Virtual Wallet Identity Verification System
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Solution Overview
Problem
Users face friction and increased risks of identity theft when repeatedly providing and verifying personal identifying information (PII) to multiple service providers for different accounts, leading to inefficient subscription processes.
Innovation Solution
The system employs virtual wallets to authenticate users and provide verified PII to service providers, leveraging a financial institution's KYC process to avoid further verification, thereby streamlining the subscription process and reducing identity theft risks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users provide PII to multiple service providers for account verification, then service providers can verify user identity, but users experience friction and increased identity theft risks
Solution Approach 1:
The patent merges multiple verification processes into a single centralized verification system. Instead of users separately providing PII to each service provider, the system consolidates verification through a unified platform that handles multiple service providers, reducing repetitive submission and improving ease of operation while maintaining verification reliability
Solution Approach 2:
The patent introduces a centralized verification system as an intermediary between users and service providers. This intermediary receives PII once from the user, verifies it centrally, then shares verified information with multiple service providers, eliminating the need for users to repeatedly provide information and reducing identity theft risks
2Measurement precision
If service providers verify PII separately for each user account, then each provider ensures accurate verification, but the subscription process becomes inefficient and time-consuming
Solution Approach 1:
The patent performs verification in advance through a centralized system before users need to subscribe to multiple services. By pre-verified PII and storing it in a secure centralized database, the system eliminates repetitive verification steps, significantly improving subscription processing efficiency while maintaining verification accuracy through the initial thorough check
Solution Approach 2:
The patent creates a universal verification system that serves multiple service providers simultaneously. This multi-functional platform verifies user information once and makes it available to numerous providers, maintaining high verification accuracy across all providers while dramatically improving overall subscription processing efficiency
3Reliability
If users repeatedly submit PII to different service providers, then each provider receives necessary information, but identity theft risks increase
Solution Approach 1:
The patent introduces a centralized verification system as a secure intermediary that collects and stores PII once in a protected environment. This intermediary then selectively shares verified information with service providers through controlled interfaces, ensuring information completeness for all providers while minimizing exposure and reducing identity theft risks
Solution Approach 2:
The patent creates secure digital copies of verified PII that can be shared with multiple service providers without requiring users to repeatedly submit original information. These controlled copies maintain information completeness for verification purposes while reducing the risks associated with multiple submissions of sensitive data
Data Source
AI summary
Systems and methods are provided for verifying a user, through an account associated with the user, in connection with a subscription of the user to a service from a service provider. One exemplary system includes a memory having an account for the user, and a platform computing device coupled to and/or including the memory. The computing device is configured to receive a request from the service provider, in connection with the user subscribing to the service, and authenticate the user. When the user is authenticated, the computing device is configured to generate a subscription message for the user comprising assurance data based on the user's account, a timestamp, and an identifier associated with the user, and transmit the subscription message to the service provider, to thereby permit the service provider to rely on the assurance data to verify the user.