SYSTEM AND METHOD FOR SECURING FINANCIAL TRANSACTIONS USING GEOTAGGED AND TIMESTAMPED MACHINE-READABLE CODES

Abstract

Exemplary embodiments of the present disclosure are directed towards a system and method for securing financial transactions using geotagged and timestamped machine-readable codes. The system includes computing device with financial transactions securing module that enables user device registration with elements such as IMEI, SIM, IP address, and GPS data to create secure device profile. Unique machine-readable code is generated for each transaction, embedding real-time geolocation, timestamp, and transaction data to ensure location-based authenticity. Biometric authentication further verifies the user’s identity. The system transmits transaction data to server with financial transactions verification module, which performs real-time location verification by cross-referencing GPS data and validating timestamps to prevent expired code reuse. The system detects device-specific mismatches, anomalies, and unauthorized access attempts, generating alerts and automatically blocking transactions if inconsistencies arise. Fallback OTP verification is triggered when primary verification fails, ensuring only authorized users complete the transaction. This system enhances security, transparency, and fraud prevention in digital transactions. Fig. 1.

Specification

Description:TECHNICAL FIELD
[001] The present disclosure generally relates to the field of financial transaction security systems. More particularly, the present disclosure relates to a system and method for securing financial transactions using geotagged, timestamped machine-readable codes. Additionally, the present disclosure combines geolocation verification, time-based code expiration, and layered authentication techniques to enhance the security of digital transactions, prevent unauthorized access, and protect against fraud in electronic payment systems and online banking environments.

BACKGROUND
[002] In today's digital landscape, with the rise of digital banking and online financial transactions, financial institutions face persistent threats from cyber-attacks. Despite implementing encryption and two-factor authentication (2FA), attackers continuously adapt their methods to avoid these defenses, resulting in unauthorized access and financial fraud. The current reliance on SMS-based OTPs, static QR codes, and other traditional security measures exposes significant weaknesses that attackers exploit, leaving financial institutions and users at risk.

[003] Phishing attacks are among the most prevalent threats, where attackers deceive users into disclosing sensitive credentials. Once obtained, these credentials allow hackers to access accounts and initiate transactions remotely, posing a severe risk in online banking and digital payment environments. Phishing schemes often go undetected until after fraudulent transactions occur, causing substantial financial and reputational damage.

[004] Another major vulnerability arises from SIM swapping, where attackers manipulate telecom providers to gain control of a user's phone number. With access to the victim's phone number, attackers can intercept SMS-based OTPs, effectively avoiding 2FA and gaining unauthorized access to user accounts. This vulnerability is particularly concerning given the widespread reliance on SMS OTPs for transaction verification, making SIM swapping a highly effective technique for cyber criminals.

[005] Man-in-the-middle (MITM) attacks further complicate the security landscape, as attackers intercept communications between users and financial institutions to capture credentials or alter transaction details. These attacks can compromise the integrity of the transaction process, especially when the security relies on SMS-based OTPs, which can be intercepted and misused without the user's knowledge. MITM attacks highlight the risks associated with relying on communication channels vulnerable to interception.

[006] Credential stuffing is another common technique that exploits users' tendency to reuse passwords across multiple services. Attackers leverage known credentials from other breaches to gain access to financial accounts, avoiding conventional security methods. Weak 2FA methods, like SMS-based verification, are particularly vulnerable in such cases, as they lack the robustness needed to prevent unauthorized access effectively.

[007] In addition to phishing, SIM swapping, and MITM attacks, malware presents a significant threat to digital security. Malware installed on user devices can silently capture credentials, intercept sensitive information, or even directly control transactions. Credential theft through malware enables attackers to avoid security measures without alerting the user, resulting in unauthorized transactions that may go unnoticed until it's too late. With the existing transaction security systems are their reliance on static or easily intercepted authentication mechanisms, such as SMS OTPs and static QR codes. Static QR codes, in particular, are vulnerable to duplication, tampering, and reuse, making them an insecure choice for high-stakes financial transactions. Moreover, current security measures do not adequately account for the user's physical location, limiting their effectiveness in preventing remote and unauthorized access.

[008] In the light of the aforementioned discussion, there exists a need for a system with novel methodologies that would overcome the above- mentioned challenges.

SUMMARY
[009] The following presents a simplified summary of the disclosure in order to provide a basic understanding to the reader. This summary is not an extensive overview of the disclosure and it does not identify key/critical elements of the invention or delineate the scope of the invention. Its sole purpose is to present some concepts disclosed herein in a simplified form as a prelude to the more detailed description that is presented later.

[0010] Exemplary embodiments of the present disclosure are directed towards a system and method for securing financial transactions using geotagged, timestamped machine-readable codes.

[0011] An objective of the present disclosure is directed towards introducing a multi-layered security system through a geotagged machine-readable code timestamp mechanism. This system secures financial transactions by integrating geolocation verification, dynamic machine-readable codes, timestamp-based validation, and biometric authentication, providing robust protection against unauthorized access and fraud.

[0012] Another objective of the present disclosure is directed towards a system that generates a machine-readable code with embedded real-time geolocation data for each transaction. The user's GPS coordinates are verified against the transaction request to ensure transactions can only be completed when the account holder is physically present, enhancing security against phishing attacks.

[0013] Another objective of the present disclosure is directed towards a system that links each transaction's machine-readable code to a timestamp, making it valid only for a short duration to prevent reuse. This dynamic expiration mechanism reduces the risk of credential-based attacks by ensuring intercepted codes cannot be reused.

[0014] Another objective of the present disclosure is directed towards a system that creates a unique, dynamically generated machine-readable code for every transaction, incorporating the transaction amount, timestamp, geolocation, and user identity. This feature prevents replay attacks, as the code cannot be reused or fabricated without system authorization.

[0015] Another objective of the present disclosure is directed towards a system that supports biometric authentication, such as fingerprint or facial recognition, during machine-readable code scanning to add an additional layer of security. This ensures that even if attackers gain access to a user's device or SIM card, they cannot approve transactions without biometric verification.

[0016] Another objective of the present disclosure is directed towards a system that leverages end-to-end encryption and geolocation validation to protect against man-in-the-middle (MITM) attacks. The system verifies transactions based on both machine-readable code and real-time GPS data, with any attempt to alter transaction details resulting in geolocation and timestamp mismatches that automatically reject the transaction.

[0017] Another objective of the present disclosure is directed towards a system that provides enhanced defense against credential theft by ensuring that attackers cannot complete a transaction without the user's physical device and presence. Geolocation and biometric requirements make stolen credentials insufficient for unauthorized transactions.

[0018] Another objective of the present disclosure is directed towards a system that combines real-time user control with dual-layer verification through location and biometric authentication, thereby enhancing security for financial institutions and customers while fostering transparency and control over each transaction.

[0019] Another objective of the present disclosure is directed towards a system that enhances fraud prevention and detection for financial institutions by identifying and blocking transactions from unauthorized locations or devices. This geotagged system effectively reduces the occurrence of fraudulent transactions, especially those initiated remotely or with stolen credentials.

[0020] Another objective of the present disclosure is directed towards a system that fosters customer trust and transparency by providing users with full control and visibility over their transactions. The system ensures customers are always aware of when, where, and how transactions are initiated, thus strengthening trust between the bank and its customers.

