WO2022090794A1

WO2022090794A1 - System and method for validation of authenticity of an authorized user for monetary transaction

Info

Publication number: WO2022090794A1
Application number: PCT/IB2020/062013
Authority: WO
Inventors: Kulothungaboopathy Vijayarangam
Original assignee: Kulothungaboopathy Vijayarangam
Priority date: 2020-11-02
Filing date: 2020-12-16
Publication date: 2022-05-05

Abstract

A system and method for validation of authenticity of an authorized user for a monetary transaction are provided. The system includes a transaction linking module which links at least one transactional means to a centralized platform, an authentication module which retrieves the unique identifier and verifies with at least one transactional credential, a credential linking module which retrieves the at least one transactional credential and links to the centralized platform, a status modification module which checks and sets the status of the at least one transactional means to a sleep mode and enables the authorized user to modify the status to an awake mode, a validation module which detects the status of the at least one transactional means on the centralized platform. Further, the status modification module also sets the status to the sleep mode automatically upon completion of one of the pre-defined time interval or detecting the status.

Description

SYSTEM AND METHOD FOR VALIDATION OF AUTHENTICITY OF AN AUTHORIZED USER FOR MONETARY TRANSACTION

This International Application claims priority from a Patent application filed in India having Patent Application No. 202041047787, filed on November 02, 2020, and titled “SYSTEM AND METHOD FOR VALIDATION OF AUTHENTICITY OF AN AUTHORIZED USER FOR MONETARY TRANSACTION”.

FIELD OF INVENTION

Embodiments of a present invention relate to validating authenticity of users, and more particularly, to a system and method for validation of the authenticity of an authorized user for a monetary transaction.

BACKGROUND

With the linear growth in technology in today’s world, physical money is taking a leap back and digital currency is playing a crucial role. In such a scenario, the digital currency can be transacted via an online platform or a digital platform such as an automated teller machine (ATM), a point of sale (POS) machine, a near field communication (NFC) device, or the like. Further, to secure such transactions, people usually need login credentials such as a login identifier (ID) and a password to login on the online platform or a transactional identifier to perform the transaction between one or more parties. Such login credentials or transactional credentials are to be kept confidential to prevent any sort of breach of one or more financial accounts of the user.

The rate of theft in the digital world is also increasing simultaneously with the technology, leaving a loophole for a third party to access the login credentials or transactional credentials illegally without the authorized user’s permission or notice in order to transfer the digital currencies to various accounts. Such accounts are also difficult to track. There are multiple systems and approaches available to deal with such fraudulent activity. However, such multiple approaches are time-consuming as they include multiple steps to be implemented by the user to prevent any such fraudulent activity. Due to the difficult task to track such fraudulent activity, such available systems and approaches become less reliable, less efficient, and time-consuming.

Hence, there is a need for an improved system and method for validation of authenticity of the authorized user for a monetary transaction to address the aforementioned issues.

BRIEF DESCRIPTION

In accordance with one embodiment of the disclosure, a system for validation of authenticity of an authorized user for a monetary transaction is provided. The system includes one or more processors. The system also includes a transaction linking module configured to link at least one transactional means associated with a user account with a centralized platform upon registering on the centralized platform via a unique identifier associated with the authorized user. The user account includes a user monetary transactional account. The system also includes an authentication module configured to retrieve the unique identifier from a user device upon linking the at least one transactional means with the centralized platform. The authentication module is also configured to verify at least one transactional credential associated with the user account and linked to the unique identifier from a database to generate a verification result, wherein the database is associated with the at least one transactional means. The system also includes a credential linking module configured to retrieve the at least one transactional credential from the database upon receiving a valid verification result from the authentication module. The credential linking module is also configured to link the at least one transactional credential retrieved, to the centralized platform. The system also includes a status modification module configured to check a status of the at least one transactional means and set the status of the at least one transactional means to a sleep mode as a default status. The status modification module is also configured to enable the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval to enable the monetary transaction. The system further includes a validation module configured to receive the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device. The validation module is also configured to detect the status of the at least one transactional means on the centralized platform to generate a validation result thereby validating the authenticity of the authorized user for the monetary transaction. The status modification module is further configured to set the status of the at least one transactional means to the sleep mode automatically upon one of completion of the pre-defined time interval, or completion of detecting the status of the corresponding at least one transactional means.

