Enabling Card Simulates Magnetic Swipe for Secure POS Transactions
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Solution Overview
Problem
Current payment systems using magnetic cards and RFID devices lack sufficient security, as they can be vulnerable to theft and skimming, and existing security measures such as PINs and chip technologies are not foolproof.
Innovation Solution
A payment device, known as an enabling card, that uses a processor and coil to simulate a magnetic swipe by generating a magnetic field based on encrypted information received from a mobile device via Bluetooth, allowing secure transactions without storing sensitive information on the card.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If magnetic stripe cards store cardholder information directly on the card, then transactions can be completed quickly, but the card becomes vulnerable to theft and skimming attacks
Solution Approach 1:
The patent extracts sensitive cardholder information from the magnetic stripe card and relocates it to the mobile device. The card itself only contains a generic enabling card structure, while the actual account data (track 1, track 2, track 3 information) is stored in the mobile device's memory, eliminating the harmful storage of sensitive data on the physical card.
Solution Approach 2:
The mobile device acts as an intermediary between the enabling card and the POS terminal. Instead of the card directly providing its information to the POS, the mobile device mediates by receiving the enabling card's signal, retrieving the corresponding account information from its own storage, and facilitating the transaction through its processor and magnetic stripe reader.
2Reliability
If PIN codes are required for transactions, then security is improved, but PINs can still be stolen and are not foolproof
Solution Approach 1:
The patent removes the PIN entry requirement from the transaction flow. Instead of requiring the cardholder to manually enter a PIN at the POS terminal, the system extracts the authentication mechanism by having the mobile device automatically provide account information based on the enabling card's unique identifier, eliminating the vulnerable PIN entry step.
3Reliability
If chip technology (EMV) is used, then transaction security is improved, but the system becomes more complex and requires additional hardware
Solution Approach 1:
The patent makes the mobile device universal by enabling it to perform multiple functions: storing account information, processing transactions, communicating with the enabling card via Bluetooth, and interacting with existing POS terminals. This multi-functionality eliminates the need for separate chip card infrastructure while maintaining security benefits.
4Ease of operation
If RFID devices are used, then contactless transactions are enabled, but they can still be stolen and are not secure enough
Solution Approach 1:
The mobile device serves as a secure intermediary that receives the enabling card's RFID signal, validates it against stored account information, and facilitates the transaction. This intermediary approach maintains the ease of contactless operation while adding a layer of security verification that prevents unauthorized transactions.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Enhances transaction security by separating sensitive information from the card to the mobile device, making it easier to replace lost or stolen cards, maintaining compatibility with existing POS terminals, and minimizing risks of PIN disclosure and skimming attacks.
Implementation Method 1
a coil carried by the enabling card for generating a magnetic field in response to the digital signal to simulate the swipe of card in the reader
Data Source
AI summary
The invention relates to an enabling card as well as a system and method for completing a financial transaction in a P.O.S. terminal comprising: a processor carried by the enabling card for: establishing a connection with a mobile device; receiving secure information from a mobile device and generating a digital signal; a coil carried by the enabling card for generating a magnetic field in response to the digital signal to simulate the swipe of card in the P.O.S. terminal and complete the financial transaction.