[0021] Another objective of the present disclosure is directed towards a system that ensures compliance with regulatory requirements, such as data protection laws and transaction security mandates. By providing audit trails, real-time monitoring, and robust authentication, the geotagged machine-readable code timestamp system aids financial institutions in meeting regulatory standards, including GDPR.

[0022] Another objective of the present disclosure is directed towards a system that offers financial institutions a next-generation security solution addressing key vulnerabilities in modern banking, including phishing, SIM swapping, credential theft, and man-in-the-middle (MITM) attacks. The system's integration of geolocation, dynamic machine-readable codes, and biometric authentication ensures that only legitimate account holders can authorize transactions, making unauthorized access nearly impossible.

[0023] Another objective of the present disclosure is directed towards a system that improves customer experience. By offering real-time transaction visibility and robust authentication, the system helps financial institutions provide a secure and user-friendly transaction process, contributing to a positive banking experience.

[0024] Another objective of the present disclosure is directed towards a system that helps financial institutions remain ahead of regulatory requirements and industry standards by implementing a comprehensive and highly secure transaction framework. This solution provides both peace of mind and a competitive advantage by delivering advanced security for institutions and their customers alike.

[0025] Another objective of the present disclosure is directed towards a system that uniquely ties each transaction to a real-time GPS-verified physical location, a novel approach not widely adopted in current banking practices. This explicit association enhances security and illustrates the unique advantages of location-based transaction verification.

[0026] Another objective of the present disclosure is directed towards a system that integrates real-time GPS data with machine-readable code binding to prevent the code from being used outside a specified location.

[0027] Another objective of the present disclosure is directed towards a system that detects location mismatches and flags suspicious transactions for further review. This capability provides a robust response to threats like interception, replay, or spoofing, directly addressing common fraud concerns.

[0028] Another objective of the present disclosure is directed towards a user-friendly system that authenticates transactions seamlessly in the background, eliminating the need for additional user steps or OTP input.

[0029] Another objective of the present disclosure is directed towards a system that allows users to select from multiple location verification options for transaction authentication. This flexibility, uncommon in financial systems, enhances user experience and adaptability, particularly in areas with limited GPS coverage.

[0030] Another objective of the present disclosure is directed towards a system that provides a flexible location-locked machine-readable code, offering robust fraud prevention by triggering alerts or flags upon location verification mismatches. This feature provides additional security and adaptability, even in challenging GPS environments.

[0031] Another objective of the present disclosure is directed towards a system that improves user experience by providing alternative verification methods that maintain strong security standards.

[0032] Another objective of the present disclosure is directed towards a system that enhances security by tying each transaction to a real-time GPS-verified physical location.

[0033] Another objective of the present disclosure is directed towards a system that incorporates real-time GPS and machine-readable code binding to prevent unauthorized use of the code outside a specified location.
[0034] Another objective of the present disclosure is directed towards a system that responds to location mismatches by flagging and blocking suspicious transactions, thereby directly addressing fraud risks such as interception, replay, and spoofing with a comprehensive and robust solution.

[0035] Another objective of the present disclosure is directed towards a system that emphasizes ease of use by eliminating the need for OTPs or additional user actions during transaction authentication. The system operates seamlessly in the background, providing a secure, transparent, and convenient experience for users.

[0036] Another objective of the present disclosure is directed towards a system that provides location-locked transaction security without adding extra steps for the user. By eliminating reliance on traditional OTPs and instead using seamless geolocation verification, this system ensures security without interrupting the user experience.

[0037] Another objective of the present disclosure is directed towards a system that mitigates SIM swap risks by requiring the user's physical device and biometric verification for transaction approval, preventing unauthorized access even if SMS-based credentials are intercepted.

[0038] Another objective of the present disclosure is directed towards a system that adapts to emerging security threats by continually updating transaction parameters such as dynamic QR codes, location verification, and expiration timestamps, offering a proactive approach to fraud prevention.

[0039] Another objective of the present disclosure is directed towards a system that enhances audit and compliance capabilities through detailed location and timestamp data for every transaction. This enables financial institutions to maintain clear audit trails and meet regulatory requirements more efficiently.
[0040] Another objective of the present disclosure is directed towards providing an industry-leading security solution that combines geotagged, timestamped machine-readable codes with biometric authentication, establishing a high standard for securing financial transactions against phishing, replay attacks, and device theft.

[0041] According to an exemplary aspect of the present disclosure, a computing device comprises a financial transactions securing module configured to enable a user to register user device-specific elements, comprising an International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, mobile phone number, IP address, and GPS coordinates, to create a secure device profile.

[0042] According to another exemplary aspect of the present disclosure, the financial transactions securing module is configured to generate a unique machine-readable code for each transaction, embedding transaction-specific data, including real-time geolocation coordinates, a timestamp, transaction amount, and user-specific identifiers that bind the transaction to the user's current verified location.

[0043] According to another exemplary aspect of the present disclosure, the financial transactions securing module is configured to capture and embed the real-time GPS coordinates of the user's device within the machine-readable code at the time of the transaction, associating the machine-readable code with a verified physical location to ensure that the transaction is conducted from the registered device.

[0044] According to another exemplary aspect of the present disclosure, the financial transactions securing module is configured to enable the user to verify their identity using biometric data, such as fingerprint and facial recognition, before finalizing the transaction.

[0045] According to another exemplary aspect of the present disclosure, the financial transactions securing module transmits the machine-readable code and transaction data to a server over a network upon the user initiating the finalized transaction.

[0046] According to another exemplary aspect of the present disclosure, the server is configured to receive machine-readable code and transaction data from the financial transactions securing module, whereby the server comprises a financial transactions verification module configured to retrieve the embedded geolocation coordinates and timestamp from the received machine-readable code.

[0047] According to another exemplary aspect of the present disclosure, the financial transactions verification module is configured to perform real-time location verification by cross-referencing the machine-readable code embedded coordinates with the user's real time GPS data, ensuring that the transaction is conducted from the expected authorized location.

[0048] According to another exemplary aspect of the present disclosure, the financial transactions verification module configured to validate the embedded timestamp within the machine-readable code, ensuring the transaction occurs within the allowed time window and rejecting expired codes.

[0049] According to another exemplary aspect of the present disclosure, the financial transactions verification module is configured to detect mismatches between device-specific elements, such as IMEI number and mobile number, and generate an immediate alert to bank personnel, blocking further transactions until the device mismatch is manually verified.


[0050] According to another exemplary aspect of the present disclosure, the financial transactions verification module is configured to detect anomalies in transaction data, including unauthorized access attempts and location mismatches, and send alerts to both the user and bank personnel.

[0051] According to another exemplary aspect of the present disclosure, the financial transactions verification module is configured to initiate an automatic block on transactions when discrepancies are detected, preventing further actions until verification is complete.

[0052] According to another exemplary aspect of the present disclosure, the financial transactions verification module is configured to perform secondary verification when the primary location verification fails, by sending a One-Time Password (OTP) to the registered user's device to enable authorized users to complete the transaction.

BRIEF DESCRIPTION OF THE DRAWINGS
[0053] In the following, numerous specific details are set forth to provide a thorough description of various embodiments. Certain embodiments may be practiced without these specific details or with some variations in detail. In some instances, certain features are described in less detail so as not to obscure other aspects. The level of detail associated with each of the elements or features should not be construed to qualify the novelty or importance of one feature over the others.