In accordance with another embodiment, a method for validating authenticity of an authorized user for a monetary transaction is provided. The method includes linking at least one transactional means associated with a user account with a centralized platform upon registering on the centralized platform via a unique identifier associated with the authorized user. The method also includes retrieving the unique identifier from a user device upon linking the at least one transactional means with the centralized platform. The method also verifying at least one transactional credential associated with the user account and linked to the corresponding unique identifier from a database for generating a verification result. The method also includes retrieving the at least one transactional credential from the database upon receiving a valid verification result. The method further includes linking the at least one transactional credential retrieved to the centralized platform. The method further includes checking a status of the at least one transactional means and setting the status of the at least one transactional means to a sleep mode as a default status. The method also includes enabling the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval for enabling the monetary transaction. The method also includes receiving the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device. The method further includes detecting the status of the at least one transactional means on the centralized platform for generating a validation result, thereby validating the authenticity of the authorized user for the monetary transaction. The method also includes setting the status of the at least one transactional means to the sleep mode automatically upon one of completion of the pre-defined time interval, or completion of detecting the status of the corresponding at least one transactional means. To further clarify the advantages and features of the present disclosure, a more particular description of the disclosure will follow by reference to specific embodiments thereof, which are illustrated in the appended figures. It is to be appreciated that these figures depict only typical embodiments of the disclosure and are therefore not to be considered limiting in scope. The disclosure will be described and explained with additional specificity and detail with the appended figures.

BRIEF DESCRIPTION OF THE DRAWINGS

The disclosure will be described and explained with additional specificity and detail with the accompanying figures in which:

FIG. 1 is a block diagram representation of a system for validation of authenticity of an authorized user for a monetary transaction in accordance with an embodiment of the present disclosure;

FIG. 2 is a block diagram representation of an exemplary embodiment of the system for validation of the authenticity of the authorized user for the monetary transaction of FIG. 1 in accordance with an embodiment of the present disclosure;

FIG. 3 is a block diagram of a validation computer or a validation server in accordance with an embodiment of the present disclosure; and

FIG. 4a and FIG. 4b are flow charts representing steps involved in a method for validating authenticity of an authorized user for a monetary transaction in accordance with an embodiment of the present disclosure.

Further, those skilled in the art will appreciate that elements in the figures are illustrated for simplicity and may not have necessarily been drawn to scale. Furthermore, in terms of the construction of the device, one or more components of the device may have been represented in the figures by conventional symbols, and the figures may show only those specific details that are pertinent to understanding the embodiments of the present disclosure so as not to obscure the figures with details that will be readily apparent to those skilled in the art having the benefit of the description herein. DETAILED DESCRIPTION

For the purpose of promoting an understanding of the principles of the disclosure, reference will now be made to the embodiment illustrated in the figures and specific language will be used to describe them. It will nevertheless be understood that no limitation of the scope of the disclosure is thereby intended. Such alterations and further modifications in the illustrated system, and such further applications of the principles of the disclosure as would normally occur to those skilled in the art are to be construed as being within the scope of the present disclosure.

The terms "comprises", "comprising", or any other variations thereof, are intended to cover a non-exclusive inclusion, such that a process or method that comprises a list of steps does not include only those steps but may include other steps not expressly listed or inherent to such a process or method. Similarly, one or more devices or sub-systems or elements or structures or components preceded by "comprises... a" does not, without more constraints, preclude the existence of other devices, sub-systems, elements, structures, components, additional devices, additional sub-systems, additional elements, additional structures or additional components. Appearances of the phrase "in an embodiment", "in another embodiment" and similar language throughout this specification may, but not necessarily do, all refer to the same embodiment.

