Secure Fund Transfer Verification via Digital Media
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Solution Overview
Problem
Conventional financial account management systems lack sufficient control and security measures, particularly in joint accounts, leading to potential fraudulent charges and penalties due to inadequate communication and oversight of transactions among account holders.
Innovation Solution
A method and system that utilizes a secure message with an image or video related to a proposed purchase to be approved by a secondary user, enhancing transaction authorization and security by requiring digital verification before fund release.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional financial account management systems are used for joint accounts, then account holders can access funds freely, but security control and fraud prevention are insufficient
Solution Approach 1:
The system requires preliminary approval from the primary account holder before funds are released. The approval process is initiated in advance of the actual transaction, with the primary holder reviewing and authorizing the transaction details (amount, merchant, location) before the secondary holder can complete the purchase. This preliminary authorization step enhances security while maintaining operational simplicity for approved transactions.
Solution Approach 2:
The patent introduces a digital verification item (photo or video) as an intermediary element in the transaction process. This verification item serves as evidence that the secondary holder is physically present at the transaction location, providing an additional layer of security without requiring complex biometric authentication systems. The intermediary verification item bridges the gap between simple authorization and sophisticated fraud prevention.
2Reliability
If real-time verification with digital items is required for each transaction, then fraudulent charges are reduced, but transaction processing time increases
Solution Approach 1:
The system applies verification requirements selectively rather than universally. Digital verification items (photos or videos) are required only for transactions that exceed a predetermined amount threshold or meet specific risk criteria. For smaller, routine transactions, the system allows faster approval processes. This partial application of verification measures maintains fraud prevention effectiveness while minimizing time loss for low-risk transactions.
3Reliability
If the primary account holder must approve each transaction, then budget control is improved, but ease of operation for the secondary holder decreases
Solution Approach 1:
The secondary account holder independently initiates transactions by providing transaction details (amount, merchant, location) through the system interface. The secondary holder does not require manual assistance from the primary holder to start the process. The system automatically transmits these details to the primary holder for approval, allowing the secondary holder to shop and initiate purchases as if using traditional payment methods, while the primary holder retains budget control through automated approval notifications.
Data Source
AI summary
A method and system of increasing the security of requests to access funds from a joint bank account by secondary users in order to permit a primary user to securely regulate fund usage are disclosed. The system and method are configured to link to a bank account and restrict the access of funds by secondary users per conditions defined by the primary user(s). An application can be accessed via a computing device that receives requests for funds from secondary users and requires the secondary user to also submit a digital image or video that supports their proposed transaction. The request will only be conveyed to the primary user if the necessary digital verification is received by the system.