[0054] FIG. 1 is a block diagram depicting a schematic representation of a system for securing financial transactions using geotagged and timestamped machine-readable codes, in accordance with one or more exemplary embodiments.

[0055] FIG. 2 is a block diagram depicting an embodiment of the financial transactions securing module 114 as shown in Fig. 1, in accordance with one or more exemplary embodiments.

[0056] FIG. 3 is a block diagram depicting an embodiment of the financial transactions verification module 116 as shown in Fig. 1, in accordance with one or more exemplary embodiments.

[0057] FIG. 4 is a flow diagram depicting a method for securing financial transactions using geotagged and timestamped machine-readable codes, in accordance with one or more exemplary embodiments.

[0058] FIG. 5 is a flow diagram depicting a method for securing financial transactions using previous transaction linkage within machine-readable codes, in accordance with one or more exemplary embodiments.

[0059] FIG. 6 is a flow diagram depicting a method for enhancing security in high-value financial transactions through random machine-readable code verification, in accordance with one or more exemplary embodiments.

[0060] FIG. 7 is a flow diagram depicting a method for securing financial transactions by providing a flexible location verification option, in accordance with one or more exemplary embodiments.

[0061] FIG. 8 is a block diagram illustrating the details of a digital processing system in which various aspects of the present disclosure are operative by execution of appropriate software instructions.


DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS
[0062] It is to be understood that the present disclosure is not limited in its application to the details of construction and the arrangement of components set forth in the following description or illustrated in the drawings. The present disclosure is capable of other embodiments and of being practiced or of being carried out in various ways. Also, it is to be understood that the phraseology and terminology used herein is for the purpose of description and should not be regarded as limiting.

[0063] The use of "including", "comprising" or "having" and variations thereof herein is meant to encompass the items listed thereafter and equivalents thereof as well as additional items. The terms "a" and "an" herein do not denote a limitation of quantity, but rather denote the presence of at least one of the referenced items. Further, the use of terms "first", "second", and "third", and the like, herein do not denote any order, quantity, or importance, but rather are used to distinguish one element from another.

[0064] Referring to FIG. 1 is a block diagram 100 depicting a schematic representation of a system for securing financial transactions using geotagged and timestamped machine-readable codes, in accordance with one or more exemplary embodiments. The system 100 includes a computing device 102, a network104, a server 106, a processor108, a camera110, a memory112, a financial transactions securing module 114, a financial transactions verification module 116, a database server 118, and a database120.

[0065] The computing device 102 may include, but is not limited to, a personal digital assistant, smartphones, personal computers, a mobile station, computing tablets, a handheld device, an internet enabled calling device, an internet enabled calling software, a telephone, a mobile phone, a digital processing system, and so forth. The computing device 102 may include the processor 108 in communication with a memory 112. The processor 108 may be a central processing unit. The memory 112 is a combination of flash memory and random-access memory. The processor 108 may execute instructions and process data within the system. The memory 112 may be configured to store program instructions, data, and temporary information needed for system operations. The computing device 102 may be communicatively connected with the server 106 via the network 104. The network 104 may include, but not limited to, an Internet of things (IoT network devices), an Ethernet, a wireless local area network (WLAN), or a wide area network (WAN), a Bluetooth low energy network, a ZigBee network, a WIFI communication network e.g., the wireless high speed internet, or a combination of networks, a cellular service such as a 4G (e.g., LTE, mobile WiMAX) or 5G cellular data service, a RFID module, a NFC module, wired cables, such as the world-wide-web based Internet, or other types of networks may include Transport Control Protocol/Internet Protocol (TCP/IP) or device addresses (e.g. network-based MAC addresses, or those provided in a proprietary networking protocol, such as Modbus TCP, or by using appropriate data feeds to obtain data from various web services, including retrieving XML data from an HTTP address, then traversing the XML for a particular node) and so forth without limiting the scope of the present disclosure.

[0066] Although the computing device 102 is shown in FIG. 1, an embodiment of the system 100 may support any number of computing devices. The computing device 102 supported by the system 100 is realized as a computer-implemented or computer-based device having the hardware or firmware, software, and/or processing logic needed to carry out the computer-implemented methodologies described in more detail herein. The financial transactions securing module 114 may be any suitable applications downloaded from GOOGLE PLAY® (for Google Android devices), Apple Inc.'s APP STORE® (for Apple devices), or any other suitable database. The financial transactions securing module 114 may be a desktop application which runs on Windows or Linux or any other operating system and may be downloaded from a webpage or a CD/USB stick etc. In some embodiments, the financial transactions securing module 114 may be software, firmware, or hardware that is integrated into the computing device 102. The computing device 102 may present a web page to the user by way of a browser, wherein the webpage comprises a hyper-link may direct the user to uniform resource locator (URL).

[0067] The computing device 102 may be configured to initiate and perform secure financial transactions. The computing device 102 may be, for example, a mobile phone, tablet, laptop, or other user-operated device capable of internet connectivity and supporting financial applications. The computing device 102 communicates with the server 106 over the network 104, allowing for secure data transfer between the user and the server. The processor 108, embedded within the computing device 102, may be configured to execute instructions for various transaction-related functions, including generating machine-readable codes, embedding geolocation and timestamp data, and interacting with the financial transactions securing module 114. The processor 108 may also support real-time processing of user actions, ensuring secure and prompt generation of transaction data. The camera 110 may be configured to capture machine-readable codes, such as QR codes or barcodes, during transaction initiation or completion. The camera 110 enables scanning capabilities that allow the user to verify or generate secure transaction codes on their device. The memory 112 may be configured to store data relevant to financial transactions, including temporary data for ongoing transactions and permanent data required for user profile management, such as device identification (IMEI, SIM number), security keys, and authentication data. Additionally, the memory 112 may store instructions related to the functions of the financial transactions securing module 114. The financial transactions securing module 114 may be configured to handle various aspects of transaction security. The financial transactions securing module 114 may generate unique machine-readable codes for each transaction, embedding essential data such as real-time GPS coordinates, timestamps, and user-specific identifiers. The financial transactions securing module 114 may manage additional security features, including biometric authentication, to ensure that each transaction is securely prepared before transmission to the server 106. The user-specific identifiers may include but are not limited to, International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, mobile phone number, device IP address, user account ID, and biometric data such as fingerprint or facial recognition information. These identifiers are embedded within the transaction data to create a secure profile for each user, enabling the system to uniquely authenticate and verify each transaction based on device-specific and user-specific attributes. The network 104 may be configured to provide a secure communication link between the computing device 102 and the server 106, enabling data transfer related to transaction initiation, verification, and completion. The network 104 may include wired and/or wireless connections and support various encryption protocols to safeguard transmitted data.

