AU2011100107A4 - System bound mechanism to secure online money transactions through net cheques for online banking solutions - Google Patents

Description

AUSTRALIA Patents Act 1990 COMPLETE SPECIFICATION INNOVATION PATENT SYSTEM BOUND MECHANISM TO SECURE ONLINE MONEY TRANSACTIONS THROUGH NET CHEQUES FOR ONLINE BANKING SOLUTIONS The following statement is a full description of this invention, including the best method of performing TITLE SYSTEM BOUND MECHANISM TO SECURE ONLINE MONEY TRANSACTIONS THROUGH NET CHEQUES FOR ONLINE BANKING 5 SOLUTIONS FIELD OF THE INVENTION The present invention relates to the field of Information Technology. 10 Particularly, the invention relates to online banking transactions of banking institutions. BACKGROUND OF THE INVENTION 15 Information technology proliferation has brought with it a revolution which has transformed the way businesses are done. Also, it has given enough thrust to the banking sector in order to support this transformation and aid globalization of businesses. Today, not only transfer of money across 20 continents but wide range of cross continental banking services are done using IT enabled infrastructure. These IT enabled transactions, men and processes involved in these transactions are recognizable through the online authentication system. 25 Broadly business activities are intertwined with money and there exists a need to provide highly safe, secure and controlled online money transaction system which is proven and robust. 1 Current various ways to prevent online frauds such as all online money transacting activities are prevalent supported by a system which allows transaction to occur on verification of authenticity of persons who request such transactions by entering authentication data which has been allotted to 5 persons by the banking organizations. Typically, this authentication data includes personal transaction ID, password, personal token to generate random numbers, transmission of one time password on person registered mobile with the banking organizations. These verification data are used in combination to provide different levels of security in transactions and to be 10 input in order to initiate the transactions. However, quite often fraudulent cases happen and demand for further developments exists. For online transactions usually one factor authentication is deployed, which employs logging in using a transaction ID and password and allow banking 15 online system to transact money amongst users or entities. Any person who has access to a transaction ID and password can make an online transaction on behalf of an account holder. The recent past has witnessed cyber hacker groups stealing these transaction ID and password of affluent people or organizations and transferring funds to their accounts. 20 On one side systems with one factor authentication are not safe and secure and on the other side systems with two or three factor authentications are bulky, complex and necessitate the need of keeping electronic gadgets in the form of personal tokens and mobile phone tokens on the mobile phones 25 registered with the banking organizations to initiate transaction. Also, millions of transactions take place on business days employing costly systems and sometimes the cost is recuperated from the users. 2 So far the safest way of money transaction is transaction through cheque. It generates a valid documentary record in the form of cheque against all payments. 5 Money transactions by cheque are made safe as cheque contains MICR code that is unique and issued against an account and cheque number and cheque book is delivered to account holder's registered address. 10 Cheque book is issued against account holders' request and contain limited number of cheques. Account holders are empowered to stop money transaction against a cheque. 15 On the other hand online money transaction does not generate valid documentary record similar to payment made through cheque. Moreover, there is no documentary proof with account holder or the bank to validate the transaction made. 20 Unlike online transactions, cheque transaction produces valid document record (physical) of the money transaction for both Banks as well as account holders. Cheque can only be used for one time money transaction unlike online 25 banking wherein unlimited transactions can be made after verifying authentication by banking institutions. Hence, there is felt a need for 3 - a system and method for making the online banking transaction as safe and as secure as offline transactions; - a system and method for facilitating online money transaction through 5 use of disposable authentication data; - a system and method which limits money transaction as per user's needs to prevent heavy losses on leakage of authentication data; 10 - a system and method to support multiple factor authentications to initiate money transactions; - a system and method to amalgamate the offline security and online transactions to ensure tamper proof fund transfers; 15 - a system and method to deploy multiple sources of authentication in order to not institute control in single source; - a system and method to employ different forms of authentication data 20 whose imitation is almost impossible therefore providing robustness in solution; - a system and method to equip users as well as banking institutions to validate the transactions; and 25 - a system and method to eliminate the requirement of gadgets in the form of hardware token or mobile phone tokens with the account holders for online transaction. 30 OBJECTS OF THE INVENTION 4 An object of the present invention is to provide a system and method for making the online banking transaction as safe and as secure as offline transactions. 5 Another object of this invention is to provide a system and method for facilitating online money transaction through use of disposable authentication data. 10 Yet another object of the present invention is to provide a system and method which limits money transaction as per user's needs to prevent heavy losses on leakage of authentication data. Still another object of the present invention is to provide multiple factor 15 authentications to initiate money transactions. Still further an object of this invention is to provide a system and method to amalgamate the offline security and online transactions to ensure tamper proof fund transfers. 