Biometric Money Transfer Authentication
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current eCommerce and money transfer systems are vulnerable to fraud, particularly identity theft and collusion among agents, which compromises transaction security and leads to financial losses and reduced customer satisfaction.
Innovation Solution
The use of biometric samples, such as voiceprints, fingerprints, or DNA, to generate and verify transaction identifiers, ensuring that only authorized individuals can complete or receive transactions, thereby enhancing security and reducing fraudulent activities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional authentication methods (passwords, test questions) are used in money transfer systems, then the system is easier to operate and implement, but it becomes vulnerable to fraud, identity theft, and agent collusion
Solution Approach 1:
The patent replaces traditional mechanical authentication methods (passwords, test questions, physical ID verification) with biometric authentication. The system captures biometric data (fingerprint, voiceprint, facial recognition, DNA) and converts it into digital templates for verification. This substitution eliminates the weaknesses of traditional methods while providing more reliable security, as biometric traits are unique to each individual and difficult to forge or steal.
2Reliability
If biometric authentication is implemented in money transfer systems, then fraud and unauthorized transactions are minimized, but the system complexity and implementation difficulty increase
Solution Approach 1:
The patent introduces biometric templates as an intermediary layer between the authentication request and the transaction approval. Instead of directly verifying physical biometric traits, the system converts them into digital templates and compares these templates for verification. This intermediary approach simplifies the implementation by working with manageable digital data rather than complex physical verification processes, while maintaining high security standards.
Solution Approach 2:
The biometric authentication system is designed to be universally applicable across multiple transaction types and platforms. The same biometric template can be used for various authentication scenarios (money transfer, account access, transaction verification) without requiring separate authentication mechanisms. This multi-functionality reduces implementation complexity by using a single unified authentication system rather than multiple specialized systems.
3Reliability
If multiple verification steps are added to prevent fraud (such as test questions, ID checks, agent verification), then transaction security improves, but transaction processing time and customer satisfaction decrease
Solution Approach 1:
The patent performs biometric template creation and initial verification setup in advance, before the actual transaction occurs. The system captures and processes biometric data during account setup or initial registration, creating ready-to-use templates. During subsequent transactions, the system only needs to perform quick template comparison rather than full verification procedures, significantly reducing processing time while maintaining verification accuracy.
Data Source
AI summary
A method for transferring funds from a sender to a recipient includes receiving a request to transfer the funds from a sender; creating a transaction record having a transaction identifier; providing the transaction identifier to the sender; receiving the transaction identifier from a recipient; obtaining a first biometric sample from the recipient; using the biometric sample to select a MTCN (Money Transfer Control Number) from a pool of predetermined MTCNs; associating the MTCN with the first biometric sample and the transaction record; providing the MTCN to the recipient; thereafter, receiving a request from the recipient to receive the funds; obtaining the MTCN from the recipient; obtaining a second biometric sample from the recipient; using the MTCN and/or the second biometric sample to locate the transaction record; comparing the second biometric sample to the first biometric sample; and determining whether to provide the funds based on the comparison.