networks can take many forms and include private communication, public communication, sharing of content, tagging of members to content, and the like. Members develop one or more social identities that are associated with various factors related to use of and interaction with the social networks.

SUMMARY

One embodiment relates to a computer-implemented method. The method comprises receiving a request for a transaction from a first party to a second party. Once the request is received a relationship measure is determined between the first party and the second party by first receiving a plurality of social media associations between the first party and the second party and then basing the determination on a number and type of the plurality of social media associations. A parameter can be adjusted that is associated with the transaction based on the relationship measure exceeding a threshold value. Finally, the transaction is initiated from the first party to the second party using the adjusted parameter.

In some embodiments, the method further comprises determining a social identity score for the first party based on at least a number and type of social media content created by the first party and determining the availability of the type of the transaction that was requested based on the social identity score. If the type of transaction is available based on the social identity score, a confirmation of the availability is transmitted.

In some embodiments, the method further comprises determining the relationship measure by weighting the relationship measure by a factor selected from a group consisting of a value associated with one or more of the type of the plurality of social media associations, a frequency of the plurality of social media associations, a length of time the first party and the second party have been associated on one or more social media platforms, and a number of shared connections between the first party and the second party.

In some embodiments, the parameter in the method is selected from a group consisting of a time of completion of the transaction, a value of funds authorized for the transaction, a fee associated with the transaction, and an exchange rate associated with the transaction.

In some embodiments, the method further comprises determining the relationship measure does not exceed a second threshold value and transmitting a request for additional authentication based on the relationship measure does not exceed the second threshold value. The second threshold value may be a different value than the threshold value. The request for additional authentication may be a request for data selected from a group consisting of financial information associated with an account of the first party, financial information associated with an account of the second party, a social identity score of the second party, and data received from one or more sensors of a computing device associated with the first party.

Another embodiment relates to a system comprising a network interface circuit and a financial transaction circuit configured for executing the method described above.

Another embodiment relates to a non-transitory computer-readable media having computer-executable instructions embodied therein that, when executed by one or more processors of a computing system, cause the one or more processors to perform the operations of the method described above.

DETAILED DESCRIPTION

Referring generally to the figures, systems and methods facilitating payments and transactions using social background checks are shown. Such systems and methods may use social networks with two or more participants of a transaction communicating over a network (e.g., the internet). In some embodiments, financial institutions use social authentication systems that communicate over the network with the social networks to facilitate transactions between the individual members of the social network(s). Individual components of the systems can be one or more of the various systems described. In some embodiments, the social authentication computing system, on its own, or running as part of social network computing system and/or a financial institution computing system facilitates embodiments of the methods described. In addition, embodiments described herein solve the technical and internet-centric problem of facilitating authentication of transactions associated with financial institutions through the use of relationship measures based on social media interactions. The embodiments described herein also solve the technical and internet-centric problem of determining transactions and services available to a user based on a measure of social identity through the use of social media platforms. This is addressed by leveraging available contact and interaction data from one or more social media platforms to analyze a level of trust that a transaction is not a consequence of fraudulent activity. Transactions that have a low level of risk of being a consequence of fraudulent activity can be initiated more quickly without the need of additional verification or confirmation information and the amount of time to complete the transaction itself can be reduced. This provides a technical solution of providing systems and methods to facilitate payments and transactions using social background checks.

Referring now toFIG. 1, a block diagram of an environment100for facilitating payments and transactions using social background checks according to an example embodiment is depicted. In brief overview, the environment100includes one or more individual computing devices102used by users with financial accounts with financial institutions connected to a network104. Also connected to the network104are a financial institution computing system108, a social authentication computing system systems110, and a social network computing system112. The financial institution computing system108is affiliated with a financial institution, such as a bank. In some embodiments, the individual computing devices102communicate over the network104to the financial institution computing system108. The individual computing devices102are smartphones, laptop computers, tablet computers, e-readers, smartwatches, and the like. In some embodiments, the social authentication computing system110also communicate over the network104to the financial institution computing system108and the social network computing systems112. In reference to components described herein, references to the components in singular or in plural form are not intended as disclaimers of alternative embodiments unless otherwise indicated. The components are configured to interact, in some embodiments, as described in further detail below.

