Online Banking Access Control via Device Association and Location Verification
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Solution Overview
Problem
There is a need for enhanced control over online banking accounts to restrict access based on user-defined restrictions, as existing systems lack robust mechanisms for ensuring authorized transactions and location-based security.
Innovation Solution
A system that allows customers to associate their mobile devices with online banking accounts, define restricted transactions, and enforce access restrictions by verifying device association and geographic proximity, denying transactions that do not meet these criteria.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If online banking access is restricted based on device association and geographic location, then security against unauthorized access is improved, but system complexity and operational restrictions increase
Solution Approach 1:
The patent segments access control into multiple independent components: device identification/association module, geographic location verification module, and transaction restriction enforcement module. Each component handles a specific aspect of security verification, making the overall system more manageable and reliable while maintaining modular complexity
Solution Approach 2:
The system performs preliminary device association and geographic location verification before allowing transactions. By pre-establishing trusted device relationships and predefined geographic restrictions, the system reduces real-time complexity during actual banking operations while maintaining high security standards
2Reliability
If geographic location verification is performed for each transaction, then unauthorized access prevention is improved, but transaction processing time increases
Solution Approach 1:
Geographic location restrictions are predefined and stored in the system before transactions occur. When a transaction is initiated, the system retrieves pre-established geographic parameters and compares them against current location data, rather than performing complex geographic analysis in real-time, thus maintaining security while reducing processing time
Solution Approach 2:
The system uses device identification information as a proxy for geographic verification. Once a device is associated with specific geographic restrictions, subsequent transactions use the stored device-geography mapping rather than performing complete geographic location analysis for every transaction, reducing time loss while maintaining unauthorized access prevention
3Adaptability or versatility
If device association is required for online banking access, then account control is improved, but ease of operation deteriorates
Solution Approach 1:
The device association process is designed as a self-service operation where users automatically provide device identification information and define their own geographic restrictions without requiring manual verification or complex configuration. The system autonomously processes the association and enforces restrictions, giving users enhanced account control while maintaining ease of operation through automated workflows
Data Source
AI summary
Disclosed is a system and associated method for restricting access to a customer's online banking account. The system typically includes a processor, a memory, and an online banking module stored in the memory. The module is typically configured for determining that a computing device has initiated a first online banking transaction associated with the customer's online banking account. If the first online banking transaction is within a first restricted transaction definition and if the computing device is not enrolled with the customer's online banking account, geographic location information associated with the computing device and geographic location information associated with a first mobile device enrolled with the customer's account are received. The module determines whether the location of the computing device is proximate to a predefined location and/or whether the location of the computing device is proximate to the location of the first mobile device.