Dynamic Account Code Generation for Fraud Reduction
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Solution Overview
Problem
Existing systems for accessing value holding accounts do not effectively manage the risk of fraud by limiting the exposure time of account numbers, particularly when transactions occur online or over extended periods.
Innovation Solution
A credit card system that generates a temporary account code with a shorter expiration date, which can be used for specific transactions, reducing the risk of fraud by limiting exposure time compared to traditional account codes with longer validity periods.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional account codes with long validity periods are used, then account accessibility and convenience are improved, but fraud risk increases due to extended exposure time
Solution Approach 1:
The patent implements dynamic account codes that change over time through multiple expiration dates (initial, temporary, and final expiration dates). The account code transitions from a static long-validity code to a dynamic code that automatically expires and generates new temporary codes, thereby reducing fraud risk while maintaining accessibility.
Solution Approach 2:
The patent segments the single long-validity account code into multiple short-validity temporary account codes. Each temporary code has a specific expiration date and can be used for a limited purpose, dividing the overall access period into manageable segments that reduce exposure to fraud.
2Object-affected harmful factors
If temporary account codes with short expiration dates are generated, then fraud risk is reduced by limiting exposure time, but system complexity increases
Solution Approach 1:
The patent implements periodic generation of temporary account codes with predetermined expiration dates. The system automatically generates new temporary codes at regular intervals or upon expiration, reducing fraud risk through time-limited access while managing complexity through automated periodic regeneration rather than manual intervention.
Solution Approach 2:
The system performs self-service by automatically generating temporary account codes with embedded expiration dates without requiring external validation or manual management. The account code itself contains the expiration information and can be validated automatically by the receiving system, reducing the burden on both parties.
3Object-affected harmful factors
If multiple temporary account codes are generated for the same account, then fraud risk is reduced through limited exposure, but account access complexity increases
Solution Approach 1:
The patent makes each temporary account code universal within its validity period, allowing the same temporary code to be used for multiple transactions and purposes until expiration. This multi-functionality reduces access complexity while maintaining security, as users don't need to generate new codes for each transaction.
Solution Approach 2:
The system creates multiple copies of the account access mechanism in the form of temporary account codes, each with the same functionality but different expiration dates. These copies allow flexible access management while maintaining simplicity, as each copy is a standalone valid credential.
Data Source
AI summary
Example systems and methods that allow access to a value holding account are described. In one implementation, a method receives a first request for a second account code after activation of a selector on an account access object associated with a value holding account. The second account access code is associated with a first account access code that is associated with the value holding account. The first account code allows access to the value holding account for a first determinable period. The method generates a second request for the second account code and communicates the second request to the value holding account. The second account code is received from the value holding account and allows access to the value holding account for a second determinable period that differs from the first determinable period. The method provides the second account code to a user of the account access object.