Location-Based Authentication for Remote Financial Account Provisioning
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Solution Overview
Problem
Existing systems face challenges in efficiently provisioning new financial accounts remotely while ensuring secure authentication, particularly in verifying the customer's identity without requiring physical presence at a branch location.
Innovation Solution
A computer-based system that utilizes location-based authentication by sending authentication information to a customer's trusted mobile device, which then presents this information at a financial terminal. The system verifies the mobile device's location relative to the financial terminal to authenticate the customer's identity before provisioning the new account.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If physical presence at branch location is required for account provisioning, then authentication security is improved, but customer convenience and processing time deteriorate
Solution Approach 1:
The patent introduces a mobile device as an intermediary between the customer and the financial institution's authentication system. The mobile device receives authentication factors (such as push notifications, codes, or biometric challenges) and presents them to the financial terminal, enabling remote verification without requiring the customer to physically visit the branch. This intermediary approach maintains security while improving convenience.
Solution Approach 2:
The patent replaces the mechanical requirement of physical presence at a branch location with electronic authentication mechanisms. Instead of requiring customers to appear in person and provide manual identification, the system uses digital communication channels to deliver authentication factors to the customer's mobile device and verify identity through electronic verification processes.
2Reliability
If physical presence at branch location is required for account provisioning, then authentication security is improved, but processing time deteriorates
Solution Approach 1:
The patent performs preliminary authentication actions by delivering authentication factors to the customer's mobile device before the account provisioning process completes. The system can pre-verify customer identity and send authentication challenges in advance, allowing the actual account setup to proceed more quickly once authentication is confirmed, thereby reducing overall processing time while maintaining security.
3Ease of operation
If remote account provisioning is implemented, then customer convenience and processing time are improved, but authentication security deteriorates
Solution Approach 1:
The patent employs dynamic authentication factors that change based on the provisioning process state and customer profile. Authentication factors such as push notifications, one-time codes, and biometric challenges are dynamically generated and adjusted according to risk assessment, ensuring that security measures adapt to the specific circumstances of each remote provisioning request rather than using static, vulnerable methods.
Solution Approach 2:
The system incorporates feedback mechanisms where the financial terminal receives authentication factors from the mobile device and verifies them against stored customer information and security protocols. This feedback loop ensures that remote authentication is continuously monitored and validated, maintaining security integrity while enabling convenient remote provisioning.
4Reliability
If location-based authentication is used, then authentication security is improved, but system complexity increases
Solution Approach 1:
The patent leverages the universal functionality of mobile devices that customers already possess and use daily. Instead of requiring specialized authentication hardware or complex new devices, the system utilizes the mobile device's existing capabilities (display, processor, communication interfaces) to deliver and process authentication factors, thereby improving security without significantly increasing system complexity.
Data Source
AI summary
A method comprises receiving, by a computing device from a customer device, a request to provision a financial account for the customer, associating, by the computing device, a mobile device with the requested financial account, and sending, by the computing device to the mobile device, authentication information for the requested financial account. The method further includes receiving the authentication information by the computing device from a financial terminal that received the authentication information from the mobile device, receiving, by the computing device, first location information of the mobile device, and provisioning, by the computing device and based on the first location information of the mobile device being within a predetermined distance of a location of the financial terminal, the requested financial account for the customer.