[0068] The server 106 may be configured to receive, process, and verify transaction data sent from the computing device 102. The server 106 may include the financial transactions verification module 116, which handles backend verification of the received machine-readable codes, including cross-referencing embedded GPS coordinates and timestamps with live data, ensuring compliance with security requirements, and detecting any anomalies. The financial transactions verification module 116 may also validate device-specific elements like IMEI numbers and SIM data to prevent unauthorized access. The database server 118 may be an interface between the server 106 and the database 120, ensuring efficient data retrieval and storage. The database server 118 may manage access requests for transaction history, user profiles, and audit logs to support compliance and reporting functions. The database 120 may be configured to store comprehensive records of each transaction, including geolocation data, timestamps, device identifiers, and verification results. This storage serves multiple purposes, enabling compliance with regulatory standards, supporting audits, and maintaining a secure transaction history for future reference.

[0069] In accordance with one or more exemplary embodiments of the present disclosure, the computing device 102 may include the financial transactions securing module 114. The financial transactions securing module 114 may be configured to enable the user to register user device-specific elements to create a secure device profile. The user device-specific elements may include but not limited to an International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, mobile phone number, IP address, and GPS coordinates, and the like. The financial transactions securing module 114 may be configured to generate a unique machine-readable code for each transaction, embedding transaction-specific data, including real-time geolocation coordinates, a timestamp, transaction amount, and user-specific identifiers that bind the transaction to the user's current verified location. The financial transactions securing module 114 may be configured to capture and embed the real-time GPS coordinates of the user's device within the machine-readable code at the time of the transaction, associating the machine-readable code with a verified physical location to ensure that the transaction is conducted from the registered device. The financial transactions securing module 114 may be configured to enable the user to verify their identity using biometric data, such as fingerprint and facial recognition, before finalizing the transaction. The financial transactions securing module 114 may transmit the machine-readable code and transaction data to the server 106 over the network 104 upon the user initiating the finalized transaction. The server may be configured to receive machine-readable code and transaction data from the financial transactions securing module 114. The server may include the financial transactions verification module 116. The financial transactions verification module 116 may be configured to retrieve the embedded geolocation coordinates and timestamps from the received machine-readable code. The financial transactions verification module 116 may be configured to perform real-time location verification by cross-referencing the machine-readable code embedded coordinates with the user's real time GPS data, ensuring that the transaction is conducted from the expected authorized location. The financial transactions verification module 116 may be configured to validate the embedded timestamp within the machine-readable code, ensuring the transaction occurs within the allowed time window and rejecting expired codes. The financial transactions verification module may be configured to detect mismatches between device-specific elements, such as IMEI number and mobile number, and generate an immediate alert to bank personnel, blocking further transactions until the device mismatch is manually verified. The financial transactions verification module 116 may be configured to detect anomalies in transaction data, including unauthorized access attempts and location mismatches, and send alerts to both the user and bank personnel. The financial transactions verification module 116 may be configured to initiate an automatic block on transactions when discrepancies are detected, preventing further actions until verification is complete. The financial transactions verification module 116 may be configured to perform secondary verification when the primary location verification fails, by sending a One-Time Password (OTP) to the registered user's device to enable authorized users to complete the transaction.

[0070] Referring to FIG. 2 is a block diagram 200 depicting an embodiment of the financial transactions securing module 114 as shown in Fig. 1, in accordance with one or more exemplary embodiments. The financial transactions securing module 114 includes a device registration module 202, a dynamic machine readable code generation module 204, a geotag embedding module 206, a timestamp assigning module 208, a biometric authentication module 210, a transaction sequence controlling module 212, a high-value transactions securing module 214, and a user interface module 216. The bus 201 may include a path that permits communication among the modules of the financial transactions securing module 114 installed on the computing device 102. The term "module" is used broadly herein and refers generally to a program resident in the memory 112 of the computing device 102.

[0071] The device registration module 202 may be configured to enable the user's device to register specific elements, including the International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, device IP address, and mobile phone number. By creating a unique profile for each user's device, the device registration module 202 ensures that transactions originate from a verified source, allowing the system to recognize and authenticate authorized devices. The device registration module 202 may also be configured to enable the user to update the device-specific information in the database 120 upon updating any new SIM card insertion or device registration on the user's computing device 102, even if the mobile number remains unchanged. The device registration module 202 may also be configured to log each detected change for subsequent security verification and review. The dynamic machine-readable code generation module 204 may be configured to generate a unique machine-readable code, such as a QR code or barcode, for each transaction. This code may embed critical data elements, including geolocation coordinates, timestamp, transaction amount, and user-specific identifiers. By generating a dynamic, transaction-specific code, the dynamic machine-readable code generation module 204 prevents code reuse and protects against replay attacks, ensuring each transaction code is uniquely tied to the user and the specific transaction. The geotag embedding module 206 may be configured to capture and embed the real-time GPS coordinates of the user's device within the machine-readable code generated by the dynamic machine-readable code generation module 204. By linking each transaction to the specific location where it was initiated, the geotag embedding module 206 enhances security by ensuring that transactions are processed only when conducted from a verified location. The geotag embedding module 206 may also be configured to apply geofencing restrictions that limit the generation of the machine-readable code to authorized geographic locations, ensuring that transactions are only valid within predefined zones, thereby preventing unauthorized activities from unapproved locations. The geotag embedding module 206 may also be configured to limit GPS data access strictly to the initiation of transactions or specific security-related queries. The geotag embedding module 206 may also be configured to require authorization from two layers of personnel for each GPS data access request, thereby enhancing data confidentiality and protecting customer privacy.

[0072] The timestamp assigning module 208 may be configured to assign a timestamp to each transaction. This timestamp is embedded within the machine-readable code to ensure that the transaction is time-sensitive and valid only within a specified time window. The timestamp assigning module 208 may manage the expiration of each code, preventing code reuse or unauthorized access by ensuring that each code has a limited validity period. The timestamp assigning module 208 may also be configured to assign a validity timestamp to each machine-readable code, restricting its use to a specific time window, thereby reducing the risk of reuse or replay attacks by ensuring that each code's authenticity is time-bound. The biometric authentication module 210 may be configured to enable the user to verify their identity using biometric data, such as fingerprint or facial recognition, before finalizing the transaction. This additional layer of security helps ensure that only authorized users can initiate transactions, adding a personalized authentication step to the transaction process. The transaction sequence controlling module 212 may be configured to embed a reference to the previous transaction's machine-readable code within the current transaction's code. By maintaining this sequential linkage, the transaction sequence controlling module 212 ensures continuity, verifying that each transaction follows the last authorized transaction and helping to prevent unauthorized sequence disruptions or potential tampering. The transaction sequence controlling module 212 may also be configured to generate a new machine-readable code for each transaction, embedding within it a reference to the machine-readable code of the immediately previous transaction, thereby creating a sequential linkage of transactions to maintain transaction continuity. The high-value transactions securing module 214 may be configured to trigger additional security measures for transactions that exceed a predefined monetary threshold. For high-value transactions, the high-value transactions securing module 214 may randomly demand a past QR code from the user's transaction history, which must be verified to complete the transaction. This added step provides an extra layer of security for high-value transactions, ensuring enhanced verification. The user interface module 216 may be configured to provide the user with interactive options and notifications related to transaction security. This user interface module 216 may allow the user to select a preferred location verification method (such as GPS, Wi-Fi, or IP-based verification) and generate alerts if any changes occur to this method during the transaction. By facilitating user interaction, the user interface module 216 ensures that the user is actively involved in securing their transaction. The user interface module 216 may also be configured to enable customers to select between mobile-based and online transactions, both transaction types requiring verification through the machine-readable code to ensure consistent security across all transaction methods. The user interface module 216 may also be configured to flag any change in location verification method between machine-readable code generation and usage as suspicious, prompting re-authentication by the user or alerting bank personnel for manual review.

