Mobile Gateway Authentication via M-PIN and CUID
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Solution Overview
Problem
Mobile devices pose security risks for financial transactions due to interception of signals and the risk of lost or stolen devices containing sensitive financial information, necessitating a secure method for initiating and participating in financial transactions.
Innovation Solution
A method and system that utilize a mobile personal identification number (M-PIN) and Customer Unique Identifier (CUID) to generate a Mobile Unique Identifier (MUID), which provides secure access to financial account processors through a gateway, involving enrollment processes, security challenge questions, and SMS activation codes to ensure secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If mobile devices are used for financial transactions, then convenience and accessibility are improved, but security risks increase due to signal interception and device loss
Solution Approach 1:
The patent introduces a gateway as an intermediary component that mediates between the mobile device and financial account processors. The gateway receives authentication credentials (M-PIN, CUID) from the mobile device, verifies them against stored enrollment information, and establishes secure connections to financial processors. This intermediary architecture allows mobile devices to access financial services conveniently while the gateway handles security verification, preventing direct exposure of sensitive financial data to the mobile device and mitigating risks from signal interception and device loss.
2Reliability
If extensive security measures are implemented, then transaction security is improved, but system complexity increases
Solution Approach 1:
The patent segments the financial transaction system into distinct functional components: mobile device client, gateway authentication server, and financial account processors. Each component has a specific security responsibility - the mobile device stores credentials securely, the gateway handles authentication logic and enrollment management, and financial processors handle transaction processing. This segmentation allows comprehensive security measures to be implemented in each segment independently without requiring the entire system to become uniformly complex, making the overall system more manageable while maintaining high security standards.
3Reliability
If multiple authentication factors are required, then security is improved, but ease of operation deteriorates
Solution Approach 1:
The patent implements preliminary action by requiring users to complete an enrollment process beforehand, during which authentication credentials (M-PIN, CUID) are generated and stored securely. Once enrolled, users can access financial services using these pre-configured credentials without needing to repeatedly provide multiple forms of authentication. The gateway has already verified and stored the enrollment information during the initial setup, so subsequent transactions can proceed more smoothly while still maintaining security through the pre-verified credentials.
Data Source
AI summary
Systems and methods for providing secure access of at least one of multiple financial account processors to a mobile device and/or facilitating secure financial transactions initiated from a mobile device via a gateway. One method can include receiving a mobile personal identification number (M-PIN) number and Customer Unique Identifier (CUID) from a mobile device and processing the received M-PIN and CUID to identify a Mobile Unique Identifier (MUID). The MUID identifies an account of at least one financial account processor accessible via a gateway, and the mobile device is provided access to the account through the gateway.