20 One more aspect of the present invention is to provide a system and method to deploy multiple sources of authentication in order to not institute control in single source. 25 One more object of the present invention is to provide a system and method to employ different forms of authentication data whose imitation is almost impossible therefore providing robustness in solution. 5 Additionally, an object of the present invention is to provide a system and method to equip users as well as banking institutions to validate the transactions. 5 Lastly, an object of the present invention is to provide a system and method to eliminate the requirement of gadgets in the form of hardware token or mobile phone tokens with the account holders for online transaction. SUMMARY OF THE INVENTION 10 The present invention envisages a method for facilitating online transactions, the method comprising the following: - providing a physical cheque having a plurality of indicia for authentication purposes; 15 - accepting sequentially a user's inputs, the inputs including information of the plurality of indicia for authentication; and - authenticating the user by matching the inputted information with records containing at least some the information of the plurality of indicia, the records being stored in a plurality of 20 discreet databases; and - permitting the user to continue with the online transaction. In accordance with an aspect of the present invention the method further comprising the following steps 25 - accessing the bank account online by conventional user id and password; - selecting the transactions tab; - initiating user authentication for the transaction; 6 - prompting user to enter data batch and the matrix chart information by a first authentication subsystem; - entering the data batch and the matrix chart information, as present on the physical cheque and transmitting the data batch 5 and the matrix chart information to said first authentication subsystem; - retrieving a first code corresponding to the matrix chart and the data batch information from the first database, in case the matrix chart information matches with any of the items in the 10 first database; - transmitting the retrieved first code and the data batch to a second authentication subsystem; - prompting the user to select a matching first image applied on the physical cheque from a group containing the correct first 15 image corresponding to the retrieved first code of the data batch and a plurality of decoy images; - selecting the first image from a plurality of images which matches the image on the physical cheque; - retrieving a second code for the data batch corresponding to the 20 selected first image from the second database in case the selected image matches with the first image corresponding to the first code of the data batch; - transmitting the second code and the data batch to a third authentication subsystem; 25 " prompting the user to select a matching second image applied on the physical cheque from a group containing the second 7 image corresponding to the retrieved second code and the data batch and a plurality of decoy images; - selecting the second image from a plurality of images which matches the image on the physical cheque; 5 - sending signals including second code and the data batch to the second authentication subsystem to send the third code along with the data batch corresponding to the second code of the data batch to the fourth authentication subsystem, in case the selected image matches with the second image corresponding to 10 the second code of the data batch; - prompting the user to select a matching third image from a group containing the third image corresponding to the retrieved third code and the data batch and a plurality of decoy images; - selecting the third image from a plurality of images which 15 matches the image on the physical cheque; - displaying the selected first image, second image and the third image in case, the selected image matches the respective images in the respective databases for the data batch; - prompting the user to enter the MICR code including the 20 cheque details, bank details and account details present on the physical cheque; - generating a superimposed image of the first selected image, second selected image, and the third selected image using mathematical formulae or statistical averaging methods and 25 image processing; 8 - matching the generated superimposed image against the MICR code with the final super imposed image of the the MICR code in the fifth database at the fifth authentication subsystem; and - allowing the user to transact in case the superimposed image 5 and the MICR code matches with final super imposed image of MICR code in the fifth database. In accordance with another aspect of the present invention a system for 10 facilitating online transactions using on a user node is provided, the system comprising a physical cheque having a plurality of indicia for authentication purposes; and a plurality of authentication subsystems adapted to accept sequentially the user's inputs, the inputs including information of the plurality of indicia for authentication, the plurality of subsystems further 15 adapted to authenticate the user by matching the inputted information with records containing at least some of the information of the plurality of indicia, the records being stored in a plurality of discreet databases. Typically, the system further comprises 20 * a physical cheque adapted to contain a set of visible and covered indicia for authentication purposes; * a first authentication subsystem adapted to receive signals for user authentication for an online transaction, the first authentication subsystem comprising 25 " matrix generation means adapted to generate a matrix to be displayed on the user's node for inputting by the user, at least one of the indicia providing information 9 for populating cells of the matrix and generating a first populated