[0073] Referring to FIG. 3 is a block diagram 300 depicting an embodiment of the financial transactions verification module 116 as shown in Fig. 1, in accordance with one or more exemplary embodiments. The financial transactions verification module 116 may be configured to perform multiple layers of verification on transaction data received from the user's device, ensuring that each transaction complies with security protocols and protects against unauthorized access or fraud. The financial transactions verification module 116 includes a location verification module 302, a timestamp verification module 304, a fraud detection module 306, a notification generating module 308, a phishing detection module 310, a device and credential consistency checking module 312, an earlier transaction verification module 314, a machine readable code validation module 316, a compliance monitoring module 318, and a fallback verification module 320.

[0074] The location verification module 302 may be configured to verify the transaction location by cross-referencing the GPS coordinates embedded within the machine-readable code with the user's live location data. The location verification module 302 may support geofencing restrictions, ensuring that the transaction occurs within authorized geographic zones. By confirming the transaction's location, the location verification module 302 helps prevent unauthorized access from unexpected locations. The location verification module 302 may be configured to log the chosen location verification method (e.g., GPS, Wi-Fi, or IP-based) and any associated identifiers, such as SSID, BSSID, and IP address, to maintain a complete record of location-based verification. This logging capability ensures that each transaction includes a traceable record of the verification method used, supporting transparency, auditability, and regulatory compliance. The location verification module 302 may also be configured to perform a real-time comparison between the GPS and cell tower data of the user's device and the geolocation data embedded within the machine-readable code, thereby verifying that the transaction originates from the registered device's physical location and effectively preventing location spoofing or remote unauthorized access. The location verification module 302 may also configured to log unique Wi-Fi network identifiers, including SSID and BSSID, for Wi-Fi-based location verification and to record the user's IP address for IP-based verification, thereby confirming proximity and authenticity of the transaction.

[0075] The timestamp verification module 304 may be configured to validate the timestamp embedded within the machine-readable code to confirm that the transaction is occurring within the specified time window. The timestamp verification module 304 ensures that expired codes are rejected, preventing reuse and protecting against replay attacks. By validating the timestamp, the timestamp verification module 304 maintains the time-bound integrity of each transaction. The fraud detection module 306 may be configured to detect anomalies or inconsistencies in transaction data, such as device mismatches, SIM swaps, or location discrepancies. The fraud detection module 306 continuously monitors suspicious patterns and behaviors, triggering alerts or blocking transactions when potential fraud is detected. The fraud detection module 306 strengthens overall security by identifying and responding to unauthorized access attempts. The fraud detection module 306 may also be configured to detect inconsistencies between device-specific elements, including the International Mobile Equipment Identity (IMEI) number and geolocation data embedded within the machine-readable code. The fraud detection module 306 may also be configured to configured to automatically trigger alerts and block transactions identified as potentially suspicious upon detecting such inconsistencies. The fraud detection module 306 may also be configured to monitor for abnormal combinations of device-specific elements, such as sudden changes in International Mobile Equipment Identity (IMEI) number, mobile phone number, or GPS location, and trigger real-time alerts to bank personnel for manual review upon detecting such abnormalities.

[0076] The notification generating module 308 may be configured to generate alerts and notifications based on the findings of the fraud detection module 306 or other verification sub-modules. The notification generating module 308 may notify bank personnel of suspicious activities or inconsistencies, prompting further investigation. The notification generating module 308 may be configured to send alerts to the user if there is an unexpected change in transaction parameters, such as a location shift, ensuring transparency and responsiveness. The phishing detection module 310 may be configured to monitor for potential phishing attempts by analyzing user behavior, access patterns, and transaction data. The phishing detection module 310 may be configured to detect unusual patterns, such as repeated failed verification attempts or login attempts from unauthorized devices, which may indicate a phishing attack. Upon detecting potential phishing activity, the phishing detection module 310 may trigger alerts to bank personnel for prompt action. The phishing detection module 310 may also be configured to identify suspicious patterns in transaction data, including repeated failed verification attempts, unusual access times, or login attempts from unauthorized devices. The phishing detection module 310 may be configured to send notifications automatically to the database 120 with associated device-specific data, including IMEI and mobile number, enabling preventive action and active monitoring. The phishing detection module 310 may also be configured to identify phishing attempts and detect mismatches in device-specific elements, including the International Mobile Equipment Identity (IMEI) number. The phishing detection module 310 may also be configured to send real-time notifications to authorized bank personnel and automatically block subsequent transactions until the flagged issue is resolved.

[0077] The device and credential consistency checking module 312 may be configured to verify the consistency of device-specific elements, such as the International Mobile Equipment Identity (IMEI) number, SIM card information, and user credentials. By cross-referencing these elements with registered data, the device and credential consistency checking module 312 may detect discrepancies that may indicate unauthorized device usage or credential theft, blocking transactions or initiating additional security checks when necessary. The device and credential consistency checking module 312 may also be configured to perform multi-layer verification by cross-referencing device-specific elements, including the International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, mobile phone number, live GPS coordinates, and machine-readable code data to detect anomalies, initiate fraud-prevention actions, and validate transaction authenticity in real time. The device and credential consistency checking module 312 may also be configured to authenticate each transaction based on live location data and device-specific identifiers, including International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, and mobile phone number, thereby enhancing transaction security by verifying consistency without requiring One-Time Password (OTP) input from the user.

[0078] The earlier transaction verification module 314 may be configured to verify the sequence of transactions by checking that the embedded previous transaction code within the current machine-readable code matches the expected sequence. This sequential verification ensures that each transaction follows the last authorized transaction, preventing unauthorized sequence disruptions or potential tampering. The earlier transaction verification module 314 may also be configured to authenticate each transaction by verifying continuity data from previous machine-readable codes, thereby ensuring a sequential transaction flow and providing real-time security without requiring One-Time Password (OTP) input from the user. The earlier transaction verification module 314 may also be configured to verify the embedded previous machine-readable code in the current transaction code during each transaction, confirming transaction continuity and detecting any tampering or unauthorized attempts to disrupt the sequence of transactions. The earlier transaction verification module 314 may also be configured to verify the embedded previous machine-readable code in the current transaction code during each transaction, confirming transaction continuity and detecting any tampering or unauthorized attempts to disrupt the sequence of transactions.