Unless otherwise defined, all technical and scientific terms used herein have the same meaning as commonly understood by those skilled in the art to which this disclosure belongs. The system, methods, and examples provided herein are only illustrative and not intended to be limiting.

In the following specification and the claims, reference will be made to a number of terms, which shall be defined to have the following meanings. The singular forms “a”, “an”, and “the” include plural references unless the context clearly dictates otherwise.

Embodiments of the present disclosure relate to a system for validation of authenticity of an authorized user for a monetary transaction. The term “validation” is defined as an action of checking or proving the validity or accuracy of something. Further, the term “monetary transaction” is defined as a process in which one institutional unit makes a payment or incurs a liability stated in units of currency. In one embodiment, the monetary transaction is made via an online platform. In such embodiment, the monetary transaction may have proceeded via a net banking process, a debit card, a credit card, or the like. In another embodiment, the monetary transaction is made via a digital platform. In such embodiment, the monetary transaction is made to be proceeded via an automated teller machine (ATM), a point of sale (POS) machine, a near field communication (NFC) device, or the like.

FIG. 1 is a block diagram representation of a system (10) for validation of authenticity of an authorized user for a monetary transaction in accordance with an embodiment of the present disclosure. The system (10) includes one or more processors (20). The system (10) also includes a transaction linking module (30) operable by the one or more processors (20). The transaction linking module (30) is configured to link at least one transactional means associated with a user account with a centralized platform upon registering on the centralized platform via a unique identifier associated with the authorized user. The user account includes a user monetary transactional account. In one embodiment, the at least one transactional means may include the net banking, the debit card, the credit card, a Unified Payments Interface (UPI), a third-party wallet, or the like. In one embodiment, the at least one transactional credential may include one of a debit card number, a credit card number, a net banking identifier, a Unified Payments Interface (UPI) identifier, or a wallet identifier associated with the user account. As used herein, the term “transactional credential” is defined as a credential used by the authorized user to log into the user account, or transact money via a debit card, a wallet identifier, a net banking identifier, or the like.

Furthermore, the system (10) includes an authentication module (40) operable by the one or more processors (20). The authentication module (40) is configured to retrieve the unique identifier from a user device upon linking the at least one transactional means with the centralized platform. In one embodiment, the unique identifier may include one of a contact number of the authorized user, International Mobile Equipment Identity (IMEI) number, any identifier associated with the user device, or the like. Further, in one exemplary embodiment, the user device may include one of a mobile phone, a laptop, a tablet, a desktop, or the like such that the unique identifier is housed within the user device. In another exemplary embodiment, a unique device identifier may be used as the unique identifier when the user device includes the desktop. The unique device identifier may include a hardware identifier, a machine identifier, a universally unique identifier, or the like.

The authentication module (40) is also configured to verify the at least one transactional credential associated with the user account and linked to the corresponding unique identifier from a database to generate a verification result, wherein the database is associated with the at least one transactional means. More specifically, upon retrieving the contact number from the user device, the authentication module (40) may fetch the at least one transactional credential which the user may have initially registered with the at least one transactional means associating the same with the contact number. In one exemplary, the authentication module (40) may be configured to generate the verification result upon checking and verifying the at least one transactional credential with the corresponding unique identifier from the database. In such embodiment, the verification result may include one of a valid verification result and an invalid verification result. In one embodiment, the authentication module (40) generates the valid verification result when the at least one transactional credential linked to the corresponding unique identifier is present in the database. In another embodiment, the authentication module (40) may generate the invalid verification result when the at least one transactional credential is not found to be linked with the corresponding unique identifier in the database when the unique identifier is retrieved from the user device.

The system (10) also includes a credential linking module (50) operable by the one or more processors (20). The credential linking module (50) is configured to retrieve the at least one transactional credential from the database upon receiving the valid verification result from the authentication module (40). On retrieving the at least one transactional credential, the credential linking module (50) is configured to link the at least one transactional credential retrieved, to the centralized platform. In one embodiment, the linking of the at least one transactional credential may be done in real-time in order to enable a secured monetary transaction for the authorized user via the user account in real-time.