matrix; - textual indicia accepting means adapted to accept the textual indicia inputted by the user; 5 the first authentication subsystem further adapted to receive the first populated matrix and the textual indicia and further adapted to extract from a first pre stored database a first code corresponding to the first populated matrix in a one to one correspondence; " a second authentication subsystem adapted to receive the extracted 10 first code and further adapted to extract a first image from a second pre-stored database in a one to one correspondence and still further adapted to transmit to the user the first image and plurality of decoy representations to enable a user to select the first image applied on the physical cheque, the second authentication subsystem further adapted 15 to receive the selected image and still further adapted to match the selected image with the records in a pre-stored database containing images and in the event of a match being achieved, transmitting the selected first image to a processing means and transmitting a second code from the second database corresponding to the first image to a 20 third authentication subsystem; " third authentication subsystem adapted to receive the extracted second code and extract a second image from a third pre-stored database in a one to one correspondence and still further adapted to transmit to the user the second image and plurality of decoy 25 representations to enable a user to select the second image applied on the physical cheque, the third authentication subsystem further adapted to receive the selected second image and still further adapted 10 to match the selected second image with the records in a pre-stored database containing images and in the event of a match being achieved, transmitting the selected second image to the processing means and transmitting a determinant signal to the second 5 authentication subsystem to transmit a third code from the second database corresponding to the second code to a fourth authentication subsystem; " fourth authentication subsystem adapted to receive the extracted third code and extract a third image from a fourth pre-stored database in a 10 one to one correspondence and still further adapted to transmit to the user the third image and plurality of decoy representations to enable a user to select the third image applied on the physical cheque, the fourth authentication subsystem further adapted to receive the selected third image and still further adapted to match the selected 15 third image with the records in a pre-stored database containing images and in the event of a match being achieved, transmitting the selected third image to the processing means; " processing means adapted to receive the transmitted graphical indicia and perform a superimposition to generate a superimposed image and 20 further adapted to transmit the superimposed image to a fifth authentication subsystem; and " fifth authentication subsystem adapted to generate fields to be displayed for inputting by the user, textual indicia containing information of MICR code including bank details, cheque details and 25 account details, the fifth authentication subsystem further adapted to receive the transmitted superimposed image and match the inputted indicia and received super imposed image with the records in a fifth 11 pre stored database and further adapted to establish a direct link between a bank transaction gateway system and a user's node in an event of match. 5 Typically, the first image, the second image and the third image on the physical cheque include graphical and numerical indicia to be matched by the user at the time of selection. Typically, the matrix chart information on physical cheque include matrix 10 with empty cells and filled cells and textual indicia. Typically, the MICR code and the data batch are textual indicia selected from the group consisting of numbers, alphabets, special characters and any combination thereof. 15 BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWINGS The invention will now be described in relation to the accompanying drawings, in which: 20 Figure 1 illustrates a physical cheque, in accordance with the present invention; Figure 2 illustrates the system for facilitation of online transactions using 25 physical cheques, in accordance with the present invention; Figure 3 depicts an superimposed image in accordance with the present invention; and 12 Figure 4 illustrates a flow diagram of the method for facilitation of online transactions using physical cheques, in accordance with the present invention. 5 DETAILED DESCRIPTION OF THE INVENTION The description thereto is merely illustrative of a system for facilitating online transactions using physical cheques and only exemplifies the 10 invention and in no way limits the scope thereof. The invention will be described using the example of online banking transactions. However, it is within the scope of the invention to be used for several other purposes, for instance brand protection, credit card transactions 15 and the like. In order to overcome the demerits of the available mechanisms for online authentication and internet banking the invention proposes use of physical cheques (physical cheques). 20 The physical cheques, in accordance with the invention, will be issued for a pre determined permissible transaction amount as well as number of cheques (as required by the user) and issued as per the request of user and delivered on his/ her registered postal address, this gives first level of security. 25 In accordance with the invention every physical cheque will have two leaf or parts or division. First part containing authentication information and second part being a form (counterfoil) which is filled by account holder to keep transaction record for him/her self, as shown in figure 1. 13 Alike normal cheque the physical cheque will have MICR code including back details, cheque details, and account details.. However, it is within the scope of the invention to use any other representation of the MICR code. 5 Referring to figure 1 there is shown the structure of a physical cheque including authentication information on the physical cheque which includes a data batch, unique matrix chart, and a plurality of images or graphs unique for every physical cheque. 