Temporary Identifier for Suspended Financial Accounts
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Solution Overview
Problem
Traditional payment networks face challenges in enabling immediate use of new account numbers after data breaches, leading to inconvenient and frustrating experiences for users, as they cannot process transactions under compromised accounts until the new account number is received, which can lead to loss of customers.
Innovation Solution
A computer-implemented system that generates a temporary identifier and security code for suspended accounts, allowing transactions to proceed even when the account is compromised, by determining these elements when a payment occurs and indicating them to the associated apparatus, ensuring continued processing if the transaction data includes either the temporary identifier or the security code.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If the account number is frozen upon detection of data breach, then security is improved, but transaction continuity deteriorates
Solution Approach 1:
The system segments the account identification function by introducing a separate temporary identifier that is distinct from the compromised account number. This temporary identifier can be used independently for transaction authentication, allowing the original account to be frozen for security while maintaining transaction capability through the segmented identifier.
Solution Approach 2:
The temporary identifier acts as an intermediary element between the frozen account and the transaction processing system. It mediates the authentication process by providing an alternative verification mechanism that does not rely on the compromised account number, thus enabling transactions to proceed while the account remains secured.
2Reliability
If a new account number is issued, then security is improved, but user convenience deteriorates due to delivery time
Solution Approach 1:
The system performs preliminary action by generating and providing the temporary identifier immediately when the data breach is detected, before the new account number is fully processed and delivered. This allows the user to continue transactions without waiting for the physical card or new account details to arrive.
Solution Approach 2:
The system enables self-service by allowing the user to access and use the temporary identifier through existing digital channels (mobile app, online banking) without requiring physical card replacement or manual intervention. The user can independently continue transactions using the digitally delivered temporary identifier.
3Speed
If digital wallet is used for new account number, then delivery speed is improved, but physical card requirement situations are not addressed
Solution Approach 1:
The temporary identifier is designed with multi-functionality to work across multiple payment scenarios. It can be used both in digital wallet transactions and in situations requiring physical card presentation, making it universally applicable regardless of the payment method or terminal type the user needs to employ.
Data Source
AI summary
Computer-implemented systems and methods for processing a financial transaction include determining a temporary identifier associated with an account number based on a determination that the account number is suspended, determining a security code associated with the account number when a payment comprising the account number occurs, indicating the temporary identifier and the security code to an apparatus associated with the account number, and continuing processing the payment if received transaction data of the payment comprises at least one of the temporary identifier or the security code.