AUTHENTICATION METHODS FOR USE IN FINANCIAL TRANSACTIONS AND INFORMATION BANKING

1. A method comprising:

initiating a financial transaction involving a person using a mobile device;

determining a selected method for authenticating the transaction based on a characteristic of the transaction, wherein the selected method is selected from a plurality of authentication methods, each utilizing a different type of information for authentication; and

receiving, by the mobile device, authentication information related to the person;

authenticating the person using the mobile device by verification of the authentication information, using the selected method,

wherein if the person is authenticated, the transaction is completed using the mobile device, and if the person is not authenticated, the transaction is prevented.

2. The method of claim 1, wherein the initiating, receiving, and authenticating are all performed at a point-of-sale.

3. The method of claim 1, wherein the selected method is selected from the group of authentication methods consisting of: fingerprint validation, voice validation, facial recognition validation, iris scan validation, PIN validation, and GPS location validation.

4. The method of claim 1, wherein the characteristic of the transaction used in determining the selected method comprises a monetary value of the transaction.

5. The method of claim 1, wherein the characteristic of the transaction used in determining the selected method comprises a type of the transaction.

6. The method of claim 1, wherein the mobile device verifies the authentication information by comparing the information to validated information accessible to the mobile device.

7. The method of claim 1, wherein the selected method comprises two or more authentication methods selected from the plurality of authentication methods.

8. A mobile device comprising a processor configured for use in conducting a plurality of financial transactions related to the person using the mobile device, wherein, in performing each transaction, the processor is configured to cause the mobile device to execute the method according to claim 1.

9. A computer-readable medium containing computer-executable instructions configured to cause a device to execute the method according to claim 1.

10. A method comprising:

initiating a financial transaction involving a person;

determining, based on a characteristic of the transaction, a necessary authentication level for the transaction within a hierarchy of authentication levels, wherein each authentication level requires a different authentication method;

receiving authentication information related to the person based on the necessary authentication level; and

authenticating the person by verification of the authentication information, using the authentication method required by the necessary authentication level,

wherein if the person is authenticated, the transaction is completed, and if the person is not authenticated, the transaction is prevented.

11. The method of claim 10, wherein the authentication method is selected from the group consisting of: fingerprint validation, voice validation, facial recognition validation, iris scan validation, PIN validation, and GPS location validation.

12. The method of claim 10, wherein the characteristic of the transaction used in determining the necessary authentication level comprises a monetary value of the transaction.

13. The method of claim 10, wherein the characteristic of the transaction used in determining the necessary authentication level comprises a type of the transaction.

14. The method of claim 10, wherein each authentication level in the hierarchy of authentication levels requires an authentication method comprising the cumulative authentication methods of all lower authentication levels in the hierarchy and an additional authentication method.

15. The method of claim 10, wherein the necessary authentication level for the transaction is determined based on preferences previously indicated by the person.

16. A mobile device comprising a processor configured for use in conducting a plurality of financial transactions related to the person using the mobile device, wherein, in performing each transaction, the processor is configured to cause the mobile device to execute the method according to claim 10.

17. A computer-readable medium containing computer-executable instructions configured to cause a device to execute the method according to claim 10.

18. A mobile device comprising:

a biometric sensor configured to read biometric information of a person;

a processor configured to cause the mobile device to perform:

receiving, at a point-of-sale, information regarding a financial transaction occurring at the point-of-sale;

receiving, at the point-of-sale, biometric information of a person to the financial transaction;

verifying, at the point-of-sale, the biometric information by comparing the biometric information with stored biometric information accessible to the processor; and

transmitting a signal confirming the verification of the biometric information, wherein the transaction is prevented unless the biometric information is verified.

19. The mobile device of claim 18, wherein the biometric information is selected from the group consisting of: fingerprint information, voice validation information, facial recognition information, and iris scan information.

20. The mobile device of claim 18, wherein the processor is further configured to cause the mobile device to perform:

determining, based on a characteristic of the transaction, one or more types of biometric information which are necessary for authenticating the transaction.

21. The mobile device of claim 18, wherein the processor is further configured to cause the mobile device to perform:

automatically periodically gathering additional biometric information related to the person; and

re-authenticating the person by verification of the additional biometric information.

22. The mobile device of claim 18, wherein the mobile device is a mobile phone.

23. The mobile device of claim 18, further comprising:

a recognition element configured to recognize a payment card, wherein the mobile device is configured to be used in connection with the payment card to complete the financial transaction, wherein the recognition element recognizes the payment card.

24. The mobile device of claim 23, wherein the recognition element is configured to recognize at least one element from the group consisting of: physical orientation elements, optical storage, smart card elements, contacted communication elements, machine decodable images, barcodes, and magstripes.

25. A system comprising the mobile device of claim 23 and the payment card, wherein the payment card cannot be used to complete a financial transaction without verification and recognition of the payment card by the mobile device.