10 In accordance with the invention data batch is a textual indicia, for instance alpha numeric characters. DEPLOYMENT PHASE 15 In accordance with another aspect of the present invention a system 100 for facilitating online transactions using physical cheques is provided. Referring to figure 2 the system 100 is shown which includes a user node 20 120 communicably coupled to a second authentication subsystem 180, first authentication subsystem 182, third authentication subsystem 184, fourth authentication subsystem 186, fifth authentication subsystem 190 and sixth authentication subsystem 188. Further, a processing means 160 is adapted to receive images from a second authentication subsystem 180, third 25 authentication subsystem 184, and fourth authentication subsystem 186 and generate a superimposed image. The user node 120 comprises a user input means 122 adapted accept inputs from the user containing data batch, matrix chart information and further 14 selection of correct images or graphs in a challenge response communication. Further, the user node 120 also includes an output means 126 adapted to display the outputs. 5 In accordance with still another aspect of the present invention the user's inputs are communicated to a first authentication subsystem 182 using a node communication means 124. The user is prompted to enter the data batch and matrix chart information 10 present on one part of the physical cheque, using the output means 126. This is done after the user selects transaction tab after conventional authentication checks, for instance user id and passwords. The inputs taken using input means 122 are sent to the first authentication subsystem 182 using a node communication means 124. 15 The first authentication subsystem 182 includes matrix generation means (not shown in figures) adapted to generate a matrix to be displayed on the user's node for inputting by the user, at least one of the indicia providing information for populating cells of the matrix and generating a first 20 populated matrix. Also, a textual indicia accepting means (not shown in the figures) is provided which is adapted to accept the textual indicia inputted by the user; The first authentication subsystem 182 is adapted to match the matrix chart 25 information with the items stored in a first database 222; the first database 222 maintains a record of the matrix chart information against a first code and the data batch. 15 On match the first authentication subsystem 182 transfers the first code along with the data batch of the matching matrix chart to a second authentication subsystem 180 and user is prompted to select a first image applied on the physical cheque from a group of different images having 5 correct first image corresponding to first code and data batch and decoy images displayed on user node 120. The selection along with data batch is then communicated to the second authentication subsystem 180 which maintains second database 220 having items containing first image against a first code, a second code and the third code and the data batch. Further the 10 second authentication subsystem 180 matches the selected image with the first image of said data batch in the second database 220. In case of no valid match the authentication is terminated and in case of match the second authentication subsystem 180 transfers the second code 15 along with the data batch of the matching first image in the second database 220 to a third authentication subsystem 184 which maintains a third database 224 having items containing second image against a second code and the data batch. The second authentication subsystem 180 sends the selected first image to a processing means 160. Further, user is prompted to select second 20 image applied on the physical cheque from a group of correct second image corresponding to second code and data batch and plurality of decoy images displayed on the user node 120. The selection is then communicated to the third authentication subsystem 184 which matches the selected image with the second image of the said data batch in the third database 224. 25 In case of no valid match the authentication is terminated and in case of match the third authentication subsystem 184 sends signals including second 16 code and data batch against selected second image to communicate the second authentication subsystem 180 to transfer the third code along with data batch stored against the second code of the said data batch in the second database 220 to fourth authentication subsystem 186. The third 5 authentication subsystem 184 sends the selected second image to the processing means 160. The user is then prompted to select the third image applied on the physical cheque from a group of correct third image corresponding to the third code and data batch and a plurality of decoy images displaced on the user's node 120. The selection along with data batch 10 is then communicated to the fourth authentication subsystem 186 which matches the selected image with the third image of said data batch in a fourth database 226. The fourth database 226 stores items containing the third code and third image against the data batch. 15 In case of no valid match the authentication is terminated and in case of match the fourth authentication subsystem 186 sends the selected third image along with the data batch to the processing means 160. The user is then prompted to enter the MICR code including the cheque 20 details, bank details and account details present on the second part of the physical cheque. Further, the processing means 160 includes a generation means adapted to generate a final superimposed image of the first image, second image and 25 third image. The super imposition is done using mathematical formulae and statistical averaging processes, for instance mean, mod, and median and the like. Further, processing means 160 is adapted to send final super imposed 17 image along with MICR code and data batch to the fifth authentication subsystem 190. User's inputs along with final superimposed image are communicated to the 5 fifth authentication subsystem 190. The fifth authentication subsystem 190 maintains a fifth database 230 having items containing MICR code, the final superimposed image, fourth code, data batch and account information. The fifth authentication subsystem 190 matches the user's input and the final 10 superimposed image with the final super imposed image corresponding to the MICR code in the fifth database 230 and on match authenticates the physical cheque and creates a direct link between the user interface 120 and the bank transaction system. 