Description:CYBERSECURITY TECHNOLOGY FOR SMART FINANCIAL TRANSACTIONS
BACKGROUND
Technical Field
[0001] The embodiments herein generally relate to cyber security technology for smart financial transactions.
Description of the Related Art
[0002] The sphere of devices configured to authorize transactions the usage of relaxed detail microchips. Greater especially, this invention relates to tokens or cell network devices that comprise comfortable detail microchips and are configured to authorize economic transactions over the internet. The device of wearing out secure charge on the internet produces in the center period nineteen nineties 20th century at the start from it and has a totally large improvement, and definitely associated credit card fraud has found out being absent from the scene with another holder the parity checking of swindle that finish the business. contactless transaction initiation is often completed with a smart card. This type of card usually consists of radio-frequency identity additives for contactless communication with a factor-of-sale device, a chip, and a magnetic stripe that permits the card also for use in a traditional magnetic-stripe card reader.
[0003] The reality is that present-day threats pass the conventional legacy defense gear on each day's foundation. those equipment need a brand new tool primarily based on a brand new technique which could supplement them and mitigate their deficiencies. in the complicated modern-day world it's far high quality that the method is fully automatic as it's far definitely impossible for people to sift thru the considerable quantity of safety facts accumulated every minute within a virtual enterprise. diverse price networks exist for facilitating get right of entry to monetary debts in connection with the processing of financial transactions. such fee networks encompass an automatic Clearinghouse community, proprietary networks of financial establishments, debit networks, credit score networks, and so forth. E-banking and e-trade are getting increasingly integrated with our everyday lives. we are introducing new ideas and teachings for relationship banking and cell banking here, to enhance the contemporary state of e-banking and e-trade, with useful functions for both banks.
[0004] In a few price technology including smartcards, a microchip referred to as a security detail is embedded into the price card, the payment fob, or another device that may be used for making payments. a good way to extract records from the SE, an interrogator, also noted herein as a reader, is required to have interaction electrically with the SE. by way of ensuring that repaying debatable CNP transaction and trying to boom client to the belief of safety is make the problem more serious from the different path most effective. Many online exchange companies have canceled transactions of receiving credit cards because the goods that they can not help repeatedly is not paid the bill, defined do now not pay the invoice with or honest or rogue to question the customer of transaction relevant. The facts communicated thru the RFID additives are normally similar or identical to the statistics recorded at the magnetic stripe. price systems that use contactless playing cards are usually confined to furnishing a mechanism for a payment channel. In a few systems, price requests are routed thru a traditional debit or credit authorization network, at the same time as in other systems, price requests are processed offline by way of the card. The reader commonly follows standards set forth by using the international enterprise for Standardization or proprietary standards established using monetary establishments or other software vendors. similarly to making bills such gadgets may be used for different purposes which include controlling.
SUMMARY
[0005] In view of the foregoing, an embodiment herein provides a cyber security technology for smart financial transactions. the existing disclosure affords, in one embodiment, a self-authorizing clever token that consists of a mounting shape having a crucial communique connector configured to hook up with a pc terminal. This embodiment also consists of a comfy element that is affixed to the mounting structure and the comfy detail has a facts file. in which a comfy facts access tool incorporates the tool of the identification statistics inputting the cardboard of card-issuing monetary group distribution for a person, and in a secure manner identification facts is sent to the device of gateway device at the net at public information. methods and apparatus for contactless initiation of transaction processing. In a primary set of embodiments, methods are furnished for processing a financial transaction initiated with the aid of a consumer with a contactless transaction tool. primary electromagnetic transmission is acquired from the contactless transaction tool.
[0006] An equipment extension may additionally cooperate with a cyber protection gadget. The system extension carries out multiple features. The equipment extension has a monitoring module configured to screen metrics and get hold of signs regarding capability cyber threats on a machine. The gadget can consist of an e-mail tool. The systems and strategies taught here assist lessen the value of processing for economic institutions/banks, and convey more clients for the monetary group, in addition to greater convenience and additional alternatives for the clients, similarly to faster processing of applications, which usually benefit all worried, inclusive of the financial machine, which blessings from easier circulate of cash. There can be also a comfy element reader that is affixed to the mounting shape and configured to interrogate the secure element using a manner of executing file machine capabilities according to and to generate record statistics from the relaxed detail data document.
