Digital Wallet Access for Lost Credit Cards

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Solution Overview

Problem

When a credit card is lost or stolen, users face inconvenience and stress due to the time-consuming process of reporting the loss and waiting for a new card to be issued, and they are unable to access their funds during this period.

Innovation Solution

A mobile banking system that allows users to report a lost or stolen card, lock the card to prevent unauthorized use, and access funds through a cardless-enabled ATM using a one-time use code, while also enabling the association of the account with a digital wallet for continued functionality.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If a user reports a card as lost or stolen and waits for a new card to be issued, then the card security is improved, but the user loses access to their funds and experiences time loss

Engineering Contradiction:

Improvecard securityVSAvoidtime to access funds

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The patent introduces a digital wallet as an intermediary between the lost physical card and the user's funds. When a card is reported lost, the digital wallet serves as a mediator that allows continued access to funds through mobile devices, eliminating the waiting period for new card issuance while maintaining security through digital authentication mechanisms

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system performs preliminary action by pre-establishing digital wallet associations with accounts before cards are lost. This allows users to immediately access funds through their mobile devices when a card is reported lost, without needing to wait for new card issuance. The digital wallet is set up in advance as a backup access method

Inventive Principle:

Principle #10Preliminary action

2Reliability

If a user locks a card immediately upon reporting loss, then unauthorized use is prevented, but the user cannot access their own funds

Engineering Contradiction:

Improvecard securityVSAvoiduser access to funds

Core Design Contradiction:

ReliabilityVSEase of operation

Solution Approach 1:

The patent segments the card access function into two independent pathways: physical card access (which can be locked) and digital wallet access (which remains available). When a card is reported lost, the physical card is locked for security, but the digital wallet pathway remains open, allowing users to access funds through their mobile devices without being blocked by the card lock

Inventive Principle:

Principle #1Segmentation

3Ease of operation

If a user relies on a physical card for transactions, then simple authentication is provided, but the user is completely disabled when the card is lost

Engineering Contradiction:

Improveauthentication simplicityVSAvoidaccess method flexibility

Core Design Contradiction:

Ease of operationVSAdaptability or versatility

Solution Approach 1:

The patent implements universality by making the digital wallet a universal access method that can replace physical card functionality across multiple scenarios. The digital wallet can be used for transactions, fund access, and authentication in the same ways as a physical card, providing multi-functional access that works whether the physical card is present or lost

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS11232436B1Technical solutions to lost credit cards

Publication Date: 2022.01.25 UNITED SERVICES AUTOMOBILE ASSOCIATION (USAA)

AI summary

Methods, systems, and apparatus, including computer programs encoded on computer storage media can be used to facilitate information and access to accounts. One of the methods includes in response to determining that a user has reported a card associated with an account as lost or stolen, providing a user interface option to associate the account with a digital wallet. The method includes in response to receiving a request from a user associating the accord with the digital wallet absent associating a card associated with the account with the digital wallet.