15 In accordance with still another aspect of the present invention the second authentication subsystem 180, first authentication subsystem 182, third authentication subsystem 184, fourth authentication subsystem 186, fifth authentication subsystem 190 and sixth authentication subsystem 188 maintain respective authentication data. And the retrieval of authentication 20 data necessitate interdependency amongst various subsystems however, none of the subsystems has complete information relating to the physical cheque which otherwise may be used in a fraudulent manner and be a subject to forgery. 25 In accordance with still another aspect of the invention the first image, the second image and the third image on the physical cheque include graphical and/or numerical indicia to be matched by the user at the time of selection. 18 PHYSICAL CHEQUE PREPARATION PHASE In accordance with still another aspect of the present invention the physical 5 cheques are prepared in various stages by different entities accessing various subsystems in order to make sure none of the entity has full information. Further, the components of authentication information are to be printed on the physical cheque and are stored against first code, second code, third 10 code, and fourth code in different databases. These codes are textual indicia, for instance alphanumeric characters. In accordance with still another aspect of the present invention the second authentication subsystem 180 comprises a data generation means 300 15 adapted to generate a first code, second code, third code and a first image or graph including numerical indicia for a particular data batch. This generated information is unique for every physical cheque. Further, this information is printed on a first part of the physical cheque and covered except first image which is tamper covered and data batch information remains open. Also, the 20 second database 220 is populated with the data generated by the data generation means 300. Further, the first part of physical cheque is sent to the entity accessing first authentication subsystem 182 where the first code is uncovered and read 25 along with the data batch. The first authentication subsystem 182 includes a first data generation means 302 which generates a matrix chart for the said data batch (unique for every physical cheque). The generated matrix chart is stored in the first database 222 against the first code and data batch present 19 on the first part of the physical cheque (only the first code is uncovered here). Further, the matrix chart is printed on to the first part of the physical cheque, the first code is vanished from the first part of the physical cheque and the matrix chart is tamper covered. 5 The first part of the physical cheque is then sent to the entity accessing third authentication subsystem 184 where the second code is uncovered and read along with the data batch. The third authentication subsystem comprises a third data generation means 304 which generates a second image or graph 10 including numerical indicia for the said data batch and stores it in the third database 224 against the second code and the data batch present on the first part of the physical cheque. Further, the second image is printed on the first part of the physical cheque and the second code is vanished and second image is tamper covered. 15 The physical cheque is then sent to the entity accessing fourth authentication subsystem 186 where the third code is uncovered and read along with the said data batch. The fourth authentication subsystem comprises a fourth data generation means 306 which generates a third image or graph including 20 numerical indicia for the said data batch and stores it in the fourth database 226 against the third code and data batch present on the first part of the physical cheque. The third image is printed on the first part of the physical cheque and tamper covered but third code is not vanished and kept as it is to be read by the entity accessing the sixth authentication subsystem 188. 25 The first part of the physical cheque is sent to the sixth authentication subsystem 188 which reads the third code and data batch and further, requests the second authentication subsystem 180 to extract and send the 20 second code and the first image corresponding to the third code of the said data batch, from the second database 220. The sixth authentication subsystem 188 sends second code and data batch and requests third authentication subsystem 184 to extract and send the second image 5 corresponding to the second code and data batch from third database 224. The sixth authentication subsystem 188 comprises a first superimposition means 505 adapted to superimpose the received first image and the second image of said data batch and generate a first super imposed image. This 10 generated first super imposed image is stored against third code and data batch in the sixth database 228. At the entity accessing fifth authentication subsystem 190 the second part of the physical cheque is formed. The entity accessing fifth authentication 15 subsystem 190 comprises a fifth data generation means 310 which generates a fourth code against said data batch for a cheque number corresponding to a unique MICR code including bank details, cheque details and account details. 