Proxy Card Wallet Access Without Stored Security Codes
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Solution Overview
Problem
The increasing complexity and quantity of credit, debit, and stored-value cards make it difficult for users to organize, manage, and securely access their card-related assets, leading to inefficiencies and potential loss or theft of physical cards.
Innovation Solution
A computer-implemented method and system that utilizes a proxy card associated with an electronic wallet, allowing secure access to stored value using a security code calculation and provision system, enabling electronic transactions without storing the security code.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If physical cards are used for storing value, then users have tangible access to their funds, but users face risks of loss, theft, and difficulty in organizing multiple cards
Solution Approach 1:
The patent replaces physical cards with electronic wallet applications that contain digital copies of card information. The electronic wallet stores account numbers, expiration dates, and other card data in a secure digital format, allowing users to access their funds without carrying physical cards. This eliminates the risks of loss and theft while maintaining convenient access to multiple accounts through a single mobile device.
Solution Approach 2:
The patent combines multiple card accounts into a single electronic wallet application. Users can store and manage multiple credit cards, debit cards, and stored-value cards within one mobile app, consolidating what would otherwise require carrying multiple separate physical cards. This merging improves organization and ease of access while maintaining security through the wallet's protected environment.
2Productivity
If security codes are stored on electronic devices, then transactions can be processed electronically, but the security code may be compromised or stolen
Solution Approach 1:
The patent performs security code calculation in advance of the actual transaction. When a user adds a card to their electronic wallet, the system calculates the security code (CVV) using the card's account number, expiration date, and other stored information. This pre-calculated code is then used during transactions without needing to store sensitive card data, enabling efficient electronic processing while maintaining security through mathematical derivation rather than storage.
Solution Approach 2:
The patent introduces a security code calculation system that acts as an intermediary between the stored card information and the transaction processing system. Instead of directly storing and transmitting sensitive security codes, the system uses the card's public information (account number, expiration date) as an intermediary to generate the required security code dynamically. This intermediary approach enables transaction efficiency while protecting security through mathematical transformation rather than direct storage.
Data Source
AI summary
Systems and methods for associating a proxy card with an electronic wallet are disclosed. A computer implemented method may include receiving an authentication information of a proxy card, and associating the proxy card with an electronic wallet, wherein associating the proxy card with the electronic wallet allows secure access to the electronic wallet when the proxy card is presented at a point of sale. A system may include a proxy card comprising authentication information, and an electronic wallet associated with the proxy card, wherein the association of the electronic wallet with the proxy card allows secure access to the electronic wallet when the proxy card is presented at a point of sale. A wallet redemption card may comprise a rewriteable magnetic stripe, a smart chip, a wireless communicator operably connected to the smart chip, and an interface operably connected between the rewriteable magnetic stripe and the smart chip.