ELECTRONIC FUNDS TRANSFER

• US 20130085942A1
• Filed: 12/17/2011
• Published: 04/04/2013
• Est. Priority Date: 09/30/2011
• Status: Abandoned Application

• Current Assignee: TATA Consultancy Services Limited (Tata Sons Pvt Ltd.)
• Original Assignee: TATA Consultancy Services Limited (Tata Sons Pvt Ltd.)
• Inventors: Shirol, Ashok Vijaykumar
• Application Number:
  US13/329,256
• Publication Number:
  US 20130085942A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/123 Shopping for digital content
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation

Abstract

Described herein is a method for secure transfer of funds. The method includes receiving a funds transfer request from a user on a transaction initiating channel, following a first authentication, and verifying the first authentication on a transaction authorization channel based on a second authentication, wherein the second authentication is based partly on at least one request for an information element, wherein the information element includes one or more non-repeating information elements exclusively associated with the user and known to a source authorizing the funds transfer request.

Claims

1. A method for secure transfer of funds, the method comprising:

receiving, by a fund transfer system, a funds transfer request from a user on a transaction initiating channel, following a first authentication, wherein the first authentication includes verifying user credentials;

verifying, by the fund transfer system, the funds transfer request on a transaction authorization channel based on a second authentication, wherein the second authentication comprises;

generating, by the fund transfer system, a summary of the funds transfer request;

communicating, by the fund transfer system, the summary including at least one transaction related information and at least one request for at least one information element to the user over the transaction authorization channel, wherein the at least one information element comprising at least one non-repeating information element exclusively associated with the user and known to a source authorizing the funds transfer request;

receiving, by the fund transfer system, a response from the user on the transaction authorization channel based on the at least one request; and

matching, by the fund transfer system, the response with the at least one information element in a predetermined number of attempts; and

completing, by the fund transfer system, a transfer of funds as per the fund transfer request, based at least on the verifying, wherein the response matches with the at least one information element.

4. The method as claimed in claim 1 further comprises determining, by the fund transfer system, whether a transfer amount is one of lower than, equal to, and more than a threshold.

5. The method as claimed in claim 4, wherein, based on the determining, communicating by the fund transfer system, the summary of a funds transfer request including at least one transaction related information and the at least one information element to the user, as a challenge response test image, on the transaction initiating channel and in case the transfer amount is greater than or equal to a configurable threshold, communicating, by the fund transfer system, the summary of the funds transfer request including at least one transaction related information and a request for the at least one information element to the user, on the transaction authorization channel.

6. The method as claimed in claim 5, wherein the method comprises contacting the user directly, on an authenticated cellular connection of the user, in case the transfer amount is greater than or equal to the configurable threshold.

7. The method as claimed in claim 4, wherein the method further comprises setting a daily funds transfer limit to a value lower than a funds transfer limit initially subscribed to the user in case the user fails to confirm, within a predetermined period of time, a validity of at least one transaction previously completed.

2. (canceled)

3. The method as claimed in claim 2 further comprises sending, by the fund transfer system, an alert to an authenticated email address of the user in case of the predetermined number of one of a first authentication attempt and a second authentication attempt is exhausted without success.

8. The method as claimed in claim 2, wherein the communicating comprises sending the summary including the at least one transaction related information and the at least one information element to the user using one of a voice message service and a short message service.

9. A system for secure transfer of funds comprising:

a processor;

a memory coupled to the processor, wherein the memory comprises,

a transaction verification module, configured to;

receive a funds transfer request from a user on a transaction initiating channel, following a first authentication, wherein the first authentication includes verifying user credentials and

verify the funds transfer request based on a second authentication, on at least one of a transaction initiating channel and a transaction authorization channel, wherein the second authentication comprises;

generating a summary of the funds transfer request;

communicating the summary including at least one transaction related information and a request for at least one information element to the user, on the at least one of the transaction initiating channel and the transaction authorization channel, wherein the at least one information element comprising one or more non-repeating information element exclusively associated with the user and known to a source authorizing the funds transfer request

receiving a response from the user on the transaction authorization channel;

matching the response with the at least one information element in a predetermined number of attempts; and

complete a transfer of funds as per the fund transfer request, based on the verifying, wherein the response matches with the at least one information element.

11. The system as claimed in claim 9, wherein the transaction authorization channel is authenticated and verified by the one of the user and the source authorizing the funds transfer request.

12. The system as claimed in claim 9, wherein the information element is an information element known to the user and a source authorizing the funds transfer request.

13. The system as claimed in claim 9, wherein the information element comprises at least one of a user personal information, a personal information number, a user transaction history, and an information conveyed in the form of a challenge-response test image.

16. The system as claimed in claim 9, wherein the transaction verification module, as part of the second authentication, sends a challenge-response test image, on the transaction initiating channel, the challenge-response test image comprising a random image for the user to identify contents shown therein into a text entry input.

10. (canceled)

14. The system as claimed in claim 10, wherein the summary comprises at least a payee bank name, a payee name, a payee account number, a transfer amount and a vendor name, as relevant.

15. The system as claimed in claim 10, wherein the transaction verification module provides a challenge-response test image, on the transaction initiating channel, comprising the summary including the at least one transaction related information and the request for the at least one information element as part of a second authentication.

17. A non-transitory computer-readable medium having embodied thereon a computer program for executing a method comprising:

receiving a funds transfer request from a transaction initiating channel, following a first authentication, wherein the first authentication includes verifying user credentials;

verifying the funds transfer request on a transaction authorization channel based on a second authentication, wherein the second authentication comprises generating, by a fund transfer system, a summary of the funds transfer request;

communicating the summary including at least one transaction related information and at least one request for at least one information element to the user over the transaction authorization channel, wherein the at least one information element comprising one non-repeating information element exclusively associated with the user and known to a source authorizing the funds transfer request;

receiving a response from the user on the transaction authorization channel based on the at least one request; and

matching the response with the at least one information element in a predetermined number of attempts; and

completing the transfer of funds as per the fund transfer request, based at least on the verifying, wherein the response matches with the at least one information element.

18. The non-transitory computer readable medium as claimed in claim 17, wherein the first authentication comprises receiving from the user over the transaction initiating channel, a user identification number and an authentication password.

19. The non-transitory computer readable medium as claimed in claim 17, wherein the first authentication further comprises furnishing, by the user, a one-time transaction password on at least one of the transaction initiating channel and the transaction authorization channel, wherein the one-time transaction password is received by the user in response to the receiving the funds transfer request, following the first authentication, on one of the transaction initiating channel and the transaction authorization channel.

20. The non-transitory computer readable medium as claimed in claim 17, wherein the verifying comprises sending at least one reverse turing test to the user on at least one of the transaction initiating channel and the transaction authorization channel, wherein the at least one reverse turing test comprises at least one challenge-response test image for the user to verify.