In the environment100, data communication between the individual computing devices102, the financial institution computing system108, the social authentication computing system110, and the social network computing systems112in various combinations are facilitated by the network104. In some embodiments, the network104includes the internet. In other embodiments or combinations, the network104includes a local area network or a wide area network. The network104is facilitated by short and/or long range communication technologies including Bluetooth® transceivers, Bluetooth® beacons, RFID transceivers, NFC transceivers, Wi-Fi transceivers, cellular transceivers, wired network connections (e.g., Ethernet), etc. In some other embodiments, particularly for communication between the financial institution computing system108and the social authentication computing system110and/or the social network computing system112, the network104may comprise an interbank network (e.g., Maestro, NYCE®, PLUS, Cirrus, STAR, etc.) including a plurality of member financial institutions enabling customers of a first interbank network member to perform transactions by systems owned or operated by a second interbank network member.

Still referring toFIG. 1, the individuals using individual computing devices102are in communication with and/or have accounts with a financial institution associated with the financial institution computing system108. In some embodiments, individual computing devices102are mobile computing devices such as smartphones, laptop computers, tablet computers, e-readers, smartwatches, and the like. The individual computing devices102as depicted include network interface circuits140. Data passing through the network interface circuits140can be encrypted such that the network interface circuits140are secure communication modules. In some embodiments, the network interface circuits140comprise one or more Bluetooth® transceivers, RFID transceivers, NFC transceivers, Wi-Fi transceivers, cellular transceivers, and the like.

The financial institution computing system108is associated with a financial institution (e.g., a bank, a credit card issuer, etc.). The financial institution computing system108includes a network interface circuit160, a financial transaction circuit162, and an account database164. In some embodiments, the network interface circuit160comprises one or more Bluetooth® transceivers, RFID transceivers, NFC transceivers, Wi-Fi transceivers, cellular transceivers, and the like. In some embodiments, the financial transaction circuit162and/or the account database164reside in part on different computing devices or systems (e.g., in the individual computing device102, the social authentication computing system110, or the social network computing system112) in relation to other components or to the whole of a particular component. Data passing through the network interface circuit160may be encrypted such that the network interface circuit160is a secure communication module. In some arrangements, the network interface circuit160, financial transaction circuit162, and the account database162reside in part on different servers in relation to other components or to the whole of a particular component.

In some embodiments, the financial transaction circuit162is configured to control at least some operations of the financial institution computing system108using data stored in databases or other computer storage structures, such as the account database164. The financial transaction circuit162is configured to facilitate payments and transactions using social background checks by analyzing and providing additional information on the financial data of one or more parties of the payment or transaction. Financial data can include credit scores, liquid asset positions, liquidity ratio (e.g., liquid assets/monthly expenses), asset to debt ratio (e.g., total assets/total liabilities), current ratio (e.g., liquid assets/short term liabilities), debt service ratio (e.g., short term liabilities/total income), saving ratio (e.g., monthly surplus once recurring liabilities paid), set monthly costs, expenditure volatility, and the like.

In some embodiments, the account database164is configured to store information related to account information (e.g., account numbers, account types, account balances, transaction history, ownership information, owner contact information, etc.) and/or profiles of individuals using the social authentication computing system110. In some embodiment, historical financial transaction information between one or more individuals are stored in the account database164.

The social authentication computing system110is a computing system configured to run applications and other software and communicate with other computing systems over a network104. In some embodiments, the social authentication computing system110is a server. In some embodiments, the social authentication computing system110includes a social identity score circuit170, a social authentication circuit172, and a network interface circuit174. In some embodiments, the network interface circuit174comprises one or more Bluetooth® transceivers, RFID transceivers, NFC transceivers, Wi-Fi transceivers, cellular transceivers, and the like. In some embodiments, the social identity score circuit170and/or the social authentication circuit172reside in part on different computing devices or systems (e.g., in the individual computing device102, the social network computing systems112, or the financial institution computing system108) in relation to other components or to the whole of a particular component. Data passing through the network interface circuit174may be encrypted such that the network interface circuit174is a secure communication module.

