Mobile Decoding System for Secure Financial Transactions
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Solution Overview
Problem
Current magnetic stripe card readers are cumbersome and limited to traditional payment transactions, lacking the ability to facilitate payments between individuals using mobile devices, and there is a need for improved decoding systems that can securely process financial transactions with cryptographic key verification.
Innovation Solution
A decoding system integrated into a mobile device, featuring a miniaturized card reader that decodes magnetic stripe data, a transaction engine for secure financial transaction processing, and a payment system with cryptographic key verification to enable secure transactions between individuals without sharing sensitive card information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional magnetic stripe card readers are used, then card reading function is provided, but the device size is large and portability is poor
Solution Approach 1:
The patent combines the card reader functionality with a mobile device, merging two separate functions (mobile device and card reader) into a single integrated unit. This eliminates the need for a separate bulky card reader device while maintaining portability and reading capabilities.
Solution Approach 2:
The mobile device serves multiple functions: it acts as both a communication device and a card reader. The universal interface allows the mobile device to read magnetic stripe cards while maintaining its primary functions, achieving multi-functionality without increasing size.
2Reliability
If card information is shared directly between parties, then transaction processing is simple, but security and privacy are compromised
Solution Approach 1:
The patent introduces an intermediary system that processes transactions without requiring direct sharing of sensitive card information between parties. The mobile device reads the card information, but the actual transaction processing is handled through an intermediate payment system that protects the confidentiality of card details.
Solution Approach 2:
Instead of sharing the actual card information, the system uses a copy or representation of the card data that can be processed for transactions without exposing the real sensitive information. This allows transaction processing while maintaining security through data abstraction.
3Reliability
If cryptographic key verification is implemented, then transaction security is improved, but processing time and system complexity increase
Solution Approach 1:
The cryptographic key verification is performed as a preliminary step in the transaction process, before actual payment processing. By establishing security credentials in advance through the intermediary system, the verification process is streamlined and does not significantly impact the main transaction flow.
Data Source
AI summary
A decoding system includes a decoding engine running on a mobile device that decodes signals produced from a read of a first party's financial transaction card. The decoding engine accepts and initializes incoming signals from a read of the first party's financial transaction card until the signals reach a steady state, detects the read once the incoming signals are in a steady state, identifies peaks in the incoming signals and digitizes the identified peaks in the incoming signals into bits. A transaction engine runs on the mobile device and is coupled to the decoding engine. The transaction engine receives as its input decoded first party's financial transaction card information from the decoding engine, and serves as an intermediary between the first party and a second party, so that the first party does not have to share his/her financial transaction card information with the second party.