Secure Transaction Authentication

Abstract

A method and system for authenticating secure transactions between a transacting user and a secure transaction host is provided. The system includes a mobile phone software application installed on a transacting user's mobile phone which is configured to compose a digital fingerprint uniquely associated with the specific mobile phone on which it is installed. The system further includes an authentication service provider with which users of the system may be enrolled by registering at least the digital identifiers composed by the applications installed on their mobile communication devices in an authentication database. The authentication service provider is configured to authenticate secure transactions on request from secure transaction hosts by sending transaction confirmation requests to mobile phones of enrolled users requiring them to confirm or deny secure transactions before such transactions are allowed to be finalized.

Description

technical field [0001] The invention relates to a method of authenticating secure transactions. In particular, but not exclusively, the invention relates to a method of authenticating a user's identity to facilitate secure transactions, particularly secure online transactions. [0002] The invention extends to a user authentication system and a platform used when a user needs to perform user authentication. Background technique [0003] Passwords or security keys are widely used to control electronic media such as computer programs or authorized access to Internet sites, including banking sites. Generally, when a user wants to obtain an authorized channel of a program / website, the user must input a login ID (username) and a password. The program / website then compares this information with entries in a secure database, and access is granted only if the login ID and password are correctly associated with the database entries. The method of using a login ID and password to c...

AI Technical Summary

Problems solved by technology

This workaround results in the issuer (bank in most cases) having to bear the initial hardware cost and the user being forced to carry additional hardware with them

Additionally, the technology requires users to enter an often lengthy and complex security key before allowing them to conduct secure transactions

Mistakes in transcribing the security key from the mobile digital device will result in a rejected transaction, which typically adds significantly to transaction latency as the user has to carefully transcribe the security key

But this workaround is also affected by various different security threats

Since it is a completely offline solution, it is susceptible to abuse without the user's knowledge

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