[0007] Which gateway tool comprises identity facts being handed to card-issuing economic groups in different statistics and receiving the device approving reaction from card-issuing financial institutions at the net. Primary electromagnetic transmission gives an identification of a monetary account and an adjunct identifier. Transaction information defining aspects of the economic transaction is electromagnetically transmitted to the contactless transaction tool. A 2nd electromagnetic transmission is received from the contactless transaction device. The second one electromagnetic transmission gives authentication records and a digital signature originating from the transaction information through the software of a cryptographic key maintained at the contactless transaction device. the appliance extension has an investigative module configured to retrieve and show metrics on a user interface to assist investigations on ability cyber threats. The equipment extension has a far-flung response module configured to examine and ship one or more control alerts to an independent response module to take actions to counter one or more detected cyber threats, remotely from this equipment extension.
[0008] We present Pre-approval, fulfillment, and alertness system. We gift monetary products for the protection of purchasers. We gift relationship-based total scores. We present software for credit score documents for a Binding Pre-acclaim for Lending merchandise. We gift Deposit Slip purchases. In phase 6, we present lowering fraud on credit cards. We also speak about the device and components, with exceptional versions of machine and technique, or their designs. The self-authorizing clever token additionally has a communications controller this is affixed to the mounting shape that is configured to obtain the record information from the secure detail reader and that is configured to transform as a minimum a portion of the report data into transaction records and to transmit the transaction records to the laptop terminal thru the communications connector.
[0009] Personal records networks can be the interbank community for transmitting digital transaction records. non-public statistics community can offer thru the committed network handiest for sporting out the such digital transaction. Or personal information networks may be the virtual private network supplied thru the foremost public statistics community. major public records network may be the net. The contactless transaction device is authenticated with an analysis of the authentication records and digital signature. An authorization request for approval of the financial transaction is transmitted over a payment network to a provider system maintained using or on behalf of an issuer who keeps the financial account. A response to the authorization request is obtained from the provider machine. The person interface cooperates with the modules to display their applicable information on a show display screen. Instructions associated with one or greater of the modules are stored in single or more memory and can be achieved with the aid of one or greater processors.
[0010] A self-authorizing clever token has a mounting shape that has a critical communique connector that is configured to hook up with a computer terminal. There's a comfy detail this is affixed to the mounting structure, and the secure element comprises a statistics file comprising financial authorization statistics. There is a communications controller that is affixed to the mounting structure and configured to extract at least a portion of the economic authorization facts from the comfortable detail information record and configured to encrypt at least a portion of the economic statistics and to transmit the encrypted financial authorization records as transaction records to the computer terminal the use of the conversation connector. Gateway device preferably also comprises the tool for accreditation reaction being handed to comfy statistics entry tool. in a favored embodiment, the cozy data access tool additionally accommodates the tool proved for deriving inclined of proof from accreditation reaction, and inclined of evidence proves the identity statistics of the customer is proven via card-issuing economic institution. Monetary transactions that can be applied with embodiments of the invention include a credit transaction that will increase extremely good stability of the monetary account and a debit transaction that decreases the balance of the monetary account. In one embodiment, the contactless transaction device contains a magnetic stripe, with the identity of the economic account being encoded at the magnetic stripe. Those and other features of the layout furnished herein may be better understood close to the drawings, description, and claims, all of which form the disclosure of this patent application.
[0011] These and other aspects of the embodiments herein will be better appreciated and understood when considered in conjunction with the following description and the accompanying drawings. It should be understood, however, that the following descriptions, while indicating preferred embodiments and numerous specific details thereof, are given by way of illustration and not of limitation. Many changes and modifications may be made within the scope of the embodiments herein without departing from the spirit thereof, and the embodiments herein include all such modifications.
