Secure Wire Verification Using Public-Key URL and Split Encryption
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Solution Overview
Problem
Existing wire fraud prevention systems are vulnerable to attacks, particularly in transactions involving title companies and home buyers, due to the lack of secure and efficient verification mechanisms, which can lead to significant financial losses.
Innovation Solution
A system utilizing Zero Knowledge architecture, generating a URL associated with a public key, incorporating multiple layers of security, and employing a verification system that includes a compound key hashed with a salt, split encryption, and additional authentication factors to ensure secure information sharing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If phone verification is used to verify wire information, then security against wire fraud is improved, but verification time increases and operation complexity increases
Solution Approach 1:
The system performs preliminary verification by generating a verification code from the wire information before the actual wire transfer occurs. This code is sent to the customer in advance, allowing them to verify the legitimacy of the wire request without requiring real-time phone contact during the transaction process.
Solution Approach 2:
The patent introduces an intermediary verification code as a mediator between the wire information and the customer. Instead of direct phone verification, the customer receives and validates this intermediate code, which serves as proof of legitimate wire information without requiring synchronous communication with the title company.
2Reliability
If phone verification is used to verify wire information, then security against wire fraud is improved, but operation complexity increases
Solution Approach 1:
The system enables self-service verification where the customer independently receives and validates the verification code without requiring an operator to guide them through the process. The automated system handles code generation, delivery, and validation, reducing the need for customer interaction with title company staff.
Solution Approach 2:
The verification code acts as an intermediary that simplifies the operation for the customer. Instead of navigating complex phone verification protocols or waiting for staff availability, the customer simply receives and checks the code, making the process more straightforward and easier to complete.
3Adaptability or versatility
If email accounts are compromised to send fraudulent wire information, then fraud capability is improved, but security of wire information is worsened
Solution Approach 1:
The system performs preliminary verification by generating a verification code from the wire information before the actual wire transfer occurs. This code is sent to the customer in advance, allowing them to verify the legitimacy of the wire request without requiring real-time phone contact during the transaction process.
Solution Approach 2:
The system implements a feedback mechanism where the verification code provided to the customer can be validated against the original wire information. This creates a closed-loop verification system that provides immediate feedback on whether the wire information is legitimate, allowing customers to detect compromised or fraudulent information.
Data Source
AI summary
A method of using the system for secure wire verification and information sharing. The method includes executing a preliminary transaction wherein at least one datum is used in the preliminary transaction wherein the at least one datum is known by the sharing party and the receiving party and wherein the at least one datum is absent from the verification system. The method includes initiating a primary transaction and generating a URL associated to a public key. The method includes the delivery system requesting the primary transaction and the receiving party confirming accuracy of the at least one datum. The method includes providing at least one additional layer of security and allowing the primary transaction to occur. The method also includes sharing information securely between the two parties.