Remote Payment Card Switching for Fraud Risk Control
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Solution Overview
Problem
Current payment systems lack direct control by the payment instrument holder, leading to increased risk of fraud and misuse, as payment instruments are always 'on' and require human intervention for blocking or enabling, resulting in delays and inefficiencies.
Innovation Solution
A computer system and method allowing payment vehicle holders to remotely enable or disable their payment vehicles through text messages or emails, providing automated control without human intervention.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If payment instruments are always turned on to ensure continuous availability for transactions, then ease of operation is improved, but security and fraud risk worsen due to lack of control
Solution Approach 1:
The payment instrument transitions from a static always-on state to a dynamic state that can be switched between enabled and disabled by the holder through automated processes, allowing flexibility in controlling availability while maintaining security
Solution Approach 2:
The payment holder directly controls the enabled/disabled status of their own payment instrument through automated systems, eliminating the need to contact customer service representatives and providing immediate control over security and availability
2Device complexity
If payment instruments are blocked only after fraudulent events occur through customer service intervention, then device complexity is minimized, but loss of time increases due to delays in blocking
Solution Approach 1:
The system enables payment holders to pre-configure automated blocking rules and conditions, allowing immediate response to fraudulent events without waiting for customer service intervention, thus reducing time loss while maintaining process simplicity
Solution Approach 2:
The system implements automated feedback loops where transaction data is continuously monitored and compared against holder-defined rules, enabling real-time blocking decisions without manual intervention and reducing the time delay in responding to fraud
3Ease of operation
If customer service representatives handle all blocking and enabling requests, then ease of operation is reduced due to manual intervention requirements, but device complexity is minimized
Solution Approach 1:
The payment holder directly manages their own payment instrument status through automated systems via text messages or emails, eliminating the need for customer service intervention and providing immediate control, while the automated system handles the complexity of status changes
Solution Approach 2:
An automated computer system acts as an intermediary between the payment holder and the payment processing network, translating holder requests into system commands and managing the complexity of status changes, thus improving ease of operation for holders while containing device complexity within the automated system
Data Source
AI summary
A computer system and method for enabling or disabling a payment vehicle at the request of a payment card holder from a remote device. The computer system comprises a computer having memory and a processor for processing input data received from a remote device. The input data comprises an instruction executable by the processor in a form of a text message or electronic mail received from the remote device, with the instruction to enable or disable a payment card of a payment card holder by changing the status of the payment card. An interactive remote interface computer software application is provided to the payment card holder for use on the remote or other device.