Browse Prior Art Database

System and method for performing secure & fast financial transactions

IP.com Disclosure Number: IPCOM000246385D
Publication Date: 2016-Jun-02

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a system and method for performing Secure & Fast financial transactions using a secure QR based “Cash Card”, which will limit the exposure of Bank Accounts during Financial Transactions.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 22% of the total text.

Page 01 of 12

System and method for performing secure & fast financial transactions

System and Method for performing Secure & Fast Financial

Transactions

Majority of financial transactions happening these days involve ATM Cards or Debit Cards. ATM Cards [Automatic Teller Machine] and Debit Cards use Personal-Identification-Number (PIN) based authentication to secure financial transactions eg: ATM Cash withdrawal, Online purchase, In-store purchase from a POS terminal (Point-of-Sale) and so on. The security of these transactions mostly relies on the Card User's ability to keep the Card data (Card Numer, Expiry Date, CVV Number) and PIN secret.

In reality, the venues of financial transactions can be vulnerable to a number of attacks
- Skimming the card reader in ATMs / POS Terminals and capturing the PIN details either through visual observation/through an installed recording device such as camera, or Phishing attacks for online transactions etc. There are also many recent reports of ATM Users being attacked and forced to share the Card / PIN information for cash withdrawal.

All these financial frauds, have lowered the confidence of people in using ATM/Debit Cards for banking transactions. It has become an absolute necessity to have an efficient mechanism to lower the risk of financial frauds and to enable Users in confidently performing ATM/Online transactions, in a faster way.

The solution outlined here pertains to the implementation of a System and Method for generating and using a secure QR* based "Cash Card" (as termed in the rest of the content here).

Novelty & Benefits - "System and Method for performing Secure & Fast Financial Transactions (Cash Cards)"


 Cash Cards enable the card holder to confidently engage in financial transactions, without exposing the entire Bank Account in vulnerable conditions (Eliminates the need to carry Prepaid Cards or Virtual Wallets to limit funding exposure.)


 Cash Cards can be generated on demand and consumed by both Internet and Mobile banking methods and not just limited to Mobile


 Eliminates ATM wait time and enables one-step fast-cash withdrawal at ATM, by simply scanning a Cash-Card as the preferences are pre-defined during the generation step.

1


Page 02 of 12


 One can instantly send money to another person, in the form of Cash Cards (eg: as a gift card) with security preferences (Validity Period, Enforce PIN)


 The solution uses a more secured authentication approach, as the key generation and authentication processes happen at the backend server side. Except for the content in the QR image, the process does not use any client side information (eg: Seed keys stored locally in mobile device) during authentication.


 The proposal can be implemented by extending the existing ATM / Payment Gateway security framework

System and Method for performing Secure & Fast Financial

Transactions - Solution Overview (Cash Cards)

The solution introduces "Cash Cards", which are pre-paid cards created o...