WO2020026257A1

WO2020026257A1 - Card security system and method thereof

Info

Publication number: WO2020026257A1
Application number: PCT/IN2018/050770
Authority: WO
Inventors: Deepak N CHOODAPPANAVAR; Ashwini D CHOODAPPANAVAR
Original assignee: N Choodappanavar Deepak; D Choodappanavar Ashwini
Priority date: 2018-07-31
Filing date: 2018-11-21
Publication date: 2020-02-06
Also published as: IN201841028851A

Abstract

The invention discloses a system and a method of enhancing security of transaction cards with the use of smart wallet and smartphone. Physical wallets disposed with electrical connecting pins are used to send a trigger warning to smart phones that a card has been taken out from a card slot. The system is configured to block the card temporarily upon breaching the security of the transaction. The transaction is considered authorized and authenticated if the transaction is carried out through a terminal included in a list of authorized terminals pre-configured in the processing unit within a threshold time such that the terminal is within a threshold vicinity of the smart device, considering the smart device and the smart wallet are within communicable distance, otherwise the security of the card transaction is considered to be breached.

Description

Card security system and method thereof

The field of invention generally relates to the field of secured card transaction; and more specifically, it relates to a card security system and method containing smart wallet devised for the security of transaction cards.

Owing to the fast-paced life and the advent of technology in the field of finance, going cashless is starting to become the main agenda. This goal is being achieved through the extensive usage of credit and debit cards, and e-processing units. Cash is being replaced with cards and electronic wallets.

The more cashless transactions replace paper money, the more the utility of transaction card and e-wallets increases, and with it, card security becomes a matter of great concern. While the problems of card theft are still prevalent, a lot of measures are taken to prohibit any transactions by blocking the transaction cards immediately on notifying the bank.

The existing methods of card security rely on human interference for the purpose of notifying the bank to block the card to avoid fraud transactions. However, in situations where the person is not aware of the card or the wallet theft, it may be too late before the card is blocked for payment. The process of payment via a transaction card begins right from when the card is taken out of the wallet. However, the existing methods of transaction card security only cater to the security concerns at the bill desks or the payment gateways. There is no particular system that provides a secure method of tracking a card movement from being taken out of the wallet to being placed back into it.

Thus, in the light of this discussion, there is a long-felt need of a smart system that can automatically forfend fraudulent transactions and keep the usage of transaction cards in check.

Object of Invention

The primary object of the invention is to provide a system and a method for security of transaction cards.

Another object of the invention is to provide a method of detecting the removal of a card from a card slot in a smart wallet.

Yet another object of the invention is to provide a mode of communication between the smart wallet and a smart device when the transaction cards are removed from the card slot.

Yet another object of the invention is to provide a method of communicating the smart device’s geo-location co-ordinates and the time stamp to the processing unit when the card is removed from the card slot of the wallet.

Yet another object of the invention is to enable transaction through the cards by means of an authorized POS terminal/ATM within a threshold time and a threshold vicinity.

Yet another object of the invention is to provide a method of temporarily blocking a transaction card by the processing unit without any manual intervention if the security of the card is breached.

The present invention provides a card security system and method, the system comprises of a smart wallet, at least one terminal, at least one smart device and a processing unit. The smart wallet contains at least one card slot and is configured to detect removal of at least one card from the at least one slot. The terminal is configured to enable transaction through use of the at least one card. The smart wallet is in wireless communication with at least one smart device, the smart device is configured to receive a trigger notification from the wallet notifying removal of card as a trigger event. There’s a GPS receiver disposed within the smart device configured to track geo-location coordinates of the smart device, the geo-location coordinates of the smart device is transmitted to the processing unit along with the time stamp of the card removal which is in wireless communication with the smart device, by a communication module disposed in the smart device on removal of at least one card from the at least one slot. The processing unit is further configured to determine if the transaction is completed within a threshold time from the time the card has been removed from the card slot and check if the terminal is within a threshold vicinity of the smart device. The processing unit blocks the card if the transaction is not completed through the terminal within the threshold vicinity of the smart device within the threshold time.

This invention is illustrated in the accompanying drawings, throughout which, like reference letters indicate corresponding parts in the various figures.