Furthermore, the system (10) also includes a status modification module (60) operable by the one or more processors (20). The status modification module (60) is configured to check a status of the at least one transactional means. In one embodiment, the status of the at least one transactional means may include a sleep mode or an awake mode. Moreover, at a first instant of time the status modification module (60) sets the status of the at least one transactional means to a sleep mode as a default status. This default setting of the status may be considered as an initial step/ stage for further secured monetary transactions. The status modification module (60) is also configured to enable the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval to enable the monetary transaction.

The system (10) also includes a validation module (70) operable by the one or more processors (20) The validation module (70) is configured to receive the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device. In such a scenario, the authenticity of the authorized user who is performing the monetary transaction via the corresponding at least one transactional means needs to be validated. Thus, the status of the at least one transactional means on the centralized platform may have to be checked to validate the authenticity of the authorized user.

The validation module (70) is also configured to detect the status of the at least one transactional means on the centralized platform to generate a validation result, thereby validating the authenticity of the authorized user for the monetary transaction. In one embodiment, the validation result may be an approval to proceed and initiate the monetary transaction via the corresponding at least one transactional means when the status of the same as detected by the validation module (70) is in the awake mode. In one embodiment, the validation result may be a rejection to proceed and initiate the monetary transaction via the corresponding at least one transactional means when the status of the same as detected by the validation module (70) is in the sleep mode. Also, in one specific embodiment, the transactional device may include one of a user device, an automated teller machine (ATM), a point of sale (POS) machine, a near field communication (NFC) device, or the like.

In one embodiment, initiating the monetary transaction via the corresponding at least one transactional means may include one of logging into the net banking using the net banking identifier, enabling the monetary transaction upon accessing the UPI number, one or more card details for the monetary transaction via the debit card/ the credit card, a quick response (QR) code associated to the at least one transactional means such as the third-party wallet, or the like.

In one exemplary embodiment, the card number may be received from the ATM which may be further transmitted to the centralized platform to detect the status of the card. Further, to detect the status of the card, the card number may have to be linked to the centralized platform and the authorized user may have to be capable of modifying the status of the same via the user device, which is done upon authenticating the authorized user of the user device by verifying that the card number associated with the user account is linked to the mobile number of the authorized user. In such embodiment, the card number may be one of the debit card number or the credit card number.

In another exemplary embodiment, the card number may be received from the POS machine when the authorized user initiates the monetary transaction. The card number received may be further transmitted to the centralized platform to detect the status of the card. Further, to detect the status of the card, the card number may have to be linked to the centralized platform and the authorized user may have to be capable of modifying the status of the same via the user device, which is done upon authenticating the authorized user of the user device by verifying the card number associated with the user account is linked to the mobile number of the authorized user. In such embodiment, the card number may be one of the debit card number or the credit card number.

In one exemplary embodiment, the system (10) may further include a notification generation module (not shown in FIG. 1) which may be operable by the one or more processors (20). The notification generation module may be configured to generate a notification for the authorized user on the user device, wherein the notification may be representative of the validation result generated by the validation module (70). In such embodiment, the notification may be in a form of one of a text message, an email, a popup or the like, on the centralized platform.

Furthermore, the status modification module (60) is configured to set the status of the at least one transactional means to the sleep mode automatically upon one of completion of the pre-defined time interval, or completion of detecting the status of the corresponding at least one transactional means. More specifically, the mode of the corresponding at least one transactional means which was modified by the authorized user to be in the awake mode gets modified back to the sleep mode either when the pre-defined time interval for the at least one transactional means to be awake, is completed or when a required task is completed within the pre-defined time interval. In one embodiment, the task corresponds to the monetary transaction. Also, the pre-defined time interval may correspond to a specific time period during which the status of the corresponding at least one transactional means may be in the awake mode as may be modified by the authorized user during the initiation of the process for the monetary transaction. Henceforth, whichever situation requires lesser time may be monitored instantaneously by the validation module (70) which may be further communicated to the status modification module (60) to set or modify the status of the corresponding at least one transactional means back to the sleep mode in order to secure the whole process.

