Mobile Identity Verification Using Multi-Factor Transaction Authentication
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Solution Overview
Problem
The increasing sophistication of electronic fraud schemes, particularly in real-time transactions, highlights the need for a system that can quickly and accurately verify and authenticate the identities of all parties involved in a transaction, as well as the documents and information being exchanged, to prevent unauthorized access and fraud.
Innovation Solution
A method and system that utilizes multi-factor authentication, including security credentials, biometric identifiers, and mobile communication device information, to verify identities and authenticate users in real-time, using a secure transaction environment managed by data processing hardware and a distributed ledger database.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multi-factor authentication is implemented to verify identities, then transaction security is improved, but system complexity increases
Solution Approach 1:
The authentication system is segmented into multiple independent verification factors (biometric identifiers, security credentials, device information) that can be processed separately and combined to achieve comprehensive security without overwhelming system complexity
Solution Approach 2:
A distributed ledger database acts as an intermediary to securely store and verify authentication data, reducing the complexity burden on the main transaction system while maintaining high security standards
2Reliability
If real-time identity verification is performed, then fraud prevention is improved, but processing time increases
Solution Approach 1:
Authentication data including biometric identifiers and security credentials are verified and stored in the distributed ledger in advance, enabling rapid real-time verification during transactions without significant processing delays
Solution Approach 2:
Traditional manual or sequential verification processes are replaced with automated biometric identification and cryptographic verification systems that operate at machine speed, enabling real-time fraud prevention without time loss
3Measurement precision
If biometric identifiers are used for authentication, then identity verification accuracy is improved, but privacy risks increase
Solution Approach 1:
The distributed ledger database serves as a secure intermediary that stores and processes biometric data with enhanced privacy protections, allowing accurate verification while mitigating privacy risks through decentralized, secure data management
Solution Approach 2:
Biometric data is processed in a secure, isolated cryptographic environment within the distributed ledger system, protecting sensitive information from external access while maintaining verification accuracy
Data Source
AI summary
A method for verifying identities of parties to a transaction includes receiving a login attempt from a mobile communication device, the login attempt including a security credential. The method determines that the security credential of the login attempt from the mobile communication device is authentic. The method communicates a one-time access code to the mobile communication device. The method receives a one-time entry code and mobile communication device information from the mobile communication device. The method determines that the one-time entry code and the mobile communication device information from the mobile communication device satisfies the communicated one-time access code and predetermined user mobile communication device information. The method provides by the mobile communication device access to a secure transaction environment.