[0079] The machine-readable code validation module 316 may be configured to provide additional security measures for high-value transactions. For these transactions, the module may randomly demand a previously used QR code from the user's transaction history for verification. This layer of verification ensures that only users with legitimate access to the transaction history can complete high-value transactions, adding a robust safeguard for larger transactions. The machine-readable code validation module 316 may also be configured to trigger a random QR code verification for transactions exceeding a predefined high-value threshold, selecting a QR code randomly from the user's transaction history and requiring verification of that randomly selected QR code in addition to the previous transaction's QR code. The machine-readable code validation module 316 may also be configured to retrieve the randomly selected QR code from the user's transaction history and verify it against the current transaction details, thereby confirming that the user has legitimate access to the transaction history for completing high-value transactions. The compliance monitoring module 318 may be configured to maintain an audit trail and monitor compliance with regulatory standards. The compliance monitoring module 318 records data related to transaction verification, location data access, phishing alerts, device consistency checks, and other security events, supporting transparency and adherence to regulatory requirements. The compliance monitoring module 318 ensures that all verification processes align with industry standards and legal obligations. The compliance monitoring module 318 may also be configured to maintain an audit trail for each GPS or geolocation access request, recording these events in the customer's account history and within an internal audit log to ensure full transparency, visibility, and compliance with regulatory standards. The compliance monitoring module 318 may also be configured to maintain a detailed audit trail for all phishing detection events, IMEI or mobile number mismatch alerts, and any customer data access queries. The compliance monitoring module 318 may also be configured to support accountability and transparency in alignment with regulatory standards. The compliance monitoring module 318 may also be configured to automatically log the user's selected location verification method, including GPS, Wi-Fi, or IP-based verification, along with the respective location details, thereby providing a transparent audit trail for each transaction and supporting regulatory compliance.
[0080] The fallback verification module 320 may be configured to provide an additional verification step in cases where primary verification methods, such as location or timestamp checks, fail. For example, if the location verification module 302 detects a mismatch, the fallback verification module 320 may trigger an OTP (One-Time Password) to be sent to the registered device for secondary authentication, ensuring that only authorized users can proceed with the transaction. The fallback verification module 320 may also be configured to prompt a One-Time Password (OTP) to the registered device if the user fails to provide or verify the correct randomly selected QR code, ensuring that only authorized users can complete the transaction.

[0081] Referring to FIG. 4 is a flow diagram 400 depicting a method for securing financial transactions using geotagged and timestamped machine-readable codes, in accordance with one or more exemplary embodiments. The exemplary method 400 commences at step 402, enabling the user to register device-specific elements to create the secure device profile on the computing device through the financial transactions securing module. Thereafter at step 404, generating the unique machine-readable code for each transaction by the financial transactions securing module. Thereafter at step 406, capturing and embedding real-time GPS coordinates of the user's device within the machine-readable code at the time of the transaction by the financial transactions securing module. Thereafter at step 408, enabling the user to verify their identity through the biometric data, including fingerprint or facial recognition by the financial transactions securing module before finalizing the transaction. Thereafter at step 410, transmitting the machine-readable code and transaction data from the financial transactions securing module on the computing device to the server over the network, upon the user initiating the finalized transaction. Thereafter at step 412, receiving the machine-readable code and transaction data by the server and retrieving the embedded geolocation coordinates and timestamp from the received machine-readable code by the financial transactions verification module enabled in the server. Thereafter at step 414, performing real-time location verification by cross-referencing the machine-readable code's embedded coordinates with the user's real-time GPS data by the financial transactions verification module. Thereafter at step 416, validating the embedded timestamp within the machine-readable code by the financial transactions verification module to confirm that the transaction occurs within the allowed time window. Thereafter at step 418, detecting mismatches between device-specific elements, including IMEI number and mobile number by the financial transactions verification module, generating an immediate alert to bank personnel and blocking further transactions until the device mismatch is manually verified. Thereafter at step 420, detecting anomalies in transaction data, including unauthorized access attempts and location mismatches by the financial transactions verification module, and sending alerts to both the user and bank personnel. Thereafter at step 422, blocking transactions automatically when discrepancies are detected by the financial transactions verification module, thereby preventing further actions until verification is complete. Thereafter at step 424, performing secondary verification by sending a One-Time Password (OTP) to the registered user's device when the primary location verification fails, to enable only authorized users to complete the transaction.

[0082] Referring to FIG. 5 is a flow diagram depicting a method for securing financial transactions using previous transaction linkage within machine-readable codes, in accordance with one or more exemplary embodiments. The exemplary method 500 commences at step 502, generating a new machine-readable code for each transaction through a financial transactions securing module, embedding within it a reference to the machine-readable code of the immediately previous transaction to create a sequential linkage among transactions. Thereafter at step 504, verifying the embedded previous machine-readable code during each transaction through a financial transactions verification module at the backend, confirming continuity of the transaction sequence and detecting any tampering or unauthorized attempts to disrupt the transaction flow. Thereafter at step 506, holding or blocking the transaction automatically through the financial transactions verification module if the previous machine-readable code does not match the expected sequence, thereby preventing unauthorized access or manipulation of the transaction.

[0083] Referring to FIG. 6 is a flow diagram depicting a method for enhancing security in high-value financial transactions through random machine-readable code verification, in accordance with one or more exemplary embodiments. The exemplary method 600 commences at step 602, Triggering a random machine-readable code verification through a financial transactions verification module for transactions exceeding a predefined high-value threshold, whereby the backend system selects a machine-readable code randomly from the user's transaction history and requires verification of that randomly selected code in addition to the previous transaction's code. Thereafter at step 604, validating the randomly selected machine-readable code through the financial transactions verification module, retrieving it from historical data and confirming it against the current transaction details to verify that the user has legitimate access to the transaction history. Thereafter at step 606, initiating fallback OTP verification through the fallback verification module if the user fails to provide or verify the correct random machine-readable code, prompting an OTP (One-Time Password) to be sent to the registered device to ensure that only authorized users can complete the transaction.

[0084] Referring to FIG. 7 is a flow diagram 700 depicting a method for securing financial transactions by providing a flexible location verification option, in accordance with one or more exemplary embodiments. The exemplary method 700 commences at step 702, allowing the user to select a preferred location verification method through a financial transactions securing module, enabling choices between GPS-based, Wi-Fi-based, or IP address-based verification for transaction authentication, with GPS as the default method and alternative methods available as needed. Thereafter at step 704, embedding the selected location verification method within the machine-readable code at the time of generation through the financial transactions securing module, ensuring that the validity of the machine-readable code is linked to the specific location data chosen by the user. Thereafter at step 706, cross-verifying the selected location verification method in real time through a financial transactions verification module at the backend, comparing the user's current location data using the selected method (GPS, Wi-Fi, or IP address) with the embedded data; if a mismatch is detected, the transaction is flagged or blocked for further review. Thereafter at step 708, generating automatic notifications and alerts through a notification generating module when a change in location verification method occurs during the transaction, sending an alert to the user and backend notifications for any suspicious or unexpected changes, thereby enhancing security monitoring.

[0085] Referring to FIG. 8 is a block diagram 800 illustrating the details of a digital processing system 800 in which various aspects of the present disclosure are operative by execution of appropriate software instructions. The Digital processing system 800 may correspond to the computing devices (or any other system in which the various features disclosed above can be implemented).

[0086] Digital processing system 800 may contain one or more processors such as a central processing unit (CPU) 810, random access memory (RAM) 820, secondary memory 830, graphics controller 860, display unit 870, network interface 880, and input interface 890. All the components except display unit 870 may communicate with each other over communication path 850, which may contain several buses as is well known in the relevant arts. The components of Figure 8 are described below in further detail.

[0087] CPU 810 may execute instructions stored in RAM 820 to provide several features of the present disclosure. CPU 810 may contain multiple processing units, with each processing unit potentially being designed for a specific task. Alternatively, CPU 810 may contain only a single general-purpose processing unit.

