Variable Account Identifier Storage for Secure Transaction Authentication
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Solution Overview
Problem
Current electronic transaction systems lack efficient methods for managing and processing transactions securely and efficiently, particularly in terms of consumer account management and payment source selection, leading to complexities in authentication and authorization processes.
Innovation Solution
A computer system and method for managing electronic transactions that includes a server with a processor, network interface, and data store, enabling secure login, account identification, and transaction processing through a communication and routing module, authorization module, and payment source selection, allowing for various types of identifiers and payment sources, including MSISDN, PAN, email, and PIN, to facilitate secure and efficient transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional point-of-sale instruments like bank cards or credit cards are used for transactions, then transaction security is maintained through established authentication protocols, but device complexity and authentication process complexity increase
Solution Approach 1:
The patent extracts the account identifier from traditional physical cards and stores it directly in the consumer's device (mobile phone, tablet, or computer). This eliminates the need for physical card presentation and reduces authentication steps while maintaining security through encrypted storage of the identifier in the device's secure memory.
Solution Approach 2:
The system creates a digital copy of the account identifier and stores it in the consumer's device. This digital replica can be presented electronically during transactions, replacing the need for physical cards and reducing authentication complexity while maintaining the security of the original account information.
2Adaptability or versatility
If multiple payment sources are supported in the system, then payment source selection flexibility improves, but system complexity increases
Solution Approach 1:
The system is designed to handle multiple types of account identifiers universally (PAN, MSISDN, email addresses, social security numbers, driver's license numbers) through a single authentication framework. The server can process different identifier types without requiring separate processing logic for each type, thus providing versatility without proportionally increasing complexity.
Solution Approach 2:
The system dynamically adapts to different payment sources and identifier types based on what is stored in the consumer's device. The authentication process automatically adjusts to handle the specific identifier type presented, providing flexible payment source selection while maintaining a consistent system architecture that doesn't linearly increase complexity with each added payment option.
3Productivity
If user-stored account identifiers are implemented, then transaction processing efficiency improves, but information security risks increase
Solution Approach 1:
The system implements preventive security measures by encrypting the stored account identifier in the consumer's device and implementing secure transmission protocols. These cushioning measures are built into the system beforehand to protect against potential security threats while enabling efficient transaction processing with user-stored identifiers.
Solution Approach 2:
The server acts as an intermediary that verifies and validates the stored identifier without exposing sensitive account information. The server mediates between the consumer's device and the payment processing system, ensuring secure handling of the identifier while enabling efficient transaction processing.
Data Source
AI summary
Each of a plurality of consumer accounts in a data store has a first consumer account identifier. Login information is received from a consumer device over the network interface device. The first consumer account identifier is received from the consumer device and stored in association the consumer account. The first consumer account identifier is storable as one of at least two types of identifiers and the storing by the consumer device of the first consumer account identifier is only permitted upon successful login based on the login information. The charge request is received over a network interface device, the charge request including the amount and the second consumer account identifier. A selected one of the consumer accounts is identified by associating one of the first consumer account identifiers with the second consumer account identifier, and the charge request is processed based on an account detail of the selected consumer account.