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Systems and methods for performing transactions using active authentication

Abstract:

A system and method for performing a transaction at a point of sale ("POS") device includes a user device providing data indicative of a financial transaction. The data includes parameters that define the financial transaction, for example merchant name or type, transaction amount, etc. The financial institution creates an active authentication key for use in the financial transaction. Upon receiving a transaction request from the point of sale device, the financial institution can analyze the active authentication key and the parameters to determine if the transaction request should be approved.