Secure Payment Token Mediator for Fraud Prevention
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current financial transaction systems are vulnerable to fraud due to reliance on unsecured communication channels, such as email and SMS, which expose sensitive information and increase the risk of payment misdirection and interception.
Innovation Solution
A method that utilizes a unique payment identification token within a secure channel to facilitate payments, allowing senders and receivers to interact through secure interfaces, reducing reliance on third-party sites and enabling secure payment processing while maintaining sensitive details within secured channels, and includes risk assessment and fraud prevention strategies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If unsecured communication channels (email, SMS) are used for financial transactions, then ease of operation is improved, but security and reliability deteriorate due to fraud risks and exposure of sensitive information
Solution Approach 1:
The patent introduces a unique payment identification token as an intermediary that mediates between the sender and receiver. Instead of directly sharing sensitive account information through unsecured channels, the token acts as a secure placeholder that can be safely transmitted via email or SMS. The token redirects to a secured channel where the actual payment processing occurs, thus maintaining ease of operation while eliminating security risks associated with exposing sensitive financial data.
2Productivity
If sensitive account information is transmitted through unsecured channels, then productivity is improved by simplifying the transfer process, but harmful factors increase due to fraud and interception risks
Solution Approach 1:
The patent extracts the sensitive account information from the communication channel entirely. Instead of transmitting account numbers, routing numbers, or other sensitive financial data through email or SMS, the system transmits only a non-sensitive unique payment identification token. The actual sensitive information remains stored securely in the payment processing system and is only accessed through secured channels after the token is validated, thus maintaining transfer efficiency while eliminating fraud risks.
3Reliability
If all payment details are kept within secured channels, then security is improved, but ease of operation worsens due to restricted access and additional steps
Solution Approach 1:
The patent segments the payment process into two distinct phases: an initial unsecured phase for token transmission and a secured phase for actual payment processing. The unique payment identification token serves as a bridge between these phases. Users can easily share the token through unsecured channels like email or SMS, but the sensitive payment details are only accessed in the secured phase through authenticated channels. This segmentation allows the system to maintain high security standards while preserving user convenience.
Data Source
AI summary
In some aspects, the techniques described herein relate to a method for a secure transaction comprising: receiving a transaction request comprising payment information, at a payments platform executed by a server and from a sender interface executed on a sender's device; generating, at the payments platform, a link with a unique payment identification token specific to the transaction request; sending the link with the unique payment identification token to a receiver; receiving an API call when the link is activated by the receiver using a receiver interface executed on a receiver's device; in response to the payments platform determining the link is activated, sending available payment details to the receiver and a request for a receiver detail; receiving the receiver detail; conducting a assessment based on the payment information and the receiver detail; and based on the assessment exceeding a threshold, executing a payment according to the transaction request.