Biometric Transaction Identifier Generation System
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Solution Overview
Problem
Current eCommerce and money transfer systems are vulnerable to fraud, particularly identity theft and collusion among agents, as they rely on surrogate card numbers and Money Transfer Control Numbers that can be compromised or misused, leading to financial losses and reduced customer satisfaction.
Innovation Solution
A transaction settlement identifier generation system that uses biometric samples, such as voiceprints, fingerprints, or DNA, to select and map one-time-use credit card numbers or Money Transfer Control Numbers, ensuring secure transactions by tightly coupling the identifier with the individual's biometric data, thereby minimizing fraud.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If surrogate card numbers are used for online transactions, then merchant system security is improved, but vulnerability to identity theft and phishing attacks increases
Solution Approach 1:
The patent replaces traditional mechanical authentication methods (passwords, test questions) with biometric authentication (fingerprint, voiceprint, DNA). This substitution creates a more secure authentication mechanism that cannot be easily compromised by phishing or social engineering attacks, as biometric data cannot be easily stolen or replicated compared to traditional credentials.
Solution Approach 2:
The patent changes the fundamental parameter of authentication from knowledge-based (passwords that can be guessed or phished) to biological-based (unique physical characteristics). This parameter change fundamentally alters the security model, making authentication resistant to traditional fraud methods while maintaining ease of use through automated biometric verification.
2Loss of information
If Money Transfer Control Numbers are used in money transfer systems, then transaction tracking is improved, but vulnerability to agent collusion and fraudulent payouts increases
Solution Approach 1:
The patent replaces the mechanical MTCN system with a biometric-authenticated transaction system. Instead of relying on control numbers that can be intercepted or misused by colluding agents, the system uses unique biometric identifiers to authenticate both senders and recipients, creating a secure chain of custody that prevents fraudulent payouts even if agents collude.
Solution Approach 2:
The patent introduces biometric authentication as an intermediary layer between the MTCN system and the actual money transfer. This intermediary verifies the identities of all parties involved, ensuring that only authorized individuals can initiate or receive transfers, thereby preventing agent collusion while maintaining transaction trackability.
3Device complexity
If traditional authentication methods are used, then system complexity is kept low, but fraud detection and prevention capability decreases
Solution Approach 1:
The patent implements self-service biometric authentication where the system automatically captures, stores, and verifies biometric data without requiring manual intervention. The biometric template is extracted and stored during initial registration, and subsequent authentication is performed automatically by comparing new biometric inputs against stored templates, eliminating the need for complex manual verification procedures while maintaining high fraud prevention capability.
Data Source
AI summary
A system for generating transaction settlement identifiers includes an arrangement configured to receive a biometric sample from a customer and an arrangement configured to use the biometric sample to select the transaction settlement identifier from a pool of predetermined transaction settlements. A mapping arrangement configured to map the selected financial transaction settlement identifier to an identifier of the customer also may be included.