Magnetic Strip Identifier Rotation for Secure Event Processing
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Solution Overview
Problem
Devices that store user and account information on magnetic strips are vulnerable to unauthorized access, allowing unauthorized transactions as the data is directly stored on the strip.
Innovation Solution
Encoding a first identifier on the magnetic strip, which is a string of characters including a key, that is used to link to user and account information, and upon processing an event, a second identifier is generated and the first identifier is deleted, providing an additional layer of security by limiting the data's usability.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If user and account information is stored directly on the magnetic strip, then event processing is convenient and fast, but security is compromised allowing unauthorized access and transactions
Solution Approach 1:
The patent segments the data stored on the magnetic strip by separating direct user and account information from event processing data. Instead of storing complete account information, the system stores segmented data structures containing identifiers, keys, and reference information that point to external databases, thereby improving security while maintaining processing capability
Solution Approach 2:
The patent introduces intermediary elements (identifiers and keys) that mediate between the magnetic strip data and the actual user/account information. These intermediaries are stored on the device while the sensitive information resides in external databases, creating a security buffer that prevents direct unauthorized access while enabling legitimate event processing
2Productivity
If complete user and account information is stored on the magnetic strip, then event processing is efficient, but unauthorized users can access and misuse the data
Solution Approach 1:
The patent extracts sensitive user and account information from the magnetic strip storage and relocates it to external secure databases. The magnetic strip retains only essential processing data (identifiers and keys), which are insufficient for unauthorized transactions on their own, thereby eliminating the harmful factor of data exposure while preserving processing efficiency through rapid local data retrieval
Solution Approach 2:
The patent implements disposable or frequently rotating identifiers and keys on the magnetic strip that have limited validity periods or single-use characteristics. These temporary data elements can be updated or invalidated remotely, ensuring that even if compromised, the damage is limited and the system can quickly rotate to new credentials, maintaining productivity while mitigating unauthorized access risks
Data Source
AI summary
Systems and arrangements for providing secure event processing by modifying a magnetic strip, chip, or the like, on a device are provided. In some examples, a device may include a magnetic strip that may be encoded with a first identifier. The first identifier may be a string of characters and may include a key. Upon using the device, the data from the magnetic strip may be read and the first identifier may be retrieved. The system may process the retrieved first identifier to extract the key which may be used to retrieve user and/or account information. In some arrangements, the account information may be used to process the event and a second identifier, may be generated. The device may be modified to include the second identifier, which may be used in processing a subsequent event. In some examples, the first identifier may be deleted from the device.