Transfer Code Verification for Account Security
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Solution Overview
Problem
Conventional identity verification techniques in electronic commerce often require users to have a debit or credit card, which can be inconvenient for those without these financial instruments, leading to difficulties in depositing funds into online accounts and facilitating online financial transactions.
Innovation Solution
A system and method that generates a transfer code for clients, associates it with their accounts, and uses this code to verify fund transfer requests from trusted entities, such as regulated banking institutions, allowing for secure and verified transactions over a network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional identity verification techniques using debit or credit cards are used, then financial transaction security is improved, but accessibility for users without these cards deteriorates
Solution Approach 1:
The patent introduces a trusted entity as an intermediary that issues transfer codes to users. This mediator enables users without traditional financial instruments to participate in online transactions while maintaining security through the trusted entity's verification process. The trusted entity acts as a bridge between users and the online service provider, resolving the contradiction between security and accessibility.
Solution Approach 2:
The patent creates a functional copy of traditional card-based verification by issuing transfer codes that serve the same purpose as debit or credit card numbers. These codes replicate the identification and authentication functions of physical cards in a digital format, allowing users without cards to access online financial services with equivalent security.
2Adaptability or versatility
If transfer code verification system is implemented, then accessibility for users without debit or credit cards is improved, but system complexity increases
Solution Approach 1:
The patent divides the verification system into separate functional components: the online service provider that issues transfer codes, the trusted entity that validates them, and the users who possess them. This segmentation allows each component to perform its specific function independently, managing system complexity through modular architecture while expanding accessibility.
Data Source
AI summary
In accordance with embodiments of the present disclosure, systems and methods for facilitating electronic commerce over a network include generating a transfer code for a client, associating the transfer code to a client account related to the client, providing the transfer code to the client over the network, receiving a fund transfer request from a trusted entity on behalf of the client over the network, the fund transfer request including the transfer code, extracting information from the fund transfer request including the transfer code associated with the fund transfer request, accessing the client account related to the client, extracting information from the client account including the transfer code associated with the client account, and verifying the transfer code of the fund transfer request by determining whether the transfer code associated with the client account matches the transfer code extracted from the fund transfer request.