Financial Credentials Authentication via Dynamic User Data
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current financial transaction authentication systems rely solely on static data, which are prone to fraud as they do not account for dynamic changes in user credentials, such as health or environment, offering inadequate security against fraudulent activities.
Innovation Solution
A financial credentials authentication system that utilizes both static and dynamic data, where dynamic data is stored on user devices and compared with system versions to validate transactions, providing an additional layer of authentication by incorporating changing user metrics like health, credit score, and environment conditions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If static data alone is used for authentication, then the authentication process is simple, but security against fraud is insufficient
Solution Approach 1:
The patent transforms the authentication system from static to dynamic by introducing dynamically changing data elements (device identifiers, location data, biometric data) that update in real-time. This allows the authentication process to adapt to current conditions, significantly improving security against fraud while maintaining operational simplicity through automated dynamic verification.
Solution Approach 2:
The patent combines multiple different types of data elements (static financial data, dynamic device identifiers, location information, biometric data) into a composite authentication framework. This multi-layered approach creates a more robust security system that leverages the strengths of each data type while mitigating their individual weaknesses.
2Reliability
If dynamic data is incorporated into authentication, then fraud detection improves, but data processing complexity increases
Solution Approach 1:
The patent divides the authentication system into distinct functional modules: device identifier generation, location data collection, biometric verification, and central authentication processing. Each module handles a specific aspect of dynamic data collection and verification, which simplifies the overall processing complexity by breaking down the complex task into manageable, specialized components.
Solution Approach 2:
The patent implements self-service mechanisms where the user's device automatically collects and transmits dynamic data (device identifiers, location information) without requiring manual input. The system also performs automated verification of biometric data and cross-references information, reducing the need for complex manual processing and intervention.
Data Source
Figure 1
Figure 2
Figure 3A
AI summary
Systems and methods to authenticate a user's financial credentials are provided. The method includes receiving a request to authenticate financial credentials of a user. The method also includes determining, whether the financial credentials have been preliminarily authenticated based on static data indicative of the financial credentials of the user. In response to a determination that the financial credentials have been preliminarily authenticated, the method also includes receiving dynamic data indicative of the financial credentials of the user, wherein the dynamic data are provided by an electronic device of the user. The method also includes determining whether the dynamic data are valid. In response to a determination that the dynamic data are valid, the method also includes validating the financial credentials of the user