In some embodiments, the social identity score circuit170is configured to identify a measure of social identity for one or more parties involved in a financial transaction or service. In some embodiments, the measure of social identity is a social identity score associated with a customer an account at a financial institution associated with a financial institution computing system108. In some embodiments, the social identity score circuit170is configured to base the measure of social identity on one or more of a number and type of transactions on social media platforms (e.g., operating on a social network computing system112), frequency of original posts, articles, videos, etc. by the user, frequency of sharing content of others by the user, number of approval indicators (e.g., ‘likes’) associated with the user, frequency of accessing content on one or more social media platforms, number of shared connections (e.g., ‘friends’) of the user, amount of time active on one or more social media platforms, and the like. The social identity score circuit170may be further configured to further validate the data associated with the number and type of transactions through confirmation from other data sources. In some embodiments, the social identity score circuit170is configured to further validate the data associated with the number and type of social media transactions against public records (e.g., government records, school records, other social media profiles, etc.).

In some embodiments, the social identity score circuit170is configured to determine one or more services that are available based on the measure of social identity. In some embodiments, the social identity score circuit170limits the one or more services that are available based on the measure of social identity. For example, a low social identity score may indicate that the user has a newly opened account on the one or more social media platforms and does not have sufficient history to allow access to the one or more services that are available. In some embodiments, available services include one or more of peer to peer funds transfer, account to account funds transfer, depositing of checks, short term loan applications, and the like.

In some embodiments, the social authentication circuit172is configured to reduce the authentication requirements based on a measure of social identity. In some embodiments, the social authentication circuit172is configured to reduce requirements based on obtained financial information associated with an account of the initiating party (e.g., a credit card number and expiration date). In some embodiments, the social authentication circuit172is configured to reduce authentication requirements based on a relationship measure between the one or more parties engaged in a transaction. In some embodiments, the social authentication circuit172is configured to reduce the authentication requirements based on the previous transaction history between the two or more parties. In some embodiments, the social authentication circuit172is configured to determine a level of trust based on the relationship measure being above a threshold relationship measure. Different threshold relationship measures may correspond to a different levels of trust and accordingly require decreasing amounts of additional authentication. In some embodiments, the social authentication circuit172is configured to assign the threshold relationship measures to differing values for a maximum currency amount that can be part of the transaction. In some embodiments, the social authentication circuit172is configured to obtain further authentication through the use of financial information associated with an account of one or more of the parties (e.g., a credit card number and expiration date). In some embodiments, the social authentication circuit182is configured to mitigate a low relationship measure by accessing or receiving additional information about the social media use of the potential receiving party. Additional information may be available to determine a measure of social identity of the receiving party (e.g., by the social identity score circuit170) and a threshold level determines the receiving party is not a fake or fraudulent identity.

In some embodiments, the social authentication circuit172is configured to receive additional authentication data from one or more sensors of an individual computing device102used by the party to initiate the transaction. For example, the additional authentication data may comprise biometric information obtained from the one or more sensors such as a finger print, thumb print, hand print, or any print of the body, facial image obtained by camera components or sensors, an eye image (iris or retina) obtained by camera components or sensors, a vocal sample, captured gait information (e.g., through the use of accelerometers), hand geometry information, thermogram data, skin reflection data, infrared sensor data, etc. In some embodiments, the transaction is authenticated through the use of two-factor authorization through communication with the individual computing device102. In some embodiments, the social authentication circuit is configured to received additional authentication data from a sensor or touchscreen of an individual computing device102to facilitate authentication such as a gesture pattern on the individual computing device102(i.e., hand pattern, individual computing device102movement pattern, keypad entry pattern, etc.), a security image recognizable by the user, a vibrational pattern on the individual computing device102, and the like. The authentication information may be captured by the individual user device102or a sensor device connected to the individual user device102.