20 The MICR code, physical cheque number and the fourth code, account information and data batch is stored in the fifth database 230. Further, the MICR code, physical cheque number, the fourth code and data batch are printed on the second part of the physical cheque and MICR code and physical cheque number are tamper covered. The second part of the physical 25 cheque is sent to the entity accessing sixth authentication subsystem 188. The sixth authentication sever 188 couples the two parts of the physical cheque of identical data batch and sends the third code contained on first 21 part of the physical cheque and the fourth code contained on the second part of the physical cheque along with the data batch to the fourth authentication subsystem 186 which stores the fourth code corresponding to the third code for the said data batch in the fourth database 226 to maintain a record of the 5 coupled parts of the physical cheque. And the third and the fourth codes are vanished from both the parts of the physical cheque. The fifth authentication subsystem 190 requests fourth authentication subsystem 186 to extract and send the third image and third code for the said 10 data batch corresponding to the fourth code for the said data batch to the fifth authentication subsystem 190. Also, the fifth authentication subsystem 190 request the sixth authentication subsystem 188 to send the first super imposed image corresponding to the 15 third code for the said data batch. The fifth authentication entity 190 comprises a second superimposition means 510 which super imposes the first superimposed image and the third image of the said data batch to generate a final super imposed image and 20 store it in the fifth database 230 against fourth code of the said data batch. In accordance with still another aspect of the present invention the generation of a superimposed image is done using mathematical formulae and statistical averaging processes, for instance mean, mod, and median. 25 Figure 3 shows the process of superimposition in accordance with the present invention. 22 In accordance with still another aspect of the present invention a method for facilitating online transactions is provided, the method comprises the following steps: 5 - providing a physical cheque having a plurality of indicia for authentication purposes; - accepting sequentially a user's inputs, said inputs including information of said plurality of indicia for authentication; - authenticating the user by matching the inputted information 10 with records containing at least some the information of said plurality of indicia, said records being stored in a plurality of discreet databases; and - permitting the user to continue with the online transaction. 15 Referring to figure 4, the method further comprises the following steps - accessing the bank account online by conventional user id and password, 2005; - selecting the transactions tab, 2007; 20 - initiating user authentication for the transaction, 2009; - prompting user to enter data batch and the matrix chart information by a first authentication subsystem, 2011; - entering the data batch and the matrix chart information applied on the physical cheque and transmitting the data batch and the 25 matrix chart information to said first authentication subsystem, 2013; - retrieving a first code corresponding to the matrix chart and the data batch information from the first database, in case the 23 matrix chart information matches with any of the items in the first database, 2015; - transmitting the retrieved first code and the data batch to a second authentication subsystem, 2017; 5 - prompting the user to select a matching first image applied on the physical cheque from a group containing the correct first image corresponding to the retrieved first code of the said data batch and a plurality of decoy images, 2019; - selecting the first image from a plurality of images which 10 matches the image on the physical cheque, 2021; - retrieving a second code for the said data batch corresponding to the selected first image from the second database in case the selected image matches with the first image corresponding to the first code of said data batch, 2023; 15 - transmitting the second code and the said data batch to a third authentication subsystem, 2025; - prompting the user to select a matching second image applied on the physical cheque from a group containing the second image corresponding to the retrieved second code and the said 20 data batch and a plurality of decoy images, 2027; - selecting the second image from a plurality of images which matches the image on the physical cheque, 2029; - sending signals including second code and said data batch to the second authentication subsystem to send the third code along 25 with the data batch corresponding to the second code of said data batch to the fourth authentication subsystem, in case the 24 selected image matches with the second image corresponding to the second code of the said data batch,2031; - prompting the user to select a matching third image from a group containing the third image corresponding to the retrieved 5 third code and the said data batch and a plurality of decoy images, 2033; - selecting the third image from a plurality of images which matches the image on the physical cheque, 2035; - displaying the selected first image, second image and the third 10 image in case, the selected image matches the respective images in the respective databases for the said data batch , 2037; - prompting the user to enter the MICR code including cheque details, account details, and bank details present on the physical cheque, 2039; 15 - generating a superimposed image of the first selected image, second selected image, and the third selected image using mathematical formulae or statistical averaging methods and image processing, 2041; - matching the generated superimposed image against the MICR 20 code with the final super imposed image of the said MICR code in the fifth database at the fifth authentication subsystem, 2043; and - allowing the user to transact in case the superimposed image and the MICR code matches with final super imposed image 25 and MICR code in the fifth database, 2045. 