Compromised Account Management System for Electronic Wallets

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Solution Overview

Problem

Current payment processing systems are inefficient in quickly determining compromised payment card situations, identifying patterns of compromise, and allowing accountholders to notify issuers and merchants, especially in cases where physical cards are lost or stolen and not readily accessible.

Innovation Solution

A compromised account management system that uses an electronic wallet application on user devices to receive notifications of compromised accounts, determine associated issuers, and generate messages to notify them, enabling immediate action and pattern identification.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If accountholders contact issuers individually to report compromised cards, then issuers can process compromise reports, but the process becomes cumbersome and time-consuming especially when multiple cards are compromised

Engineering Contradiction:

Improvecompromise reporting efficiencyVSAvoidsystem complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent combines multiple individual compromise reporting processes into a single centralized reporting mechanism. The system allows accountholders to report compromised cards through one interface, which then automatically distributes the compromise information to all relevant issuers, eliminating the need for separate contact with each issuer.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The patent introduces a centralized compromise reporting system as an intermediary between accountholders and multiple issuers. This intermediary receives compromise reports, identifies the relevant issuers, and automatically transmits the information to them, simplifying the process for accountholders while ensuring all issuers are notified.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Ease of operation

If physical payment cards are stored in wallets or purses away from accountholders, then accountholders have convenient access to cards, but the cards become more vulnerable to loss, theft, or damage

Engineering Contradiction:

Improvecard accessibilityVSAvoidcard compromise risk

Core Design Contradiction:

Ease of operationVSObject-affected harmful factors

Solution Approach 1:

The patent creates a digital copy or representation of the payment card information within the electronic wallet system. This digital copy can be accessed and used for transactions without requiring the physical card to be present, thereby reducing the risk associated with storing and carrying physical cards while maintaining accessibility.

Inventive Principle:

Principle #26Copying

3Object-affected harmful factors

If accountholders do not have physical cards readily accessible, then security risk is reduced, but the ability to quickly notify issuers of compromise is hindered

Engineering Contradiction:

Improvefraud preventionVSAvoidnotification delay

Core Design Contradiction:

Object-affected harmful factorsVSLoss of time

Solution Approach 1:

The patent replaces the mechanical system of physical card possession and manual issuer contact with an electronic/digital system. Accountholders can report compromises through an electronic interface, and the system automatically notifies issuers electronically, eliminating the time delay associated with physical card retrieval and manual communication while maintaining security.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

4Adaptability or versatility

If multiple payment cards are stored in the same wallet, then accountholders can access multiple accounts, but a single compromise event can affect multiple cards simultaneously

Engineering Contradiction:

Improvemulti-account managementVSAvoidcompromise propagation

Core Design Contradiction:

Adaptability or versatilityVSObject-affected harmful factors

Solution Approach 1:

The patent segments the compromise reporting process to handle multiple cards individually within a single report. The system identifies each compromised card separately, determines the specific issuer for each card, and transmits targeted notifications to each relevant issuer, preventing the spread of compromise information while maintaining efficient multi-card management.

Inventive Principle:

Principle #1Segmentation

Data Source

PatentUS10846686B2System and method for managing a compromised account

Publication Date: 2020.11.24 MASTERCARD INT INC

AI summary

A method of managing a compromised account stored within an electronic wallet is provided. The electronic wallet is stored on a user computing device and is in communication with a compromised account management (CAM) computing device. The method is implemented using the CAM computing device in connection with a memory. The method includes the step of receiving, from the user computing device via a compromised reporting function, a first notification message including a first account identifier, wherein the first notification message indicates that a first account associated with the first account identifier has been compromised. The method also includes determining an issuer associated with the first account identifier. The method further includes generating a second notification message including the first account identifier and an issuer identifier. The method also includes transmitting the second notification message to the issuer.