The social network computing systems112are computing systems configured to run applications and other software and communicate with other computing systems over a network104. In some embodiments, the social network computing systems112are servers. The social network computing systems112are configured to provide one or more social networking accounts to each of their members, including users of the individual computing devices102. In some embodiments, the social networking accounts enable each respective member to create a representation of the member (e.g., a member profile), share connections with other members of the social network, and view and interact with shared content and media associated with the connections with other members. The social network computing system112also maintains (e.g., stores, updates, etc.) information associated with each respective member's social networking account. In some embodiments, the social network computing systems112include a social network platform circuit180, a network interface circuit182, and a member database184. In some embodiments, the network interface circuit182comprises one or more Bluetooth® transceivers, RFID transceivers, NFC transceivers, Wi-Fi transceivers, cellular transceivers, and the like. In some embodiments, the social network platform circuit180and/or the member database184resides in part on different computing devices or systems (e.g., in the social authentication computing system110or the financial institution computing system108) in relation to other components or to the whole of a particular component. Data passing through the network interface circuit182may be encrypted such that the network interface circuit182is a secure communication module.

In some embodiments, the social network platform circuit180is configured to determine individual social media data that can be used and communicated to a social authentication computing system110in order to facilitate payments and transactions using social background checks of members. In some arrangements, the social network platform circuit180, the network interface circuit182, and the member database184reside in part on different servers in relation to other components or to the whole of a particular component. In some arrangements, parts or all of the social network computing system112as described herein runs on or is configured to run on the social authentication computing system110. In some arrangements, parts or all of the social network computing system112runs on or is configured to run on the financial institution computing system108.

In some embodiments, the social network platform circuit180is configured to provide information, including profile information, social network connections, posted information, social following information, indicated likes, indicated dislikes, indicated interests, and other available social network data of individual members to one or more computing systems (e.g., the social syndicate computing system110). In some arrangements, members can opt in or opt out of participating in the social authentication. In other arrangements, all members are part of the social authentication. In some arrangements, members that are part of the social authentication can control what components of their respective available social network information is available to be used in the social authentication.

In some embodiments, the member database184is configured to store information related to account information and/or profiles of members of the social network. In some embodiments, the members can be individual users or business users. In some arrangements, participation in the social authentication is a condition of membership of the social network.

Referring now toFIG. 2, a flow diagram of a method200of determining and authenticating financial transaction is shown according to an example embodiment. In some embodiments, the method200is performed by the social authentication computing system110. In some embodiments, one or more steps of the method200may be performed by the financial institution computing system108, a social network computing system112, and/or an individual computing device102. In brief, the method200comprises receiving a request associated with a financial transaction, identifying a measure of social identity of the requestor, determining that one or more services are available based on the measure of social identity and determining if the request involves a second party. If the request does not involve a second party, the transaction is authenticated and the transaction is initiated. If the request involves a second party, a relationship measure is identified between the two parties, the transaction is authenticated, a parameter of the transaction adjusted based on the relationship measure and the transaction is initiated. The method200may be used to generate and display a graphic indicative of available services to a user, the transaction request, a level of authorization required, and successful completion of a request.

Continuing withFIG. 2and in more detail, the method200begins when a request associated with a financial transaction is received at202. In some embodiments, the request may be received by a social authentication computing system110from an individual computing device102via the respective network interface circuit140. In some embodiments, the method200may include providing an application for facilitating financial transactions to the individual computing device102. In some embodiments, the method200may include providing software code for execution on a browser running on the individual computing device102for facilitating financial transactions. In some embodiments, the request includes information required to access a user's financial accounts (e.g., one or more of account numbers, password, name of financial institution, etc.).

A measure of social identity is identified at204. In some embodiments, the measure of social identity is a social identity score associated with a user. In some embodiments, the measure of social identity is based on one or more of number and type of transactions on social media platforms, frequency of original posts, articles, videos, etc. by the user, frequency of sharing content of others by the user, number of approval indicators (e.g., ‘likes’) associated with the user, frequency of accessing content on one or more social media platforms, number of shared connections (e.g., ‘friends’) of the user, amount of time active on one or more social media platforms, and the like. The data associated with the number and type of transactions may be further validated through confirmation from other data sources. In some embodiments, the data associated with the number and type of social media transactions is validated against public records (e.g., government records, school records, other social media profiles, etc.).