25 TECHNICAL ADVANCEMENTS Technical advances of the present invention include in providing 5 - a system and method for making the online banking transaction as safe and as secure as offline transactions; - a system and method for facilitating online money transaction through use of disposable authentication data; 10 - a system and method which limits money transaction as per user's needs to prevent heavy losses on leakage of authentication data; - a system and method to support multiple factor authentications to 15 initiate money transactions; - a system and method to amalgamate the offline security and online transactions to ensure tamper proof fund transfers; 20 " a system and method to deploy multiple sources of authentication in order to not institute control in single source; - a system and method to employ different forms of authentication data whose imitation is almost impossible therefore providing robustness 25 in solution; - a system and method to equip users as well as banking institutions to validate the transactions; and 26 - a system and method to eliminate the requirement of gadgets in the form of hardware token or mobile phone tokens with the account holders for online transaction. 5 While considerable emphasis has been placed herein on the particular features of this invention, it will be appreciated that various modifications can be made, and that many changes can be made in the preferred 10 embodiment without departing from the principles of the invention. These and other modifications in the nature of the invention or the preferred embodiments will be apparent to those skilled in the art from the disclosure herein, whereby it is to be distinctly understood that the foregoing descriptive matter is to be interpreted merely as illustrative of the invention 15 and not as a limitation. 20 25 30 35 27

Claims (5)

1. A method for facilitating online transactions, said method comprising the following: 5 - providing a physical cheque having a plurality of indicia for authentication purposes; - accepting sequentially a user's inputs, said inputs including information of said plurality of indicia for authentication; and - authenticating the user by matching the inputted information 10 with records containing at least some the information of said plurality of indicia, said records being stored in a plurality of discreet databases; and - permitting the user to continue with the online transaction. 15

2. The method as claimed in claim 1 further comprising the following steps - accessing the bank account online by conventional user id and password; - selecting the transactions tab; 20 - initiating user authentication for the transaction; - prompting user to enter data batch and the matrix chart information by a first authentication subsystem; - entering the data batch and the matrix chart information, as present on the physical cheque and transmitting the data batch 25 and the matrix chart information to said first authentication subsystem; 28 - retrieving a first code corresponding to the matrix chart and the data batch information from the first database, in case the matrix chart information matches with any of the items in the first database; 5 - transmitting the retrieved first code and the data batch to a second authentication subsystem; - prompting the user to select a matching first image applied on the physical cheque from a group containing the correct first image corresponding to the retrieved first code of the said data 10 batch and a plurality of decoy images; - selecting the first image from a plurality of images which matches the image on the physical cheque; - retrieving a second code for the said data batch corresponding to the selected first image from the second database in case the 15 selected image matches with the first image corresponding to the first code of said data batch; - transmitting the second code and the said data batch to a third authentication subsystem; - prompting the user to select a matching second image applied 20 on the physical cheque from a group containing the second image corresponding to the retrieved second code and the said data batch and a plurality of decoy images; - selecting the second image from a plurality of images which matches the image on the physical cheque; 25 - sending signals including second code and said data batch to the second authentication subsystem to send the third code along with the data batch corresponding to the second code of said 29 data batch to the fourth authentication subsystem, in case the selected image matches with the second image corresponding to the second code of the said data batch; - prompting the user to select a matching third image applied on 5 the physical cheque from a group containing the third image corresponding to the retrieved third code and the said data batch and a plurality of decoy images; - selecting the third image from a plurality of images which matches the image on the physical cheque; 10 - displaying the selected first image, second image and the third image in case, the selected image matches the respective images in the respective databases for the said data batch; - prompting the user to enter the MICR code including the cheque details, bank details and account details present on the 15 physical cheque; - generating a superimposed image of the first selected image, second selected image, and the third selected image using mathematical formulae or statistical averaging methods and image processing; 20 " matching the generated superimposed image against the MICR code with the final super imposed image of the said MICR code in the fifth database at the fifth authentication subsystem; and - allowing the user to transact in case the superimposed image and the MICR code matches with final super imposed image of 25 MICR code in the fifth database. 30

3. A system for facilitating online transactions using on a user node, said system comprising " a physical cheque having a plurality of indicia for authentication 5 purposes; and " a plurality of authentication subsystems adapted to accept sequentially the user's inputs, said inputs including information of said plurality of indicia for authentication, said plurality of subsystems further adapted to authenticate the user by matching the inputted information with 10 records containing at least some of the information of said plurality of indicia, said records being stored in a plurality of discreet databases.

