BELLEVUE, Wash., Feb. 13, 2013 /PRNewswire/ -- Finsphere Corporation, a leading provider of identity authentication analytics, announced today the issuance of US Patent Number 8,374,634 by the United States Patent and Trademark Office (USPTO) for system and method for automated analysis comparing a wireless device location with another geographic location.
Bolstering Finsphere's founding vision, patent no. 8,374,634 fortifies the company's market-leading position to utilize mobile app-based and network-based mobile device geo-location data and other mobile attributes to reduce inaccurate credit/debit card denials and more accurately assess fraud associated with financial and other types of transactions.
"We are very excited today as this patent is the first of more than a dozen patents that Finsphere has filed to date and covers a key component of Finsphere's value proposition," said Michael Buhrmann, CEO of Finsphere. "With the transition to new digital and mobile payment schemas, the need to authenticate whether the person making a transaction is the correct individual is becoming progressively more critical in order to protect privacy, security and assets of the user and provider companies."
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 risk-based events such as financial transactions, online login attempts, physical access, and more. Patent no. 8,374,634 represents the sixth issued patent in Finsphere's growing intellectual property portfolio.About Finsphere CorporationBased 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.