[0088] RAM 820 may receive instructions from secondary memory 830 using communication path 850. RAM 820 is shown currently containing software instructions, such as those used in threads and stacks, constituting shared environment 825 and/or user programs 826. Shared environment 825 includes operating systems, device drivers, virtual machines, etc., which provide a (common) run time environment for execution of user programs 826.

[0089] Graphics controller 860 generates display signals (e.g., in RGB format) to display unit 870 based on data/instructions received from CPU 810. Display unit 870 contains a display screen to display the images defined by the display signals. Input interface 890 may correspond to a keyboard and a pointing device (e.g., touch-pad, mouse) and may be used to provide inputs. Network interface 880 provides connectivity to a network (e.g., using Internet Protocol), and may be used to communicate with other systems connected to the network.

[0090] Secondary memory 830 may contain hard drive 835, flash memory 836, and removable storage drive 837. Secondary memory 830 may store the data software instructions (e.g., for performing the actions noted above with respect to the Figures), which enable digital processing system 800 to provide several features in accordance with the present disclosure.

[0091] Some or all of the data and instructions may be provided on removable storage unit 840, and the data and instructions may be read and provided by removable storage drive 837 to CPU 810. Floppy drive, magnetic tape drive, CD-ROM drive, DVD Drive, Flash memory, removable memory chip (PCMCIA Card, EEPROM) are examples of such removable storage drive 837.
[0092] Removable storage unit 840 may be implemented using medium and storage format compatible with removable storage drive 837 such that removable storage drive 837 can read the data and instructions. Thus, removable storage unit 840 includes a computer readable (storage) medium having stored therein computer software and/or data. However, the computer (or machine, in general) readable medium can be in other forms (e.g., non-removable, random access, etc.)

[0093] In this document, the term "computer program product" is used to generally refer to removable storage unit 840 or hard disk installed in hard drive 835. These computer program products are means for providing software to digital processing system 800. CPU 810 may retrieve the software instructions, and execute the instructions to provide various features of the present disclosure described above.

[0094] The term "storage media/medium" as used herein refers to any non-transitory media that store data and/or instructions that cause a machine to operate in a specific fashion. Such storage media may comprise non-volatile media and/or volatile media. Non-volatile media includes, for example, optical disks, magnetic disks, or solid-state drives, such as storage memory 830. Volatile media includes dynamic memory, such as RAM 820. Common forms of storage media include, for example, a floppy disk, a flexible disk, hard disk, solid-state drive, magnetic tape, or any other magnetic data storage medium, a CD-ROM, any other optical data storage medium, any physical medium with patterns of holes, a RAM, a PROM, and EPROM, a FLASH-EPROM, NVRAM, any other memory chip or cartridge.

[0095] Storage media is distinct from but may be used in conjunction with transmission media. Transmission media participates in transferring information between storage media. For example, transmission media includes coaxial cables, copper wire and fibre optics, including the wires that comprise bus (communication path) 850. Transmission media can also take the form of acoustic or light waves, such as those generated during radio-wave and infra-red data communications.

[0096] Reference throughout this specification to "one embodiment", "an embodiment", or similar language means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present disclosure. Thus, appearances of the phrases "in one embodiment", "in an embodiment" and similar language throughout this specification may, but do not necessarily, all refer to the same embodiment.

[0097] Although the present disclosure has been described in terms of certain preferred embodiments and illustrations thereof, other embodiments and modifications to preferred embodiments may be possible that are within the principles of the invention. The above descriptions and figures are therefore to be regarded as illustrative and not restrictive.

[0098] Thus the scope of the present disclosure is defined by the appended claims and includes both combinations and sub-combinations of the various features described hereinabove as well as variations and modifications thereof, which would occur to persons skilled in the art upon reading the foregoing description.




, Claims:I Claim
1. A system for securing financial transactions using geotagged and timestamped machine-readable codes, comprising:

a computing device comprises a financial transactions securing module configured to enable a user to register user device-specific elements, comprising an International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, mobile phone number, IP address, and GPS coordinates, to create a secure device profile;

the financial transactions securing module configured to generate a unique machine-readable code for each transaction, embedding transaction-specific data, including real-time geolocation coordinates, a timestamp, transaction amount, and user-specific identifiers that bind the transaction to the user's current verified location, whereby the financial transactions securing module configured to capture and embed the real-time GPS coordinates of the user's device within the machine-readable code at the time of the transaction, associating the machine-readable code with a verified physical location to ensure that the transaction is conducted from the registered device;

the financial transactions securing module configured to enable the user to verify their identity using biometric data, such as fingerprint and facial recognition, before finalizing the transaction, thereby the financial transactions securing module transmits the machine-readable code and transaction data to a server over a network upon the user initiating the finalized transaction;

the server configured to receive machine-readable code and transaction data from the financial transactions securing module, whereby the server comprises a financial transactions verification module configured to retrieve the embedded geolocation coordinates and timestamp from the received machine-readable code, the financial transactions verification module configured to perform real-time location verification by cross-referencing the machine-readable code embedded coordinates with the user's real time GPS data, ensuring that the transaction is conducted from the expected authorized location;

the financial transactions verification module configured to validate the embedded timestamp within the machine-readable code, ensuring the transaction occurs within the allowed time window and rejecting expired codes, the financial transactions verification module configured to detect mismatches between device-specific elements, such as IMEI number and mobile number, and generate an immediate alert to bank personnel, blocking further transactions until the device mismatch is manually verified;

the financial transactions verification module configured to detect anomalies in transaction data, including unauthorized access attempts and location mismatches, and send alerts to both the user and bank personnel, the financial transactions verification module configured to initiate an automatic block on transactions when discrepancies are detected, preventing further actions until verification is complete; and

the financial transactions verification module configured to perform secondary verification when the primary location verification fails, by sending a One-Time Password (OTP) to the registered user's device to enable authorized users to complete the transaction.

2. The system as claimed in claim 1, wherein the financial transactions verification module comprises a phishing detection module configured to identify suspicious patterns in transaction data, including repeated failed verification attempts, unusual access times, or login attempts from unauthorized devices, and automatically send notifications to the database with associated device-specific data, including IMEI and mobile number, enabling preventive action and active monitoring.

3. The system as claimed in claim 1, wherein the financial transactions securing module comprises a device registration module configured to enable the user to update the device-specific information in the database upon updating any new SIM card insertion or device registration on the user's computing device, even if the mobile number remains unchanged, configured to log each detected change for subsequent security verification and review.

4. The system as claimed in claim 1, wherein the financial transactions securing module comprises a geotag embedding module configured to apply geofencing restrictions that limit the generation of the machine-readable code to authorized geographic locations, ensuring that transactions are only valid within predefined zones, thereby preventing unauthorized activities from unapproved locations.

5. The system as claimed in claim 1, wherein the financial transactions securing module comprises the geotag embedding module configured to limit GPS data access strictly to the initiation of transactions or specific security-related queries, configured to require authorization from two layers of personnel for each GPS data access request, thereby enhancing data confidentiality and protecting customer privacy.

6. The system as claimed in claim 1, wherein the financial transactions verification module comprises a compliance monitoring module configured to maintain an audit trail for each GPS or geolocation access request, recording these events in the customer's account history and within an internal audit log to ensure full transparency, visibility, and compliance with regulatory standards.