The embodiments herein will be better understood from the following description with reference to the drawings, in which:
Fig. 1

depicts/illustrates the components embedded in the smart wallet, in accordance with the present invention.
Fig. 2

depicts/illustrates the communication between the smart device and the smart wallet, in accordance with an embodiment of the present invention.
Fig. 3

depicts/illustrates the communication network between the smart wallet and the processing unit, in accordance with an embodiment of the invention.
Fig. 4

depicts/illustrates the working of the system with the help of a flowchart, in accordance with an embodiment of the invention.

The embodiments herein, 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 /or detailed in the following description. Descriptions of well-known components and processing techniques are omitted 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 skilled in the art to practice the embodiments herein. Accordingly, the examples should not be construed as limiting the scope of the embodiments or invention herein.

The present invention discloses a system and a method of providing enhanced security of payment through transaction cards. The system comprises of a smart wallet, a terminal, a smart device and a processing unit. The wallet contains multiple card slots in it, which are capable of holding cards and the terminal enables transaction through use of the cards. Removal of a card from the respective card slot is detected by the wallet and the same is communicated to the smart device which is in wireless communication with the wallet. When a card is taken out from the respective card slot, the smart device receives a trigger notification from the wallet notifying removal of card as a trigger event.There is a GPS receiver installed in the smart device to track its location coordinates. The processing unit is configured to block the card temporarily upon the security parameters of the card being breached. The security parameters of the card include a threshold time calculated from the moment the card is removed from the slot within which the transaction using the card should be completed and a threshold vicinity within which the terminal should be present where the transaction is completed. For the purposes of this invention, threshold vicinity will mean a pre-determined radius from the geo-location coordinates where the card was removed from the slot. The transaction is considered authorized and authenticated if the transaction is carried out within the threshold time through a terminal included in a list of authorized terminals present in the threshold vicinity. The list of authorized terminals within the threshold vicinity from any geo-location coordinates will be automatically identified by the processing unit based on information of such terminals identified from a database in communication with the processing unit.

In context of the present disclosure, a smart wallet is a physical wallet devised to accommodate transaction cards and cash, while having electrical connections embedded in the crevices of the card slots. Connecting pins are disposed in the borders of the slot, in parts where the transaction card is in contact with the slot. These pins, in the respective card slot, are electrically connected in a complete circuit. Insertion of a card in the respective slot results in the breaking of the circuit, while the removal of the same card results in completion of the circuit and a trigger being sent out to an associated smart device.

In the present invention, a smart device may be defined as any smart phone capable of being connected to the internet and housing mobile applications in itself. A terminal may be defined as a point-of-sale terminal at a shopping centre or an ATM or any terminal where a monetary transaction can be made. A processing unit may be referred to as an entity which handles transactions from various channels such as credit cards and debit cards for merchant acquiring banks.

Referring now to the drawings, where similar reference characters denote corresponding features consistently throughout the figures, there are shown preferred embodiments.

Fig. 1 depicts the components 100 of the smart wallet 110. It consists of the card slots 130 where multiple transaction cards 140 may be stored. The card slots 130 are disposed with connecting pins (not shown in the figure) that are electrically connected to each other in a closed circuit. The insertion of the card 140 in the card slot 130 results in the breaking of the circuit. There’s an inbuilt communication unit (not shown in the figure) disposed in the smart wallet 110. When the card 140 is removed from the card slot 130, the communication unit sends a trigger notification to a smart device (not shown in the figure) which is in constant communication with the smart wallet 110, since the removal of the card 140 from the card slot 130 results in the completion of the circuit again. In a preferred embodiment, the inbuilt communication unit may be a Bluetooth low energy (BLE) based circuit.

In one embodiment, the connecting pins may consist of sensors stitched with conductive threads, which detects the removal of a card from respective card slot.

In a preferred embodiment, each of the slots 130 are characterized to hold the transaction card 140 of one particular bank only. These details are manually fed via a mobile application installed in the smart device (not shown in the figure) and synced with the wallet 110. As each of the card slots 130 in the smart wallet 110 are designated for particular cards 140, the cards 140 are required to be returned to the respective slots 130 after the usage in order to avoid misinformation being relayed to the smart device.

