Intent-based Method and System for Providing Transactional Security

Technology: Intent-based method and system for providing transactional security

Industry & Applications: Banking Sector, Ecommerce, Fintech , ICT & etc.;

Market: The global payment security market is projected to grow at a CAGR of 16% during 2023-2027.

Generally, in conventional method, the financial institutions send a notification to the user via SMS or email, etc. on completion of a transaction related to the account of the user. However, in case any fraudulent transactions happen, there may be financial loss suffered by the user.
Further, there are many other solutions discussed, but failed to address the issues related to said one issue like fraudulent transaction happening as long as the upper limit is not crossed.
Hence, there is a need to mitigate above challenges, and present invention provides the solution in efficient manner.

The present invention describes a method for controlling a transaction associated with an object.
The transaction comprises at least one of a credit card transaction, a debit card transaction, direct transaction, indirect transaction, & object access transaction.
The object comprises at least one of a document, credit card, debit card, custodian entity, & consumer electronic device.
Further, the function is initiated after receiving an intent or electronic message.
Further the present invention explains about a system for controlling at least one transaction associated with at least one object. The system comprises a user controlled configurable Authorization (UCCA) engine, and a custodian entity.
The operation of the present invention is depicted in the smart chart:

Herein, the intent means an electronic message through which said operation starts.

Technical Perspective:

Desired Transaction: The claimed invention discloses that the intent indicates that the user wants to perform the desired transaction. Thus, as long as the proposed transactions are in conformity with the rules/instructions, they will be carried out.
Facilitate Dynamic operation based on user intent: There is no specific rules/instructions provided or followed in the present invention, rather it completely depends on the intent of the user and it changes dynamically based on instruction given by the user through e-message,

Industrial Perspective:

Applicable in Financial Institution, an online storage location , ATMS and etc.

Inventor: Mr. B. Viswanathan

Department of Management Studies

TRL-2/3

Proof of Concept ready, & tested

Technology Transfer