Patent published on October 3, 2023

Patent Might Boost Security in Capital One App with Personal Shopping History

In the digital era, ensuring the security of our bank accounts has never been more critical. Yet, a persistent issue has been plaguing this process - the common authentication systems to confirm users' identities. Patent US11775973B2, a recent invention by Capital One Services, may just have the solution to this persistent problem.

Traditionally, a user attempting to access their banking app might be asked to confirm their identity by selecting the correct answer to a security question like, "Which merchant did you shop at recently?" It sounds simple — if you made a purchase, you'll recognize the store. But there's a catch. These preset answers can become a potential source of security breach. Malicious users might guess the correct response by chance, or over time, learn sensitive information about the account that can be misused. This insecurity can lead to illegitimate access to critical user data, leading to fraudulent activity.

Capital One's patent outlines a novel solution that amplifies the security of the authentication system by enhancing the questioning method. The new patent proposes to prompt users with open-ended questions, like "Where have you recently shopped?" Users respond in their own text, and these responses are then processed by a machine learning model determining its correctness. This advancement allows the authentication system to make use of extensive data and local knowledge, vastly improving guessability, and preventing the leakage of sensitive information. Simply put, the new system gets to know its users better and creates a robust shield against potential threats.

Imagine a world where you no longer have to remember the exact name of the store where you made your purchase or fail to authenticate just because you don't recognize a store's name picked up by your online delivery platform. With this new system, you might just state you shopped for shoes or ordered Italian, and its intelligent guesswork will do the rest, ensuring a safe, secure, and seamless banking experience.

PS: While the above discusses a patented invention, it's important to remember that patented technologies do not always make their way into actual market products. It serves as an insight into innovative solutions in the realm of financial account security, but its actualization remains to be seen.

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