One or more services that are available are determined based on the measure of social identity at206. In some embodiments, the one or more services that are available are limited based on the measure of social identity. For example, a low social identity score may indicate that the user has a newly opened account on the one or more social media platforms and does not have sufficient history to allow access to the one or more services that are available. In some embodiments, available services include one or more of peer to peer funds transfer, account to account funds transfer, depositing of checks, short term loan applications, and the like.

A determination is made if the request involves a second party at208. In some embodiments, the request associated with a financial transaction includes identifying information of a second party (e.g., name, associated account information, associated financial institution information, and the like). For example, a financial transaction involving a peer-to-peer transfer of currency will involve a second party that is a recipient of the transfer or the recipient of a request to transfer currency to the requestor.

If there is a determination that the request does not involve a second party, the transaction is authenticated at210. In some embodiments, the authentication requirements are reduced based on the measure of social identity determined at204. In some embodiments, authentication is obtained through the use of financial information associated with an account of the party (e.g., a credit card number and expiration date). In some embodiments, additional authentication data is received from one or more sensors of an individual computing device102used by the party to initiate the transaction. For example, the additional authentication data may comprise biometric information obtained from the one or more sensors such as a finger print, thumb print, hand print, or any print of the body, facial image obtained by camera components or sensors, an eye image (iris or retina) obtained by camera components or sensors, a vocal sample, captured gait information (e.g., through the use of accelerometers), hand geometry information, thermogram data, skin reflection data, infrared sensor data, etc. In some embodiments, the transaction is authenticated through the use of two-factor authorization through communication with the individual computing device102. In some embodiments, data is received from a sensor or touchscreen of an individual computing device102to facilitate authentication such as a gesture pattern on the individual computing device102(i.e., hand pattern, individual computing device102movement pattern, keypad entry pattern, etc.), a security image recognizable by the user, a vibrational pattern on the individual computing device102, and the like. The authentication information is captured by the individual user device102or a sensor device connected to the individual user device102. Any one or a combination of the authentication information described throughout may be used to authenticate the user and/or the transaction.

The transaction is initiated at212. In some embodiments, initiation of a transaction is an authorization for a financial transaction from one account to a second account (e.g., a transfer of funds, a peer-to-peer transfer of currency, a conversion to foreign currency, and the like). In some arrangements, the financial transaction authorized is a transfer of funds from the account of the sending party to the account of the receiving party. Initiating the transaction begins by removing the funds from the account of the sending party. The transaction completes when the funds are deposited in the account of the receiving party. In some arrangements, the financial transaction authorized is a transfer of funds from an account of a party with the funds transferred to another account of the same party accompanying a foreign currency conversion. Initiating the transaction begins by removing the funds from the first account of the party. The currency is converted to a foreign currency while the funds are not in either one of the accounts. The transaction completes when the funds in the form of the foreign currency are deposited in to the other account of the party.

If there is a determination that the request involves a second party, a relationship measure is identified between the parties at214. In some embodiments, the relationship measure is based on at least one of a number or type of social media associations between the parties (e.g., posts associated with the other party, tagging of the other party in posts or images, both parties present in the same image or video, invitations to events, sharing of social media content between parties, number of shared connections on one or more social media platforms, etc.). In some embodiments, the relationship measure is a number of social media associations between the parties. In some embodiments, the relationship measure is a number of social media associations between the parties with weighting for certain types of social media associations. In some embodiments, the relationship measure is weighted or further weighted by one or more factors (e.g., a length of time the association has existed on one or more social media platforms, a number of social media platforms where there is an association between the parties, and other associations received between the parties from third party sources of information).

