Mobile Wallet Authentication via Tokenized Credential Matching
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Solution Overview
Problem
Current systems for mobile wallet transactions lack efficient authentication and integration methods, making secure and convenient fund transfers between mobile devices and financial institutions challenging.
Innovation Solution
A computer system authenticates mobile wallet transactions by matching user-provided login credentials with stored credentials and verifying device and customer tokens, enabling secure fund transfers and account provisioning without manual account information entry, using tokenized credit card numbers and trace IDs for authentication and payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If manual account information entry is required for mobile wallet transactions, then authentication accuracy can be maintained, but user convenience and transaction speed deteriorate
Solution Approach 1:
The system performs preliminary actions by pre-provisioning financial accounts to the mobile wallet and storing tokenized card information in advance. When a transaction occurs, the pre-provisioned accounts and tokens are automatically used without requiring manual entry, thus maintaining both convenience and security
Solution Approach 2:
The system creates a copy of the authentication mechanism by implementing tokenized versions of card accounts that can be used in mobile wallet transactions instead of the original card details. These tokens serve as secure replicas that enable transactions without exposing actual account information
2Reliability
If multiple authentication layers (login credentials, device tokens, customer tokens) are implemented, then transaction security is improved, but system complexity increases
Solution Approach 1:
The system merges multiple authentication elements (login credentials, device tokens, customer tokens, and pre-provisioned accounts) into a unified authentication process. The computer system simultaneously verifies all these elements as an integrated package, managing complexity through centralized coordination while maintaining multi-layered security
Solution Approach 2:
The computer system acts as an intermediary that coordinates and manages the complex authentication process. It receives transaction requests, verifies multiple authentication layers, and facilitates the transaction if all checks pass, thereby managing system complexity through a centralized mediating authority
3Object-affected harmful factors
If tokenized card numbers are used for authentication, then fraud risk is reduced, but implementation complexity increases
Solution Approach 1:
The system creates tokenized copies of card account information that can be used in mobile wallet transactions. These tokens are secure representations that prevent fraud by not exposing actual card details, while the computer system manages the tokenization process centrally to control implementation complexity
Data Source
AI summary
A computer system receives an indication from a user that the user wishes to perform a mobile wallet transaction to transfer funds to a recipient using a mobile device. The transaction is authenticated by the computer system. The authentication includes receiving login credentials manually entered by the user and determining that the login credentials match stored login credentials for the user. The authentication further includes determining that the mobile device has a device token stored thereon that matches a device token stored in a database of the computer system. The device token uniquely identifies the mobile device in the computer system. The authentication further includes determining that the mobile device has a customer token stored thereon that matches the customer token stored in the database. The customer token uniquely identifying the customer in the computer system. The computer system transmits the funds to the recipient responsive to the authenticating step.