Transactional identity system and server
Disclosed are systems, servers and methods for a novel, multifactor-token based framework for securely executing electronic transactions while protecting user and transactional data related to and/or communicated during the transactions. The disclosed systems and methods enable an on-demand multifactor token to be generated for electronic transactions, whereby the tokens can be specific to a type of transaction, a type of entity and/or other party involved, and the like. The disclosed tokens can be relayed between users and the parties they are interacting with rather than personally identifiable information, which ensures a user's data is securely maintained and prevented from undesired exposure on a network.
1. A method comprising:
receiving, over a network by a device, a request to generate a token for a user, the request comprising personally identifiable information (PII) data related to the user;
analyzing, by the device, the request, and generate the token, the token being encrypted;
communicating, over the network by the device, the generated token for storage in association with a network location of the user;
determining a PII data type weighted reliability score for an identity of the user and the token wherein a private PII data type weight is higher than a public PII data type;
initiating, by the device, an electronic transaction between the user and a third party entity by receiving, over the network, from the third party entity, information related to the token;
analyzing, by the device, the token information, and determining validity of the token in relation to an identity of the user; and
facilitating, by the device over the network, the electronic transaction between the user and the third party entity based on the validity determination.
2. The method of claim 1 , further comprising:
parsing the request, and analyze the PII data; and
determining veracity of PII data in relation to the identity of the user, wherein the veracity determination comprises comparing at least a portion of the PII data to a credit bureau data.
3. The method of claim 1 , further comprising:
storing, in a database, a decryption key for the token, wherein the storage is accessible only by a processor, wherein the analysis of the token is based on decryption of the token via the decryption key.
4. The method of claim 1 , wherein the validity determination comprises:
comparing PII data included in the token to hosted and verified PII data of the user; and
determining a reliability score for the identity of the user and the token based on the comparison.