Patent ID: 8550361

Claim:
A contactless transaction device comprising: an antenna operable to electromagnetically receive and transmit data; and a microchip comprising a memory operable to store consumer account data and location alert data and in communication with the antenna, wherein the microchip is operable to: (i) receive, from a guardian operating a data update terminal, location alert data, (ii) transmit the location alert data to a transaction terminal via the antenna when the contactless transaction device is presented by a user, other than the guardian, to facilitate a transaction with the transaction terminal, (iii) determine based at least in part on the location alert data whether restrictive criteria set by the guardian and associated with at least one of a boundary condition, safe location, or time of day has been violated, (iv) if the restrictive criteria is violated, transmit based at least in part on the determination the location alert data and not the consumer account data, and (v) if the restrictive criteria is not violated, transmit, based at least in part on the determination, the consumer account data to the transaction terminal via the antenna; (vi) wherein the location alert data indicates to the transaction terminal to transmit an alert to the guardian indicating the location of the user of the contactless transaction device.