Location Verification for Dynamic Data Transactions
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Solution Overview
Problem
As computing power increases, there is a growing need for enhanced security in electronic transactions to prevent identity fraud and theft, especially since alternative account representations tied to specific accounts can still be subject to theft and misappropriation.
Innovation Solution
A platform determines a confidence level for transactions based on location data, comparing the location where dynamic data is requested with the location of the transaction, using a method that involves generating dynamic data such as tokens or limited-use keys, and assessing the time elapsed between these locations to authenticate the transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If alternative account representations (tokens, dynamic keys) are used instead of real account numbers, then account security is improved, but these representations can still be stolen and misappropriated
Solution Approach 1:
The patent implements dynamic data that changes over time (tokens, dynamic keys) instead of static account representations. This dynamic nature ensures that even if one dynamic representation is compromised, it becomes invalid after a short period, preventing prolonged misuse by fraudsters.
Solution Approach 2:
The patent adds location and time dimensions to the authentication process by comparing the location where dynamic data is generated with the location where transactions occur. This spatial-temporal verification layer prevents misuse of dynamic data even if it is stolen, as the system can detect location discrepancies.
2Reliability
If location verification is performed by comparing request location with transaction location, then transaction authenticity is improved, but system complexity increases
Solution Approach 1:
The patent leverages existing location capabilities already present in mobile devices and transaction systems. By reusing these existing location functions for verification purposes, the system adds security without requiring entirely new hardware or complex infrastructure.
Solution Approach 2:
The patent introduces a service computer as an intermediary that performs the location comparison and confidence level determination. This intermediary handles the complex verification logic centrally, keeping the overall system architecture simple while enabling sophisticated location-based authentication.
Data Source
AI summary
Described herein is a platform and method for determining a confidence level associated with a transaction that utilizes dynamic data. In some embodiments, the confidence level is determined based on location data received in relation to the transaction. For example, some embodiments are directed to storing first location information collected from a mobile device provided in a request for the dynamic data, receiving second location information related to a transaction conducted using the dynamic data, and comparing the two with respect to the amount of time that has elapsed between collection of each to determine a confidence level associated with a likelihood that the transaction is authentic.