BRIEF DESCRIPTION OF THE DRAWINGS
[0012] The embodiments herein will be better understood from the following detailed description with reference to the drawings, in which:
[0013] Fig. 1 illustrates a cyber security technology for smart financial transactions according to certain embodiments herein; and
[0014] FIG. 2 illustrates an appliance extension with a monitoring module and an investigative module cooperating with the user interface and the cyber security appliance to retrieve and display additional details on a specific model breach according to certain embodiments herein.
DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS
[0015] The embodiments herein and the various features and advantageous details thereof are explained more fully with reference to the non-limiting embodiments that are illustrated in the accompanying drawings and detailed in the following description. Descriptions of well-known components and processing techniques are omitted so as to not unnecessarily obscure the embodiments herein. The examples used herein are intended merely to facilitate an understanding of ways in which the embodiments herein may be practiced and to further enable those of skill in the art to practice the embodiments herein. Accordingly, the examples should not be construed as limiting the scope of the embodiments herein.
[0016] Fig. 1 illustrates a cyber security technology for smart financial transactions according to certain embodiments herein. In the favored embodiments, reference is made to the accompanying drawings, which shape a component hereof, and inside which are proven by way of the exercise of specific embodiments of self-authorizing smart tokens and embodiments of self-authorizing cell community adapters. It's far to be understood that different embodiments can be applied, that structural adjustments may be made and procedures can also range in other embodiments. Keypad is for user and gadget interplay.it is made from a couple of keys permitting a person to carry out the action which includes entering numeral, popularity, or cancellation enter. keypad 6 also can guide the entry based on the person and can assure that the mode of security that the user inputs and integrality include constructing and scanning. keypad 6 is also supported to apply different function keys, the kingdom of the software that its function is administered through treating equipment three and operation guidance.
[0017] The discovery permit integration of transaction structures with loyalty and different varieties of systems adjunct to the transaction systems, and might additionally provide specialized digital signature protection. In conventional preparations, loyalty packages are carried out with separate loyalty structures wherein purchasers are furnished with magnetic-stripe plastic cards that comprise a unique identifier, which will be a smartphone quantity of the customer or different cost assigned via a merchant. Severa precise info is set forth, which include examples of unique information indicators, named additives, range of servers in a machine, etc., to be able to provide a thorough knowledge of the present layout. It is going to be obvious, however, to one in all normal talent within the art that the present layout may be practiced with out these precise details. In different instances, well known components or strategies have not been described in element however as an alternative in a block diagram so as to keep away from unnecessarily obscuring the present layout. Structures, strategies, and pc-readable media for initiating, facilitating, and/or acting monetary transactions wherein one or extra-economic bills are accessed in actual time. As used herein, a monetary account may be handy in actual time via a fee community as a result of coaching transmitted to the charging network to post a debit or a credit score to the economic account is known to an inquiring for patron software previous to the termination of the customer utility.
[0018] The simple success technique consists of printing the cardboard and mailing it to the customers, which usually takes at least 1 week. once the card is activated with the issuing entity, the usage of the cardboard calls for the client to swipe it toward card readers in stores and get into various numbers and dates for online transactions. No on-the-spot issuance and utilization of the cardboard are presently practiced with the aid of any lender, which includes using the cell device in lieu and instead of the plastic Card. Such cellular telephones and PDAs are referred to herein as mobile network devices. The period cell community adapter is used herein to explain a gadget that consists of an at-ease element microchip for use in a cellular community tool. Of particular interest are cellular network devices which are configured for the authorization of economic transactions over a community. commonly the mobile community tool includes a web browser that is configured for authorization of an economic transaction over the sector-extensive-internet.