In one embodiment of the invention, the smart wallet may be any regular wallet made of materials such as, but not limited to, plastic, leather and the like. The aforementioned transaction cards 140 may be any payment cards such as credit or debit cards that are issued by authorized banks and are associated with one user only. The card 140 may be devised for domestic as well as global payments.

Fig. 2 depicts the communication 200 between the smart device 220 and the smart wallet 110, in accordance with an embodiment of the invention. As aforementioned, the smart device 220 is a smart phone capable of having internet connectivity and housing mobile applications. The smart device 220 is in communication with the smart wallet 110 via wireless communication. The smart device 220 is in constant handshaking with the smart wallet 110. The constant handshake may be in the form of a continuous connection between the smart device 220 and the smart wallet 110 or a periodic check wherein either the smart device 220 checks for the presence of the smart wallet 110 or vice versa. The moment the constant handshake is broken, an alert is generated on the smart device that alerts the user that the smart wallet 110 and the smart device 220 are not in each other’s vicinity anymore. The smart device 220 and the smart wallet 110 connect with each other via wireless communication network. The processing unit 210 stores the information related to the transactions on the card. In a preferred embodiment, the wireless communication network between the smart wallet 110 and the smart device 220 may be Bluetooth communication.

The removal of a card 140 from the card slot of the wallet 110 results in the wallet 110 sending a trigger notification to the smart device 220. This notifies the device 220 that a particular card has been removed from its assigned card slot.

In one embodiment, the details of the transactions may also be reflected in the mobile application installed in the smart device 220 configured to work in synchronization with the smart wallet 110. In one embodiment, the processing unit 210 may be configured to authenticate user details before the initiation of a transaction.

In a preferred embodiment, the smart wallet 110 and the smart device 220 are always required to be at a threshold distance from each other for security purposes. In a case, where the distance between the smart wallet 110 and the smart device 220 is more than the threshold distance, the security methods will fail and authenticating the card user will not be possible. The threshold value of the distance may be pre-fed in the processing unit 210. In case of loss of communication between the smart device 220 and the smart wallet 110 for any reason, an alert signal is sent to the processing unit 210. In one embodiment, the processing unit 210 may be authentication/authorization server of the card issuing bank/ gateway.

Fig. 3 depicts the communication network between the smart wallet and the processing unit 300, in accordance with an embodiment of the invention.

As mentioned, removal of a card from respective card slot pushes the wallet to send a trigger notification which consists of the details of the particular number of the card slot from where the card is removed to the smart device 220.

The GPS receiver 450 installed in the smart device 220 locates its geo-location coordinates at the moment the smart device 220 receives the trigger notification from the smart wallet notifying removal of a card from respective card slot. In an alternate embodiment, the GPS receiver 450 may be installed in the smart wallet, in this embodiment, the geo-location coordinates of the smart wallet, is communicated to the smart device 220 at the instant a card is removed from the assigned card slot. These geo-location coordinates are communicated to the processing unit 350 for authentication of the transaction via communication network 260. A timer 440 disposed in the smart device, is started at the instant the card is removed from its assigned card slot in order to keep a tab on the duration of time before transaction is completed. The geo-location coordinates of a number of authorized terminals within a threshold vicinity of the smart device may be pre-configured in the processing unit 350 or may be available in a database in communication with the processing unit. Once the card is removed, if the transaction is not completed within a threshold time through an authorized terminal within the threshold vicinity, the processing unit 350 blocks the transaction card temporarily or send alert to an external server to block the card temporarily.

In one embodiment, on the reception and verification of the geo-location coordinates of the smart device 220, the card user may further authenticate the transaction by using the card verification number associated with the transaction card.

In an embodiment of the present invention, the communication network 260 may be any wireless network enabling wireless communication between two parties. One skilled in the art may recognize that the communication network 260 may be any one of the wireless network configuration such as LAN, WAN, etc. or may be done through Mobile Service Provider (MSP) and Internet Service Provider (ISP) having, 2G/3G/4G/5G internet connection provided by the mobile service provider etc. Such wireless communication is not possible without the standard protocols as known in the art, where the standard protocols can be TCP/IP, HTTP, FTP, UDP, IPV4, IPV6 etc.

