Patent ID: 7865448

Claim:
A method of initiating a cellular telephone for use in performing transactions, the method comprising: receiving a cellular telephone call from the cellular telephone at a host system, the cellular telephone call identifying a financial account to be authorized for use in supporting transactions; receiving a first location-positioning signal at the host system, the first location-positioning signal identifying a first geographical location for the cellular telephone at a time when the cellular telephone is received at the host system; determining the first geographical location from the first location-positioning signal; retrieving from a first storage device in communication with the host system an authorized physical address for the financial account; verifying that the first geographical location is at a position substantially the same as the authorized physical address; receiving at the host system from the cellular telephone, first biometric information read from a person initiating the cellular telephone call from the cellular telephone; retrieving a first biometric record associated with the financial account from the first storage device; confirming that the first biometric information is consistent with the first biometric record to identify the person as authorized under the financial account; receiving an encryption key from the cellular telephone at the host system; storing the encryption key on the first storage device; receiving at the host system an electromagnetic identification code from the cellular telephone; storing the electromagnetic identification code on the first storage device; wirelessly transmitting information defining an account transaction mechanism to the cellular telephone, the information including an identification of the financial account; and performing a transaction with the cellular telephone.