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 transactional identity system comprising:
one or more processors; and
a non-transitory memory storing instructions that, when executed by the one or more processors, cause the system to:
a) receive, over a network, pre-provisioned credentials from a trusted third party, the pre-provisioned credentials comprising personally identifiable information validated by the trusted third party;
b) generate, on a server side, a tokenized credential based on the pre-provisioned credentials, the tokenized credential being encrypted to securely encapsulate at least a portion of the personally identifiable information without exposing the personally identifiable information over the network;
c) compute a reliability score for an identity of a user associated with the pre-provisioned credentials, the reliability score based on a comparison of the personally identifiable information with at least one additional data source;
d) store the tokenized credential at a network location associated with the user;
e) receive, over the network from a requesting third-party entity, a transaction request referencing the tokenized credential;
f) validate the tokenized credential by comparing the encapsulated personally identifiable information with the pre-provisioned credentials; and
g) provide the validated tokenized credential and the reliability score to the requesting third-party entity to facilitate an electronic transaction while preventing direct exposure of the personally identifiable information.
2 . The system of claim 1 , wherein the personally identifiable information is stored on a user device.
3 . The system of claim 1 , wherein the pre-provisioned credentials comprise a digital identification document stored on a mobile device of the user, the digital identification document conforming to a standard issued by a governmental authority.
4 . The system of claim 1 , wherein the instructions further cause the system to:
parse the pre-provisioned credentials to extract the personally identifiable information; and
verify the personally identifiable information by comparing at least a portion of the personally identifiable information to hosted and verified personally identifiable information data.
5 . The system of claim 1 , wherein the reliability score is computed based on a weighted analysis of personally identifiable information data types included in the pre-provisioned credentials, wherein private personally identifiable information data types are assigned a higher weight than public personally identifiable information data types.
6 . The system of claim 5 , wherein the private personally identifiable information data types include at least one of a social security number or biometric data, and the public personally identifiable information data types include at least one of a name or address.
7 . The system of claim 1 , wherein the tokenized credential is configured to self-destruct or become invalid if the requesting third-party entity is identified as a bad actor or if tampering is detected during validation.
8 . The system of claim 1 , wherein the network location comprises at least one of a secure element of a user device, a user account, or a secure cloud storage associated with the user.
9 . The system of claim 1 , wherein the tokenized credential is transaction-specific and configured for use with a particular type of electronic transaction or a specific third-party entity.
10 . The system of claim 1 , wherein the instructions further cause the system to transmit a category intent notification to the requesting third-party entity, the notification indicating a type of transaction intended by the user.
11 . A computer-implemented method for facilitating a transactional identity exchange, comprising:
a) receiving, by a server over a network, pre-provisioned credentials validated by a trusted third party, the pre-provisioned credentials comprising personally identifiable information stored on a mobile device;
b) generating, by the server, a transaction-specific tokenized credential based on the pre-provisioned credentials, the tokenized credential being encrypted to securely contain at least a portion of the personally identifiable information;
c) computing, by the server, a weighted reliability score for an identity of a user, wherein private personally identifiable information fields are weighted more heavily than public personally identifiable information fields;
d) storing the tokenized credential in association with a network location of the user;
e) receiving, by the server from a third-party requester, a request including the tokenized credential to initiate an electronic transaction;
f) validating, by the server, the tokenized credential by decrypting and comparing the contained personally identifiable information with the pre-provisioned credentials; and
g) transmitting, by the server, the validated tokenized credential, the weighted reliability score, and user-approved personally identifiable information to the third-party requester to complete the electronic transaction.
12 . The method of claim 11 , wherein the pre-provisioned credentials are received via a Near-Field Communication interaction or an application programming interface between the mobile device and the server.
13 . The method of claim 11 , further comprising:
evoking the tokenized credential if the weighted reliability score falls below a predetermined threshold.
14 . The method of claim 11 , further comprising:
logging the electronic transaction in an immutable audit trail maintained by the server.
15 . The method of claim 11 , wherein the tokenized credential expires after a predetermined number of uses or a predetermined time period.
16 . A non-transitory computer-readable storage medium tangibly encoded with computer-executable instructions, that when executed by a processor, cause the processor to:
a) obtain, over a network, pre-provisioned credentials validated by a third-party authority, the pre-provisioned credentials comprising personally identifiable information;
b) generate a multifactor security token based on the pre-provisioned credentials, the multifactor security token being encrypted;
c) compute a reliability score for an identity of a user based on a comparison of the personally identifiable information with at least one additional data source;
d) store the multifactor security token in an encrypted format at a network location associated with the user;
e) receive a transaction request from a third-party entity, the request including the multifactor security token;
f) authenticate the multifactor security token by comparing the encrypted personally identifiable information with the pre-provisioned credentials; and
g) provide the authenticated multifactor security token and the reliability score to the third-party entity to facilitate an electronic transaction without exposing the personally identifiable information.
17 . The non-transitory computer-readable storage medium of claim 16 , wherein the instructions further cause the processor to:
send a push-notification challenge to a user device prior to providing the reliability score to the third-party entity.
18 . The non-transitory computer-readable storage medium of claim 16 , wherein the multifactor security token is configured to be disabled after a predetermined number of failed authentication attempts.
19 . The non-transitory computer-readable storage medium of claim 16 , wherein the instructions further cause the processor to:
communicate a credit bureau analysis to the third-party entity in conjunction with the reliability score.