In one exemplary embodiment, the system (10) includes an exception handling module (75) operable by the one or more processors (20). The exception handling module (75) is configured to check for additional details related to a recurring transaction linked to the user account in the database. The recurring transaction may be initiated irrespective of the status of the at least one transactional means. In one embodiment, the additional details include merchant details of a merchant of the at least one transactional means, and the like. The recurring transaction may be initiated at every pre-defined time interval (for example the pre-defined time interval maybe the 10^th day of every month). In such a situation, the exception handling module (75) may be configured to check for the additional details related to the recurring transaction linked to the user account in the database. Further, upon checking the same, the exception handling module (75) may activate the automatic monetary transaction irrespective of the status of the corresponding at least one transactional means. More specifically, even if the at least one transactional means of the corresponding user account is in the sleep mode, but the user account has been associated with the recurring transaction, then the exception handling module (75) allows the monetary transaction to proceed. In one specific embodiment, the user account may be associated with the recurring transaction in one of conditions such as equated monthly installments (EMI), monthly subscriptions for one or more online platforms, monthly bill payments via the user account, and/ or the like.

FIG. 2 is a block diagram representation of an exemplary embodiment of the system (80) for validation of the authenticity of the authorized user for the monetary transaction of FIG. 1 in accordance with an embodiment of the present disclosure. The system (80) herein represents the centralized platform, wherein the system (80) is substantially similar to the system (10) of FIG.1. A user ‘M’ (90) wants to make a monetary transaction of an amount ‘X’ from a user bank account ‘A’ (100) to a retailer account ‘B’ (110). The user M (90) uses net banking to perform the monetary transaction. Thus, the net banking may have to be linked with the centralized platform which is achieved by the transaction linking module (30) operable by the one or more processors (20). Also, it should be noted that the mobile number of the user M (90) may be registered with a telecom service provider in a user M’s name or any person associated to the user M (90), hereafter the mobile number along will be a source for all the validation processes involved in the monetary transaction the user M (90) performs through the user bank account A (100) via the net banking.

Further, the mobile number from the mobile device (120) is retrieved by the authentication module (40) upon linking the net banking to the centralized platform and verifies that the at least one transactional credential such as a net banking identifier is linked to the mobile number in the database (130), wherein the net banking identifier is already stored in the database (130) as the database (130) is associated with the net banking. Also, the database (130) is comprising all bank account details of the user M (90) and a valid verification result is generated by the authentication module (40). On obtaining the valid verification result, the net banking identifier is linked to the centralized platform by the credential linking module (50). Subsequently, the status of the net banking is checked by the status modification module (60) and is set to a sleep mode as a default status. In a situation when the user M (90) tends to make the transaction, the status modification module (60) allows the user M (90) to modify the status from the sleep mode to the awake mode via the mobile device (120) comprising the same mobile number as registered on the centralized platform. If these criteria are not fulfilled, the validation terminates and the system (80) does not allow the user M (90) or any other third party user to perform the transaction. The validation of detecting the status of the net banking is validated by the validation module (70).

Furthermore, if the status check of the net banking is completed, or if the pre-defined time interval is completed, the status modification module (60) automatically sets or modifies the status of the net banking back to the sleep mode. Once this validation of the authenticity of the user M (90) is completed, the centralized platform may redirect the user M (90) to the bank account A’s (100) webpage where the user M (90) may transfer the amount X to the retailer account B (110). If the user M (90) wishes to make another transaction, the whole process is again followed, thereby making the system (80) safe and secure for the user M (90).

FIG. 3 is a block diagram of a validation computer or a validation server (140) in accordance with an embodiment of the present disclosure. The validation server (140) includes processor(s) (150), and a memory (160) coupled to a bus (170). As used herein, the processor(s) (150) and the memory (160) are substantially similar to the system (10) of FIG. 1. Here, the memory ( 160) is located in a local storage device.