After a relationship measure is identified at214, the transaction is authenticated at216. In some embodiments, the authentication requirements are reduced based on the measure of social identity determined at204. In some embodiments, the authentication requirements are reduced based on the relationship measure identified at214. In some embodiments, the authentication requirements are reduced based on the previous transaction history between the two or more parties. In some embodiments, a relationship measure that is above a threshold relationship measure determines a level of trust. Different threshold relationship measures may correspond to a different levels of trust and accordingly require decreasing amounts of additional authentication. In some embodiments, the threshold relationship measures may correspond to differing values for a maximum currency amount that can be part of the transaction. In some embodiments, further authentication is obtained through the use of financial information associated with an account of one or more of the parties (e.g., a credit card number and expiration date). In some embodiments, a low relationship measure can be mitigated by additional information accessed about the social media use of the potential receiving party. Additional information may be available to determine a measure of social identity of the receiving party and a threshold level determines the receiving party is not a fake or fraudulent identity.

In some embodiments, additional authentication data is received from one or more sensors of an individual computing device102used by the party to initiate the transaction. Additional authentication of the receiving party may also be received from one or more sensors of an individual computing device102used by the receiving party. For example, the additional authentication data for either party may comprise biometric information obtained from the one or more sensors such as a finger print, thumb print, hand print, or any print of the body, facial image obtained by camera components or sensors, an eye image (iris or retina) obtained by camera components or sensors, a vocal sample, captured gait information (e.g., through the use of accelerometers), hand geometry information, thermogram data, skin reflection data, infrared sensor data, etc. In some embodiments, the transaction is authenticated through the use of two-factor authorization through communication with one or more individual computing device102. In some embodiments, data is received from a sensor or touchscreen of one or more individual computing devices102to facilitate authentication such as a gesture pattern on the respective individual computing device102(i.e., hand pattern, individual computing device102movement pattern, keypad entry pattern, etc.), a security image recognizable by the user, a vibrational pattern on the individual computing device102, and the like. The authentication information is captured by a respective individual user device102or a sensor device connected to the respective individual user device102. Any one or a combination of the authentication information described throughout may be used to authenticate one or more of the parties and/or the transaction.

The parameter of the transaction is adjusted based on the relationship measure at218. In some embodiments, the parameter is a timing parameter associated with the transaction. For example, the transaction is for a transfer of funds from the initiating party to a receiving party and the timing parameter is adjusted to reduce the amount of time it takes for the funds to be available in an account of the receiving party based on the relationship measure. In some embodiments, access to funds is granted earlier than an amount of time the transaction requires to be complete based on the relationship measure. In other words, the funds are made available to the receiving party immediately although the mechanics of the transfer are still in progress. In some embodiments, the parameter is a level of trust (or conversely a level of fraud) parameter with values indicating various levels of trust associated with the transaction based on one or more of the measure of social identity and the relationship measure between the parties. The level of trust may be associated with various levels of funds that are immediately transferred to the account while the remainder of the funds waits for completion of all portions of the transfer process.

The transaction is initiated at220. In some embodiments, initiation of a transaction is an authorization for a financial transaction from one account to a second account (e.g., a transfer of funds, a peer-to-peer transfer of currency, a conversion to foreign currency, and the like). In some arrangements, the financial transaction authorized is a transfer of funds from the account of the sending party to the account of the receiving party. Initiating the transaction begins by removing the funds from the account of the sending party. The transaction completes when the funds are deposited in the account of the receiving party. In some arrangements, the financial transaction authorized is a transfer of funds from an account of a party with the funds transferred to another account of the same party accompanying a foreign currency conversion. Initiating the transaction begins by removing the funds from the first account of the party. The currency is converted to a foreign currency while the funds are not in either one of the accounts. The transaction completes when the funds in the form of the foreign currency are deposited in to the other account of the party.

Referring now toFIG. 3, a flow diagram of a method300of using social media interactions to determine a need for additional verification is shown according to an example embodiment. In some embodiments, the method300is performed by the financial institution computing system108. In some embodiments, one or more steps of the method300may be performed by the social authentication computing system110and/or an individual computing device102. In brief, the method300comprises receiving information for a transaction between two individuals, accessing the social media interactions between the two users and determining whether there is a fraud alert. If there is a fraud alert, additional verification is requested. If there is not a fraud alert, parameters of the transaction are requested and the transaction is initiated. The method300may be used to generate and display a graphic indicative of transaction details on an individual computing device102or in association with a social networking profile of the user associated with the transaction.