4. The system as claimed in claim 3, said system further comprising 15 * a physical cheque adapted to contain a set of visible and covered indicia for authentication purposes; * a first authentication subsystem adapted to receive signals for user authentication for an online transaction, said first authentication subsystem comprising 20 " matrix generation means adapted to generate a matrix to be displayed on the user's node for inputting by said user, at least one of said indicia providing information for populating cells of said matrix and generating a first populated matrix; 25 " textual indicia accepting means adapted to accept the textual indicia inputted by the user; said first authentication subsystem further adapted to receive said first populated matrix and the textual indicia and further adapted to extract 31 from a first pre stored database a first code corresponding to said first populated matrix in a one to one correspondence; * a second authentication subsystem adapted to receive said extracted first code and further adapted to extract a first image from a second 5 pre-stored database in a one to one correspondence and still further adapted to transmit to said user said first image and plurality of decoy representations to enable a user to select the first image applied on the physical cheque, said second authentication subsystem further adapted to receive the selected image and still further adapted to match the 10 selected image with the records in a pre-stored database containing images and in the event of a match being achieved, transmitting the selected first image to a processing means and transmitting a second code from said second database corresponding to the first image to a third authentication subsystem; 15 * third authentication subsystem adapted to receive said extracted second code and extract a second image from a third pre-stored database in a one to one correspondence and still further adapted to transmit to said user said second image and plurality of decoy representations to enable a user to select the second image applied on 20 the physical cheque, said third authentication subsystem further adapted to receive the selected second image and still further adapted to match the selected second image with the records in a pre-stored database containing images and in the event of a match being achieved, transmitting the selected second image to the processing 25 means and transmitting a determinant signal to said second authentication subsystem to transmit a third code from said second 32 database corresponding to the second code to a fourth authentication subsystem; " fourth authentication subsystem adapted to receive said extracted third code and extract a third image from a fourth pre-stored database 5 in a one to one correspondence and still further adapted to transmit to said user said third image and plurality of decoy representations to enable a user to select the third image applied on the physical cheque, said fourth authentication subsystem further adapted to receive the selected third image and still further adapted to match the selected 10 third image with the records in a pre-stored database containing images and in the event of a match being achieved, transmitting the selected third image to the processing means; " processing means adapted to receive the transmitted graphical indicia and perform a superimposition to generate a superimposed image and 15 further adapted to transmit the superimposed image to a fifth authentication subsystem; and " fifth authentication subsystem adapted to generate fields to be displayed for inputting by said user, textual indicia containing information of MICR code including bank details, cheque details and 20 account details, said fifth authentication subsystem further adapted to receive the transmitted superimposed image and match the inputted indicia and received super imposed image with the records in a fifth pre stored database and further adapted to establish a direct link between a bank transaction gateway system and a user's node in an 25 event of match. 33

5. The system as claimed in claim 4, wherein said first image, said second image and said third image on the physical cheque include graphical and / or numerical indicia to be matched by the user at the time of selection. 5 Applicant: Anurag Saxena 10 By Jogias Patent and Trade Mark Attorneys 25 January 2011 34