The processor(s) (150), as used herein, means any type of computational circuit, such as but not limited to, a microprocessor, a microcontroller, a complex instruction set computing microprocessor, a reduced instruction set computing microprocessor, a very long instruction word microprocessor, an explicitly parallel instruction computing microprocessor, a digital signal processor, or any other type of processing circuit, or a combination thereof.

Computer memory elements may include any suitable memory device(s) for storing data and executable program, such as read only memory, random access memory, erasable programmable read only memory, electrically erasable programmable read only memory, hard drive, removable media drive for handling memory cards and the like. Embodiments of the present subject matter may be implemented in conjunction with program modules, including functions, procedures, data structures, and application programs, for performing tasks, or defining abstract data types or low-level hardware contexts. Executable program stored on any of the above-mentioned storage media may be executable by the processor(s) (150).

The memory ( 160) includes a plurality of modules stored in the form of executable program which instructs the processor(s) (150) to perform method steps illustrated in FIGs. 4a and 4b. The memory (160) has following modules: a transaction linking module (30), an authentication module (40), a credential linking module (50), a status modification module (60), a validation module (70), and an exception handling module (75).

The transaction linking module (30) is configured to link at least one transactional means associated with a user account with a centralized platform upon registering on the centralized platform via a unique identifier associated with an authorized user.

The authentication module (40) is configured to retrieve the unique identifier from a user device upon linking the at least one transactional means with the centralized platform. The authentication module (40) is also configured to verify at least one transactional credential associated with the user account and linked to the unique identifier from a database (130) to generate a verification result, wherein the database (130) is associated with the at least one transactional means.

The credential linking module (50) is configured to retrieve the at least one transactional credential from the database (130) upon receiving a valid verification result and link the at least one transactional credential retrieved, to the centralized platform.

The status modification module (60) configured to check a status of the at least one transactional means and set the status of the at least one transactional means to a sleep mode as a default status. The status modification module (60) is also configured to enable the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval to enable the monetary transaction.

The validation module (70) is configured to receive the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device and to detect the status of the at least one transactional credential on the centralized platform to generate a validation result, thereby validating the authenticity of the authorized user for the monetary transaction.

The exception handling module (75) is configured to check for additional details related to a recurring transaction linked to the user account in the database (130), wherein the recurring transaction is initiated irrespective of the status of the at least one transactional means.

FIG. 4a and FIG. 4b are flow charts representing steps involved in a method (180) for validating authenticity of an authorized user for a monetary transaction in accordance with an embodiment of the present disclosure. The method (180) includes linking at least one transactional means associated with a user account with a centralized platform upon registering on the centralized platform via a unique identifier associated with the authorized user in step 190. In one embodiment, linking the at least one transactional means may include linking the at least one transactional means by a transaction linking module.

The method (180) also includes retrieving the unique identifier from a user device upon linking the at least one transactional means with the centralized platform in step 200. In one embodiment, retrieving the unique identifier may include retrieving the unique identifier by an authentication module.

Furthermore, the method (180) includes verifying at least one transactional credential associated with the user account and linked to the unique identifier from a database for generating a verification result in step 210. In one embodiment, verifying the at least one transactional credential may include verifying the at least one transactional credential by the authentication module. The method ( 180) also includes retrieving the at least one transactional credential from the database upon receiving a valid verification result in step 220. In one embodiment, retrieving the at least one transactional credential may include retrieving the at least one transactional credential by a credential linking module.

The method ( 180) also includes linking the at least one transactional credential retrieved to the centralized platform in step 230. In one embodiment, linking the at least one transactional credential may include linking the at least one transactional credential by the credential linking module.

The method (180) also includes checking a status of the at least one transactional means and setting the status of the at least one transactional means to a sleep mode as a default status in step 240. In one embodiment, checking the status may include checking the status by a status modification module.