The method300begins when information for a transaction between two individuals is received at302. In some embodiments, the information for the transaction may be received from an individual computing device102via the respective network interface circuit140by a financial institution computing system108. In some embodiments, the method200may include providing an application for facilitating financial transactions to the individual computing device102. In some embodiments, the method200may include providing software code for execution on a browser running on the individual computing device102for facilitating financial transactions. In some embodiments, the request includes information required to access a user's financial accounts (e.g., one or more of account numbers, password, name of financial institution, etc.).

Social media interactions between the individuals is accessed at304. In some embodiments, the social media interactions include associations on social media platform such as number and/or frequency of posts initiated by one of the individuals and associated with the other individual, a number and/or frequency of shared media such as posts, articles, videos etc., shared by one individual with the other individual, a number and/or frequency of original posts, articles, videos, etc. by one individual with the other individual, a number and/or frequency of approval indicators (e.g., ‘likes’) associated with one individual directed to the other individual, a number of shared connections (e.g., ‘friends’) between the individuals, and the like. In some embodiments, the data associated with the number and/or frequency of social media interactions may be further validated with confirmation from other data sources. In some embodiments, the data associated with the number and/or frequency of social media interactions is validated against stored user profile information of the individual (e.g., location, interests, demographics, etc.).

A determination is made if there is a fraud alert at306. In some embodiments, a determination is made if there is a threshold of social media interactions required to prevent a fraud alert. In some embodiments, the determinations is based at least on a length of time an account has been open on one or more social media platforms for one or more of the individuals. In some embodiments, there are different levels of fraud alerts (e.g., fraud risk low, requires further investigation, clearly fraudulent, etc.). In some embodiments, one or more levels of fraud alert may allow the transaction to proceed, but limits the amount of money that the transaction can be for if a financial transaction.

If there is a determination that there is a fraud alert at306, additional verification is requested at308. In some embodiments, an indication that there has been a fraud alert is sent to an individual computing device102for display (e.g., an individual computing device102of an initiator of a financial transaction). The indication may be one or more of a text message, a pop-up message, a visual icon, haptic feedback or other tactile indication, an automated voice message, and the like. In some embodiments, the additional verification, once received, is sufficient to move the level of fraud to a level that allows the transaction to proceed. In some embodiments, the additional verification is a confirmation with the individual originating the transaction whether to proceed with the transaction. The confirmation may be a one-time passcode sent to an individual computing device102of the individual initiating the transaction to be used in a reply to the confirmation, a text message sent requiring a response, and the like. The confirmation may include information on why the transaction is triggering a fraud alert level. In some embodiments, further verification is obtained by analyzing the social media interactions of the receiving individual.

In some embodiments, a fraud alert is triggered by a change in one or more identifying parameters used in a transaction (e.g., a phone number used to identify a recipient in a peer to peer monetary transfer). In one example, in the embodiment, the token to identify the recipient is still valid, but the phone number used has been changed. Additional verification may comprise confirming the new phone number is associated with the recipient (e.g., by requesting additional verification information using the new phone number, by consulting a database identifying the new phone number to one of the old phone number or the recipient, and the like).

If there is a determination that there is no fraud alert at306, the parameters of the transaction are adjusted at310. In some embodiments, the level of fraud alert must be at a level sufficient for the transaction to go forward. In some embodiments, the value of the parameter is based on the level of fraud alert. The parameters of the transaction may affect a timing of the transaction (e.g., a low level of fraud alert is granted a faster transaction speed, a low level of fraud alert allows the receiver of a financial transaction comprising funds transfer has the funds become accessible prior to completion of the transfer, and the like.). Other parameters of the transaction that may be adjusted, including maximum transfer limits, fees, currency exchange rates, availability of funds transfer to other financial institutions, and the like.

