Dual-Device Electronic Wallet Using Segmentation for Security
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Solution Overview
Problem
Current digital wallet technologies face challenges in securing private information on mobile devices and authenticating users, particularly due to security concerns and the prevalence of magnetic stripe credit cards, which are not adequately addressed by existing solutions.
Innovation Solution
A method involving a dual-device system where a secure electronic payment and identity management device (first device) authenticates with a secondary device (such as a programmable card or mobile device) before transactions can occur, ensuring only authorized access to private information, which is stored securely on the first device and released only after successful authentication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If digital wallet software is implemented on mobile devices, then electronic commerce transactions can be performed, but security vulnerabilities and hacking risks increase
Solution Approach 1:
The system divides the digital wallet functionality into two separate devices: a primary device that stores private information securely and a secondary device that performs transactions. This segmentation ensures that sensitive data remains isolated on the primary device while the secondary device handles only transaction operations, reducing the security risk surface area.
Solution Approach 2:
The patent introduces an intermediary authentication mechanism between the user and the digital wallet system. The system uses multiple authentication factors (biometrics, passwords, device verification) as intermediaries to verify user identity before allowing access to private information, adding layers of security without blocking legitimate transactions.
2Ease of operation
If private information is stored on mobile devices, then convenience is improved, but security risks and hacking vulnerabilities increase
Solution Approach 1:
The patent extracts the most sensitive private information (encryption keys, authentication credentials) from the mobile device and stores it on a separate primary device. The mobile device retains only the necessary transaction functionality, removing the vulnerable storage of critical security data while preserving user convenience for daily transactions.
Solution Approach 2:
The system adds a new dimension to information storage by using hierarchical levels of data residency. Sensitive data exists in a secure dimension on the primary device, while transaction data exists in a more accessible dimension on the mobile device. This dimensional separation allows convenient access to transaction features while protecting sensitive information.
3Reliability
If authentication mechanisms are strengthened, then security is improved, but device complexity and user burden increase
Solution Approach 1:
The system performs authentication verification in advance during device pairing and registration phases. Once authenticated, the system establishes secure channels and cached credentials that streamline subsequent transactions. This preliminary authentication reduces the complexity of real-time verification while maintaining strong security.
Solution Approach 2:
The authentication mechanism dynamically adjusts its complexity based on the transaction context. Low-risk transactions may use simplified verification, while high-risk operations trigger multi-factor authentication. This dynamic approach maintains strong security without imposing unnecessary complexity on routine operations.
4Reliability
If multiple devices are used to store private information, then security is improved, but device quantity and management complexity increase
Solution Approach 1:
The patent merges multiple security functions (encryption, authentication, key management) into a single primary device that serves as the central security hub. This consolidation provides the security benefits of multiple protective layers while avoiding the management complexity of physically managing multiple separate devices.
Solution Approach 2:
The primary device is designed with universal functionality to handle various authentication methods (biometrics, passwords, device verification) and protect different types of private information. This multi-functional design provides comprehensive security through a single device rather than requiring specialized devices for each security function.
Data Source
AI summary
An electronic wallet system that protects payment accounts, identification and other personal information found within a typical wallet with a secure electronic vault (first) device that can be part of a physical wallet, insert to a wallet, or in other embodiments, wearable/portable devices. A unique biometrically enabled multi-factor authentication process ensures only owners of the information can copy the information to the device or retrieve it thereafter. Authenticated users may then select payment, identification, medical or virtually any private information via touch display or voice command on the vault or on another (second) device that operates in conjunction with the vault. The second device comprises, for example, a programmable card with dynamic magnetic stripe, cell phone, or other wearable technology, that initiates and processes a payment and/or transfer of private information.