The method ( 180) further includes enabling the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval for enabling the monetary transaction in step 250. In one embodiment, enabling the authorized user to modify the status may include enabling the authorized user to modify the status by the status modification module.

Furthermore, the method ( 180) includes receiving the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device in step 260. In one embodiment, receiving the at least one transactional credential may include receiving the at least one transactional credential by a validation module. In one exemplary embodiment, receiving the at least one transactional credential from the transactional device may include receiving one of a debit card number, a credit card number, a net banking identifier, a Unified Payments Interface (UPI) identifier, or a wallet identifier.

The method (180) includes detecting the status of the at least one transactional means on the centralized platform for generating a validation result in step 270. In one embodiment, detecting the status of the at least one transactional means may include detecting the status of the at least one transactional means by the validation module. In one exemplary embodiment, detecting the status of the at least one transactional means on the centralized platform for generating the validation result may include detecting the status of the at least one transactional means on the centralized platform for generating one of acceptance or rejection associated with enabling the authorized user for initiating the monetary transaction.

The method ( 180) also includes setting the status of the at least one transactional means to the sleep mode automatically upon one of completion of the pre-defined time interval, or completion of detecting the status of the corresponding at least one transactional means in step 280. In one embodiment, setting the status may include setting the status by the status modification module.

Various embodiments of the present disclosure enable the authorized user to prevent any kind of misuse of the transactional credentials of the corresponding at least one transactional means associated to the user account which is used for the monetary transaction by creating a layer of security by maintaining the sleep mode of transactional means automatically, except for a very small interval of time when the user wishes to make a transaction. Such a layer of security makes the system more reliable and highly efficient in terms of security and fraud. In addition, the implementation time required for the system is very minimal as the whole system is for performing in a secured layer, thereby the system maintains very minimal operational speed. Also, the status can be altered to the awake mode upon a single click by the user via the user device, thereby making the system efficient in terms of time. Further, there is no secret code which the user or the computer needs to remember to modify the status of the transactional means, which has a high chance of being leaked, thereby making the system highly efficient.

Furthermore, there is no additional hardware required as the system works with the existing hardware, thereby making the implementation cost-effective, easy, and quick. Also, the system eliminates processing of one or more unauthorized transactions which otherwise might have occurred, thereby saving huge cost used for the processing and storing of data associated to such processing in the server and the database. While specific language has been used to describe the disclosure, any limitations arising on account of the same are not intended. As would be apparent to a person skilled in the art, various working modifications may be made to the method in order to implement the inventive concept as taught herein. The figures and the foregoing description give examples of embodiments. Those skilled in the art will appreciate that one or more of the described elements may well be combined into a single functional element. Alternatively, certain elements may be split into multiple functional elements. Elements from one embodiment may be added to another embodiment. For example, order of processes described herein may be changed and are not limited to the manner described herein. Moreover, the actions of any flow diagram need not be implemented in the order shown; nor do all of the acts need to be necessarily performed. Also, those acts that are not dependent on other acts may be performed in parallel with the other acts. The scope of embodiments is by no means limited by these specific examples.

Claims

I/WE CLAIM:

1. A system (10) for validation of authenticity of an authorized user for a monetary transaction, wherein the system (10) comprises: one or more processors (20); a transaction linking module (30) operable by the one or more processors (20), wherein the transaction linking module (30) is configured to link at least one transactional means associated with user account with a centralized platform upon registering on the centralized platform via a unique identifier associated to the authorized user, wherein the user account comprises a user monetary transactional account; an authentication module (40) operable by the one or more processors (20), wherein the authentication module (40) is configured to: retrieve the unique identifier from a user device upon linking the at least one transactional means with the centralized platform; and verify at least one transactional credential associated with the user account and linked to the corresponding unique identifier from a database (130) to generate a verification result, wherein the database ( 130) is associated with the at least one transactional means; a credential linking module (50) operable by the one or more processors (20), wherein the credential linking module (50) is configured to: retrieve the at least one transactional credential from the database (130) upon receiving a valid verification result from the authentication module (40); and link the at least one transactional credential retrieved, to the centralized platform; a status modification module (60) operable by the one or more processors (20), wherein the status modification module (60) is configured to: check a status of the at least one transactional means, and set the status of the at least one transactional means to a sleep mode as a default status; and enable the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval to enable the monetary transaction; and a validation module (70) operable by the one or more processors (20), wherein the validation module (70) is configured to: receive the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device; and detect the status of the at least one transactional means on the centralized platform to generate a validation result, thereby validating the authenticity of the authorized user for the monetary transaction, wherein the status modification module (60) is configured to set the status of the at least one transactional means to the sleep mode automatically upon one of completion of the pre-defined time interval, or completion of detecting the status of the corresponding at least one transactional means.