The transaction is initiated at312. In some embodiments, initiation of a transaction is an authorization for a financial transaction from one account to a second account (e.g., a transfer of funds, a peer-to-peer transfer of currency, a conversion to foreign currency, and the like). In some arrangements, the financial transaction authorized is a transfer of funds from the account of the sending party to the account of the receiving party. Initiating the transaction begins by removing the funds from the account of the sending party. The transaction completes when the funds are deposited in the account of the receiving party. In some arrangements, the financial transaction authorized is a transfer of funds from an account of a party with the funds transferred to another account of the same party accompanying a foreign currency conversion. Initiating the transaction begins by removing the funds from the first account of the party. The currency is converted to a foreign currency while the funds are not in either one of the accounts. The transaction completes when the funds in the form of the foreign currency are deposited in to the other account of the party.

Referring now toFIG. 4, an interface400on a display of an individual computing device102, including graphics displaying transaction options, is shown according to an example embodiment. In brief, the interface400(which may be on a display of an individual computing device102) includes a pull-down menu of available services402. The pull-down menu of available services402includes one or more available selections corresponding to various services (e.g. financial transactions) that can be performed. The interface400also shows menu options including user-selectable button icons corresponding to the frequency of the transaction, either one time404or recurring406. In the embodiment shown, the display of the individual computing device102also includes a level of authorization display410, a list of contacts408, which includes the social media icons for connected social media networks, an add social media account button412, and an initiate transaction button414.

Still referring toFIG. 4and in further detail, the interface400includes a pull-down menu of available services402. In some embodiments, only the services available to the individual logged in to the individual computing device102can be seen in the pull down menu. In some embodiments, all the services that are available can be seen in the pull down menu but unavailable services are inaccessible (e.g., grayed out). In some embodiments, available services include financial transactions involving a transfer of funds to another party, a transfer of funds to an account, a foreign currency exchange, an application for a short term loan, and the like.

The interface400includes user-selectable button icons corresponding to the frequency of the transaction, either one time404or recurring406. In some embodiments, available services include transfer of funds services which include options for a one-time404transfer or a recurring406transfer. In some embodiments, a one-time404transfer require a different trust level before initiating the transfer than a recurring406transfer. Other factors changing the required trust level or level of authorization required may include whether a recurring406transfer has already been in place and completed successfully.

The interface400includes a list of contacts408. In some embodiments, the list of contacts displays a list of contacts from one or more social media platforms available to initiate an available service with. In some embodiments, contacts in the list of contacts are a sub-group of a total lit of contacts from one or more social media platforms that have been selected to be available for selection for the available services and transactions (e.g., a payment circle). In some embodiments, one or more of the contacts is selectable using a checkbox next to the contact in the list of contacts408. In some embodiments, a graphic indicator displays one or more of the social media platforms through which the user has a connection to the respective contact. In some embodiment, selection of one or more of the contacts determines what results are available in other portions of the interface400(e.g., what services are available in the pull down menu of available services402, what is displayed in the level of authorization display410, whether the initiate transaction button414is active, etc.).

The interface400includes a level of authorization display410. In some embodiments, the level of authorization display410displays an indication of a limit of any parameters associated with the chosen transaction or service. The display may change depending on which of one or more contacts are selected in the list of contacts408. In some embodiments, the level of authorization display410displays an indication of what additional verification needs to be completed to allow for the successful completion of the chosen transaction or service. In some embodiments, the level of authorization display410displays whether the transaction or service is now authorized to proceed

The interface400includes an add social media account button412. In some embodiments, the add social media account button412allows a user to add or import contacts from a social media account that is not yet accessible by the interface400. In some embodiments, the user is able to log in to the new social media account and information from the social media platform associated with the new social media account is added to the interface400. In some embodiments, the user is able to control which contacts from the new social media account are added to the interface400. The list of contacts408may be updated with a new graphical icon to indicate the new social media platform that has been accessed.

The interface400includes an initiate transaction button414. In some embodiments, the initiate transaction button414is not active (e.g., grayed out) until all required selections have been made and any additional verification data has been received. In some embodiments, the initiate transaction button414may be active and the user is informed by the interface400that the transaction is being processed, but will not be initiated until some required additional verification data has been received.