Funds Transfer Verification Using Shared Passphrase Authentication
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Solution Overview
Problem
Current funds transfer verification methods rely solely on internal application features, leading to low confidence in senders and often causing them to refrain from transferring funds due to uncertainty about the recipient's identity.
Innovation Solution
A system using a shared passphrase between a sender and recipient, verified through separate communication channels, to authenticate and confirm the recipient before transferring funds, enhancing confidence in the transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If internal application features are used for verification, then the verification process is simple, but the confidence level of senders remains low
Solution Approach 1:
The patent introduces a passphrase as an intermediary verification element that bridges the sender and recipient. The passphrase is generated by the sender's device, transmitted through a separate communication channel to the recipient, and then verified by both parties. This intermediary mechanism significantly increases sender confidence in the recipient's identity without requiring complex external verification systems.
Solution Approach 2:
The patent adds a new dimension to the verification process by using a separate communication channel (such as SMS or email) distinct from the primary funds transfer application. This dimensional separation allows the passphrase to be transmitted and verified through a different pathway, providing an additional layer of confidence that internal application features alone cannot provide.
2Measurement precision
If a shared passphrase verification system is implemented, then the accuracy of recipient confirmation is improved, but the device complexity increases
Solution Approach 1:
The system performs preliminary actions by generating and transmitting the passphrase before the actual funds transfer occurs. The sender creates the passphrase, transmits it through a separate channel to the recipient, and both parties verify it in advance. This preliminary verification sequence ensures high recipient confirmation accuracy while keeping the actual transfer mechanism relatively simple.
Solution Approach 2:
The patent implements a feedback mechanism where the recipient's device sends back a confirmation that the passphrase has been successfully entered and verified. This feedback loop provides the sender's device with assurance that the recipient is indeed the intended party, thereby improving confirmation accuracy. The feedback is integrated into the existing verification flow without requiring complex external systems.
Data Source
AI summary
Disclosed embodiments may include a method for verifying funds transfer. The method may include receiving, from a first user device, a request to complete a transfer from a first account to a second account and generating a passphrase for authentication of the transfer. Next, the method may include transmitting, to the first user device, the passphrase for authentication of the transfer, receiving, from a second user device, a shared passphrase for authentication of the transfer, and determining whether the shared passphrase matches at least a portion of the passphrase. In response to determining that the shared passphrase matches at least a portion of the passphrase, the method may include transferring funds from the first account to the second account.