7. The system as claimed in claim 1, wherein the financial transactions verification module comprises a fraud detection module configured to detect inconsistencies between device-specific elements, including the International Mobile Equipment Identity (IMEI) number and geolocation data embedded within the machine-readable code, configured to automatically trigger alerts and block transactions identified as potentially suspicious upon detecting such inconsistencies.

8. The system as claimed in claim 1, wherein the financial transactions verification module comprises a device and credential consistency checking module configured to perform multi-layer verification by cross-referencing device-specific elements, including the International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, mobile phone number, live GPS coordinates, and machine-readable code data to detect anomalies, initiate fraud-prevention actions, and validate transaction authenticity in real time.

9. The system as claimed in claim 1, wherein the financial transactions verification module comprises a fraud detection module configured to monitor for abnormal combinations of device-specific elements, such as sudden changes in International Mobile Equipment Identity (IMEI) number, mobile phone number, or GPS location, and trigger real-time alerts to bank personnel for manual review upon detecting such abnormalities.

10. The system as claimed in claim 1, wherein the financial transactions verification module comprises the phishing detection module configured to identify phishing attempts and detect mismatches in device-specific elements, including the International Mobile Equipment Identity (IMEI) number, configured to send real-time notifications to authorized bank personnel and automatically block subsequent transactions until the flagged issue is resolved.

11. The system as claimed in claim 1, wherein the financial transactions securing module comprises a user interface module configured to enable customers to select between mobile-based and online transactions, both transaction types requiring verification through the machine-readable code to ensure consistent security across all transaction methods.

12. The system as claimed in claim 1, wherein the financial transactions verification module comprises a compliance monitoring module configured to maintain a detailed audit trail for all phishing detection events, IMEI or mobile number mismatch alerts, and any customer data access queries, the compliance monitoring module further configured to support accountability and transparency in alignment with regulatory standards.

13. The system as claimed in claim 1, wherein the financial transactions verification module comprises a location verification module configured to perform a real-time comparison between the GPS and cell tower data of the user's device and the geolocation data embedded within the machine-readable code, thereby verifying that the transaction originates from the registered device's physical location and effectively preventing location spoofing or remote unauthorized access.

14. The system as claimed in claim 1, wherein the financial transactions securing module comprises a timestamp assigning module configured to assign a validity timestamp to each machine-readable code, restricting its use to a specific time window, thereby reducing the risk of reuse or replay attacks by ensuring that each code's authenticity is time-bound.

15. The system as claimed in claim 1, wherein the financial transactions verification module comprises a device and credential consistency checking module configured to authenticate each transaction based on live location data and device-specific identifiers, including International Mobile Equipment Identity (IMEI) number, Subscriber Identity Module (SIM) number, and mobile phone number, thereby enhancing transaction security by verifying consistency without requiring One-Time Password (OTP) input from the user.

16. The system as claimed in claim 1, wherein the financial transactions verification module comprises an earlier transaction verification module configured to authenticate each transaction by verifying continuity data from previous machine-readable codes, thereby ensuring a sequential transaction flow and providing real-time security without requiring One-Time Password (OTP) input from the user.

17. The system as claimed in claim 1, wherein the financial transactions securing module comprises a transaction sequence controlling module configured to generate a new machine-readable code for each transaction, embedding within it a reference to the machine-readable code of the immediately previous transaction, thereby creating a sequential linkage of transactions to maintain transaction continuity.

18. The system as claimed in claim 1, wherein the financial transactions verification module comprises an earlier transaction verification module configured to verify the embedded previous machine-readable code in the current transaction code during each transaction, confirming transaction continuity and detecting any tampering or unauthorized attempts to disrupt the sequence of transactions.

19. The system as claimed in claim 1, wherein the financial transactions verification module comprises the earlier transaction verification module configured to automatically hold or block a transaction when the embedded previous machine-readable code does not match the expected sequence, thereby preventing unauthorized access or manipulation by stopping transaction processing in the event of a sequence mismatch.

20. The system as claimed in claim 1, wherein the financial transactions verification module comprises a machine-readable code validation module configured to trigger a random QR code verification for transactions exceeding a predefined high-value threshold, selecting a QR code randomly from the user's transaction history and requiring verification of that randomly selected QR code in addition to the previous transaction's QR code.

21. The system as claimed in claim 1, wherein the financial transactions verification module comprises the machine-readable code validation module configured to retrieve the randomly selected QR code from the user's transaction history and verify it against the current transaction details, thereby confirming that the user has legitimate access to the transaction history for completing high-value transactions.

22. The system as claimed in claim 1, wherein the financial transactions verification module comprises a fallback verification module configured to prompt a One-Time Password (OTP) to the registered device when the user fails to provide or verify the correct randomly selected QR code, ensuring that only authorized users can complete the transaction.

23. The system as claimed in claim 1, wherein the financial transactions securing module comprises a user interface module configured to flag any change in location verification method between machine-readable code generation and usage as suspicious, prompting re-authentication by the user or alerting bank personnel for manual review.

24. The system as claimed in claim 1, wherein the financial transactions verification module comprises a compliance monitoring module configured to automatically log the user's selected location verification method, including GPS, Wi-Fi, or IP-based verification, along with the respective location details, thereby providing a transparent audit trail for each transaction and supporting regulatory compliance.

25. The system as claimed in claim 1, wherein the financial transactions verification module comprises a location verification module configured to log unique Wi-Fi network identifiers, including SSID and BSSID, for Wi-Fi-based location verification and to record the user's IP address for IP-based verification, thereby confirming proximity and authenticity of the transaction.

26. A method for securing financial transactions using geotagged and timestamped machine-readable codes, comprising:

enabling a user to register device-specific elements to create a secure device profile on a computing device through a financial transactions securing module;

generating a unique machine-readable code for each transaction by the financial transactions securing module;

capturing and embedding real-time GPS coordinates of the user's device within the machine-readable code at the time of the transaction by the financial transactions securing module;

enabling the user to verify their identity through biometric data, including fingerprint or facial recognition by the financial transactions securing module before finalizing the transaction;

transmitting the machine-readable code and transaction data from the financial transactions securing module on the computing device to a server over a network, upon the user initiating the finalized transaction;

receiving the machine-readable code and transaction data by the server and retrieving the embedded geolocation coordinates and timestamp from the received machine-readable code by a financial transactions verification module enabled in the server;

performing real-time location verification by cross-referencing the machine-readable code's embedded coordinates with the user's real-time GPS data by the financial transactions verification module;

validating the embedded timestamp within the machine-readable code by the financial transactions verification module to confirm that the transaction occurs within the allowed time window;

detecting mismatches between device-specific elements, including IMEI number and mobile number by the financial transactions verification module, generating an immediate alert to bank personnel and blocking further transactions until the device mismatch is manually verified;

detecting anomalies in transaction data, including unauthorized access attempts and location mismatches by the financial transactions verification module, and sending alerts to both the user and bank personnel;

blocking transactions automatically when discrepancies are detected by the financial transactions verification module, thereby preventing further actions until verification is complete; and

performing secondary verification by sending a One-Time Password (OTP) to the registered user's device when the primary location verification fails, to enable only authorized users to complete the transaction.

Documents