2. The system (10) as claimed in claim 1, wherein the unique identifier comprises one of a contact number of the authorized user or any identifier associated with the user device, wherein the unique identifier is housed within the user device.

3. The system (10) as claimed in claim 1, wherein the at least one transactional credential comprises one of a debit card number, a credit card number, a net banking identifier, a Unified Payments Interface (UPI) identifier, or a wallet identifier associated with the user account.

4. The system (10) as claimed in claim 1, wherein the at least one transactional means comprises one of a net banking, a debit card, a credit card, a Unified Payments Interface (UPI), or a third-party wallet.

5. The system (10) as claimed in claim 1, wherein the validation result corresponds to one of acceptance or rejection associated with enabling the authorized user to initiate the monetary transaction.

6. The system (10) as claimed in claim 1, wherein the transactional device comprises one of the user device, an automated teller machine (ATM), a point of sale (POS) machine, or a near field communication (NFC) device.

7. The system (10) as claimed in claim 1, comprises an exception handling module (75) operable by the one or more processors (20), the exception handling module (75) configured to check for additional details related to a recurring transaction linked to the user account in the database (130), wherein the recurring transaction is initiated irrespective of the status of the at least one transactional means.

8. A method (180) for validating authenticity of an authorized user for a monetary transaction comprising: linking, by a transaction linking module, at least one transactional means associated with a user account with a centralized platform upon registering on the centralized platform via a unique identifier associated to the authorized user; (190) retrieving, by an authentication module, the unique identifier from a user device upon linking the at least one transactional means with the centralized platform; (200) verifying, by the authentication module, at least one transactional credential associated with the user account and linked to the corresponding unique identifier from a database for generating a verification result; (210) retrieving, by a credential linking module, the at least one transactional credential from the database upon receiving a valid verification result; (220) linking, by the credential linking module, the at least one transactional credential retrieved to the centralized platform; (230) checking, by a status modification module, a status of the at least one transactional means, and setting the status of the at least one transactional means to a sleep mode as a default status; (240) enabling, by the status modification module, the authorized user to modify the status of the at least one transactional means to an awake mode for a pre-defined time interval for enabling the monetary transaction; (250) receiving, by a validation module, the at least one transactional credential from a transactional device when the authorized user initiates the monetary transaction via the transactional device; (260) detecting, by the validation module, the status of the at least one transactional means on the centralized platform for generating a validation result, thereby validating the authenticity of the authorized user for the monetary transaction; and (270) setting, by the status modification module, the status of the at least one transactional means to the sleep mode automatically upon one of completion of the predefined time interval, or completion of detecting the status of the corresponding at least one transactional means. (280)

9. The method (180) as claimed in claim 8, wherein receiving the at least one transactional credential from the transactional device comprises receiving one of a debit card number, a credit card number, a net banking identifier, a Unified Payments Interface (UPI) identifier, or a wallet identifier.

10. The method (180) as claimed in claim 8, wherein detecting the status of the at least one transactional means on the centralized platform for generating the validation result comprises detecting the status of the at least one transactional means on the centralized platform for generating one of acceptance or rejection associated with enabling the authorized user for initiating the monetary transaction.