Smart Payment Token Emulation for Secure Legacy Card Readers
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Solution Overview
Problem
Existing credit cards are susceptible to theft and compromise, and smart integrated circuit chip and RF technology cards are not compatible with the existing credit card infrastructure.
Innovation Solution
A smart multi-function electronic device that generates a magnetic field with alternating polarity to emulate a conventional card, includes proximity sensing and secure transaction processing, and supports multiple accounts with limited-duration payment numbers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If smart integrated circuit chip and RF technology are used to improve security, then security is improved, but compatibility with existing credit card infrastructure deteriorates
Solution Approach 1:
The patent creates a copy of the conventional magnetic strip card interface using an inductor assembly that generates a magnetic field identical to a magnetic strip. This allows the smart card to be read by conventional magnetic strip readers, achieving backward compatibility while maintaining the security benefits of smart card technology through the magnetic field simulation
Solution Approach 2:
The inductor assembly acts as an intermediary between the smart card's microprocessor and conventional magnetic strip readers. It converts the smart card's electronic data into a magnetic field pattern that conventional readers can interpret, enabling communication between incompatible systems
2Adaptability or versatility
If conventional magnetic strip cards are used to ensure wide compatibility, then adaptability is improved, but security deteriorates due to susceptibility to theft and compromise
Solution Approach 1:
The patent implements dynamic data generation where the magnetic field pattern changes with each transaction. The microprocessor generates unique magnetic field patterns based on transaction parameters, making each card presentation different and preventing theft or compromise of static magnetic strip data
Solution Approach 2:
The inductor assembly generates magnetic field patterns at specific rates determined by the microprocessor. This periodic generation of magnetic field data, synchronized with the card swiping motion, creates secure, time-varying transaction codes that enhance security while maintaining compatibility
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Enhances security and compatibility with existing infrastructure by securely emulating conventional cards and enabling multiple account use with limited-duration transactions.
Implementation Method 1
a dynamic magnetic region (strip) incorporating a main inductor assembly from which magnetic field data symbols are dynamically generated
Implementation Method 2
auxiliary rate detection assembly independent of the main inductor assembly... capable of detecting a rate at which the card is being passed over the credit card reader's head
Data Source
AI summary
A method of conducting a currency transfer, the method comprising: receiving, at a first electronic device, a user input initiating a direction of currency transfer responsive to the first electronic device disposed in proximity of a second electronic device; displaying, on a display of the first electronic device, at least one image representing a selected transaction account; wherein a memory of the first electronic device comprises user-specific information and a selected transaction account funded amount; receiving, at the first electronic device, a user input of a transferred currency amount for transfer to the second electronic device, wherein the transferred currency amount is at least a portion of the selected transaction account funded amount; receiving, at the first electronic device, an authorized user confirmation of a currency transfer using the selected transaction account; detecting, by a proximity sensing of the first electronic device, that the first electronic device is within a predetermined proximity of the second electronic device; in response to detecting that the first electronic device is within a predetermined proximity of the second electronic device, generating, by a processor of the first electronic device, a limited-use currency transfer information based on the user-specific information and the selected transaction account funded amount; transmitting, by a wireless communications interface of the first electronic device, the limited-use currency transfer information from the first electronic device to the second electronic device; and effecting a transfer of currency between a transaction account of a user of the first electronic device and the second electronic device user, wherein the currency is selected from the group comprising of: funds, digital-currency, cryptocurrency, debt, and credit.