Method for Replacing Traditional Payment and Identity Management Systems and Components to Provide Additional Security and a System Implementing Said Method

Abstract

An electronic wallet system that protects payment accounts, identification and other personal information found within a typical wallet with a secure electronic vault (first) device that can be part of a physical wallet, insert to a wallet, or in other embodiments, wearable / portable devices. A unique biometrically enabled multi-factor authentication process ensures only owners of the information can copy the information to the device or retrieve it thereafter. Authenticated users may then select payment, identification, medical or virtually any private information via touch display or voice command on the vault or on another (second) device that operates in conjunction with the vault. The second device comprises, for example, a programmable card with dynamic magnetic stripe, cell phone, or other wearable technology, that initiates and processes a payment and / or transfer of private information.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This patent application claims the benefit of the U.S. provisional patent application filed on Oct. 8, 2012 and assigned Application No. 61 / 710,826, which is incorporated herein.FIELD OF THE INVENTION[0002]The present invention relates to the field of digital and electronic wallets, specifically methods and related apparatuses for securing private information found within a typical wallet, such as payment accounts, payment cards, identification information, medical information and records, and virtually any private information desired to be carried by a person.BACKGROUND OF THE INVENTION[0003]Prior art digital wallets focus on financial transactions, attempting to replace current technologies of credit and debit cards and the like with mostly electronic commerce (e-commerce) and similar methods and devices. Likewise, security concerns for most digital wallet technologies are focused primarily on the transaction between the customer, merch...

AI Technical Summary

Benefits of technology

The invention provides a way to securely send private information to authenticated devices, while reducing the number of devices a user needs to carry. This is done by using a physically secure device that requires unique user-configurable, biometrically enabled multi-factor authentication to ensure only owners and their private information can be copied into the secure vault wallet device. The authenticated user can then select payment information, identification information, medical information or virtually any private information via the first device, or alternatively on the second device after a successful authentication. The second device can comprise a programmable card having a dynamic magnetic stripe, a cell phone, or a display device displaying a payment barcode to replicate the selected private information stored on the first device. This method and attendant devices reduces the number of cards and other devices a user must carry. The second device may include mobile devices such as cell phone, tablets and laptops, or fixed devices such as desktop PCs and the like. The second device then acts as a conduit to provide private information via other communication methods such as NFC or dynamic magnetic stripe for financial transactions, and HIPPA controlled communication methods for private medical documents.

Problems solved by technology

However, many shortcomings have limited the use and acceptance of digital wallet software solutions as the technology migrates to mobile devices.

The chief issue with mass consumer acceptance of “mobile money” solutions involves securing private information on the devices as well as securing authentication information during the transaction itself.

As evident in recent reviews, digital wallet technologies on cell phones will be further challenged to fully secure mobile devices.

Security holes within operating systems and firewalls have caused numerous false starts to an already skeptical consumer market.

Even if security concerns can be overcome, the perception of the public to utilize cell phones that have open access via the internet is questionable.

Furthermore, a simple biometric key that authenticates with a server in the cloud does nothing to address hacking of the device and using the captured bio-key improperly “remotely” over the internet.

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