[0019] FIG. 2 illustrates an appliance extension with a monitoring module and an investigative module cooperating with the user interface and the cyber security appliance to retrieve and display additional details on a specific model breach according to certain embodiments herein. Safety exercises are all incorporated in gadgets and shells as distorted evidence, tampering detection, and tamper-respondent to prevent unauthorized get admission to assembly as a keypad or treating apparatus. Such safety exercise is the requirement that pop equipment should be related to its economic group, and the device is widespread to block with the purchaser the PIN associated also be vital. defined PIN is used for differentiating holders in buying and selling period. these conventional loyalty cards aren't useable for fee purposes. When a client makes a buy at a merchant the usage of such a conventional loyalty system, the consumer separately affects the acquisition and loyalty functions. To obtain loyalty credit, the patron offers the loyalty card to the service provider, who uses the purchaser identifier as a key for returned-workplace service provider features. The equipment extension is designed and constructed to be a comfy extension of the danger visualizer user interface of the cyber security equipment mounted in the machine with a limited set of functions which includes monitoring, investigating, and taking movements to counter the detected cyber hazard, all of which an operator can securely take from the appliance extension; as opposed to, needing to log into the cyber protection equipment and look into ability cyber threats at a place in which the cyber safety equipment is set up within the device.
[0020] Because of their greater degree of self belief in validity, those techniques allow a service provider to receive a discounted transaction price for that particular transaction. An example of a much less comfortable transaction is reading or coming into account numbers, expiration dates, and card verification codes from a card in a phone name or with 8db290b6e1544acaffefb5f58daa9d83 net ordering. These transactions are known as card no longer present transactions and incur a complete transaction fee. The banquet was safeguarded via credit card and the visa internet was safeguarded using a visa. those networks are all the same old techniques transmitting transaction among the monetary group that separates bodily, and additionally, cutting-edge internet commerce device makes use of to send mandate and money switch request. these capabilities include recording customer purchases and calculating potential loyalty rewards based totally on merchant-described business common sense. Such traditional arrangements typically do not use contactless gadgets and offer only a discrete mechanism for the aid of the loyalty program without supporting interfaces to charge systems.
[0021] A simplified version of the hazard visualizer person interface hosted on a cybersecurity appliance and permits a consumer from a cellular tool to collaborate and speak with that cyber safety appliance installed in their community in addition to the self-sufficient protection moves initiated by using the cyber safety appliance set up of their community, to restrain, counter, and/or include threats speedy enough from their clever cellular device, together with a clever telephone, a pill, etc. The remote reaction module permits the approval or control of computerized protection moves initiated by using the cyber chance protection device to restrain or contain threats.in positive embodiments, “real-time” accessibility of a monetary account may talk over with a functionality to get right of entry to a financial account for the duration of a communique session installed with a soliciting for consumer application and feature a debit or credit score of finances published to the monetary account before termination of the communique session. A asking for client software may discuss with a purchaser application thru which a requestor can also put up a request related to an economic transaction.
[0022] The patron identity is easier, if the customer is a current consumer with the lender, and if the cellphone range or other identifying range of the cellular device is registered with the lender. but, for the process to feature as designed, the customer needs no longer be an existing one. in the instances in which a new purchaser applies, the required facts ought to be implemented, through the cellular device, and the system may additionally take longer to finish. favored embodiments provided herein offer for incorporating a reader on a card device or inside a cellular network adapter to extract and deliver banking track records that had been usually now not previously viable due to the inability to extract records from the SE or a magnetic stripe at a computer terminal without a reader or to extract facts from an SE in a cell network adapter without a reader. Such embodiments upload prices in a cellular commerce or e-commerce environment by enabling more cozy transactions over a voice network or the web. prove the form usually taking authentication statistics block, be made of the information derived from the accreditation message from credit card issuer in a comfy way.
, Claims:A method of cyber security technology for smart financial transactions, wherein the method comprises:
the ease element facts record comprises monetary authorization records and the communications controller is configured to extract at least a part of the monetary authorization information and is configured to encrypt;
the at least a part of the monetary information and to transmit the encrypted economic authorization statistics for transmission as transaction information to the computer terminal via the communications connector;
gateway tool contains identity statistics being passed to card-issuing financial groups in one-of-a-kind information and receiving the device approving response from card-issuing economic organization on the internet;
identification of an economic account to support a monetary transaction at a company gadget;
assign particular detected cyber threats to a security group member while not having to be present on-site with the cyber protection equipment hooked up inside the device;
the fee processing module paperwork is at least part of a fee processing platform that permits the origination and receipt of economic transactions via an automatic Clearinghouse community.