Authentication Circle for Secure Financial Account Management
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Solution Overview
Problem
Conventional systems for managing financial accounts of others are cumbersome, vulnerable to fraud, and lack the ability to provide a holistic view of interrelated financial situations among individuals.
Innovation Solution
A service provider computing system that allows a first user to access the account of a second user using separate login credentials, through the formation of an authentication circle, which provides a dashboard for managing and viewing financial accounts, goals, and resources of multiple users in an integrated manner.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a person shares login credentials with another person to manage their financial account, then the second person can access and manage the account, but the first person loses control and cannot prevent actions taken by the second person
Solution Approach 1:
The system segments account access rights into distinct roles: account holder (first person) and account manager (second person). The account manager can perform specific management functions without having the account holder's login credentials, allowing limited access while preserving the account holder's ultimate control and ability to revoke access.
Solution Approach 2:
The financial institution's system acts as an intermediary between the account holder and account manager. Instead of direct credential sharing, the system mediates access through authenticated sessions where the account manager can manage the account only while logged in through the institution's secure platform, preventing direct credential exposure.
2Ease of operation
If a person provides authentication credentials to another person, then the second person can access the account, but the first person cannot prevent the second person from changing login credentials and locking them out
Solution Approach 1:
The system separates the account management function from the credential possession. The account manager receives no login credentials but can still perform management tasks through the financial institution's authenticated interface, eliminating the risk that credential sharing could lead to lockout.
Solution Approach 2:
The system provides beforehand protection by establishing secure, time-limited authenticated sessions that automatically expire. This prevents permanent credential compromise and ensures that even if the account manager gains access, they cannot permanently alter credentials or lock out the account holder.
3Productivity
If a person manages another person's financial account electronically, then financial support can be provided, but the account holder must provide account numbers and authentication credentials for each account and financial institution
Solution Approach 1:
The system provides universal access across multiple financial institutions through a single authenticated session. Once the account manager is authenticated by the financial institution, they can access and manage multiple accounts and institutions without needing to provide separate credentials for each, streamlining the process.
Solution Approach 2:
The financial institution's system performs the complex credential verification and authentication automatically. The account manager simply needs to log in through the institution's platform, and the system handles the complexity of accessing multiple accounts and institutions without requiring manual credential entry for each.
4Ease of operation
If a second person is provided with authentication credentials to manage finances, then they can access account information, but they only have a narrow view of the finances and cannot see the first person's financial context
Solution Approach 1:
The system merges the account manager's view with the account holder's financial context by displaying both perspectives on the same interface. The account manager can see their own account information alongside the account holder's accounts, goals, and financial situation, providing a holistic view that facilitates informed financial management and contribution.
Data Source
AI summary
An approach for establishing and managing network security linkages is disclosed. The linkages may be used to facilitate management of accounts, goals, or resources of one or more entities, or to provide an integrated view of the circumstances of, for example, family members or other interrelated persons. A person receiving assistance with the management of one or more accounts need not disclose authentication credentials to persons helping manage the accounts, enhancing security. Members may view members and access accounts administered by separate computing systems without needing credentials for each member, account, and/or computing system. The multiple accounts (which may be held at multiple institutions) need not be accessed individually by each member of the network security linkage, saving time and computing resources of users.