In a preferred embodiment, the threshold time may be pre-configured in the processing unit 350 as 300 seconds.

In an additional embodiment, if the card is not returned to the same card slot from where it was removed within a specific time, an alert signal is communicated to the processing unit 350 which blocks the card temporarily.

Fig. 4 depicts a flowchart 400 explaining the working of the system, in accordance with an embodiment of the invention. The smart wallet consisting of connecting pins detects and sends out a trigger notification to the smart device when a card is removed from the card slot 501. On receiving a trigger notification from the smart wallet, the smart device recognizes the removal of card as trigger event and sends its geo-location coordinates to the processing unit 502. After removal of the card, the processing unit checks the threshold time and the threshold vicinity. The processing unit determines if the transaction is carried out through a terminal included in a list of authorized terminals in the threshold vicinity within a threshold time. In case above criteria of threshold time and threshold vicinity are not met, the processing unit blocks the card temporarily 504.

In a further scope of the implementation of the smart wallet, the system may also be further devised to reflect the details of the transactions carried out with the transaction card in the smart device that is in communication with the wallet. The features of the smart wallet in the foregoing description provide for a secure method of storing and usage of transaction cards without the hassle of the card being wrongly authenticated in case of a theft or a robbery.

The foregoing description of the specific embodiments will so fully reveal the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the scope of the embodiments as described herein.

Claims

A card security system, said system comprising:
a smart wallet with at least one card slot characterized in that the wallet configured to detect removal of at least one card from the at least one card slot;
at least one terminal characterized in that the terminal configured to enable transaction through use of the at least one card;
at least one smart device in wireless communication with the wallet characterized in that the smart device configured to receive a trigger notification from the wallet notifying removal of the card as a trigger event;
a GPS receiver disposed within the smart device characterized in that the GPS receiver configured to track geo-location coordinates of the smart device;
a processing unit in wireless communication with the smart device characterized in that the processing unit configured to:
determine if the transaction is completed within a threshold time;
check if the terminal is within a threshold vicinity of the smart device;
block the card if the transaction is not completed through the terminal within the threshold vicinity of the smart device within the threshold time; and
a communication module disposed in the smart device characterized in that the communication module configured to enable transmission of the smart device’s geo-location coordinates and time stamp to the processing unit on removal of the at least one card from the at least one card slot.
The system as claimed in claim 1, wherein the wallet further comprises electrical connecting pins disposed in the card slot such that when the card is removed from the card slot, circuit is completed to detect removal of card and generate the trigger event.
The system as claimed in claim 1, wherein the smart wallet further comprises a communication unit configured to send trigger notification regarding the trigger event to the smart device.
The system as claimed in claim 1, wherein the processing unit is configured to block the card temporarily if the transaction is not completed through the terminal within the threshold vicinity of the smart device within the threshold time.
The system as claimed in claim 1, wherein the processing unit is configured to block the card temporarily if the card is not returned to the same card slot from where it was removed within a specific time.
A method of card security, the method comprising:
detecting removal of atleast one card from atleast one card slot disposed in a smart wallet;
receiving a trigger notification from the wallet, at a smart device, notifying removal of card as a trigger event;
transmitting the smart device’s geo-location coordinates to a processing unit on removal of at least one card from the at least one card slot;
tracking geo-location coordinates of the smart device;
determining if the transaction is completed within a threshold time;
verifying if the terminal is within a threshold vicinity of the smart device; and
blocking the card if the transaction is not completed through the terminal within the threshold vicinity of the smart device within the threshold time.
The method as claimed in claim 6, wherein the processing unit blocks the card temporarily if the transaction is not completed through the terminal within the threshold vicinity of the smart device within the threshold time.
The method as claimed in claim 6, where in the processing unit further blocks the card temporarily, if the card is not returned to the same card slot from where it was removed within a specific time.
The method as claimed in claim 6, wherein the smart wallet further comprises a communication unit notifying the removal of the card from the card slot.