Patent published on November 16, 2023

IRONVEST's New Patent Could Make Online Shopping Safer

In an era where digital transactions are as natural as breathing, a problem has been plaguing the cyber world: How to make online transactions more secure against fraudulent or malicious activity.

The need for a more secure, yet user-friendly way of transacting online brought forth the birth of a unique patent called "System, Device, and Method of Transaction Verification Based on Auxiliary Signals and Modulations," patent number US20230368206A1, created by IRONVEST.

Presently, most systems authenticate users at the gateway or login process, a one-time check that may fail to prevent fraud at the transaction level. This is where the new patent comes in. The team at IRONVEST noticed that online fraud is generally carried out during the transaction phase, hence they developed an innovative system that takes a step beyond usual practices.

Central to this new solution are biometrics. The patent outlines a smarter way for computers to ensure it's really you when performing online tasks like shopping. The technology requires users to provide biometric proof, such as a video or audio recording, alongside transactions. This might deter malicious individuals who don't wish to risk revealing their identities from attempting fraudulent transactions.

So how does it work? Think of it as a two-step handshake. As you initiate an online purchase and enter your information, it gets sent in two parts. The first part is business as usual, but the second part has an added layer of security, locked with a key that is unique to each transaction. When the two parts are contrasted and they match, your purchase proceeds. But if they don’t match, your transaction is flagged. The technology is healthily paranoid, making multiple checks throughout a transaction to ensure everything is as it should be.

Imagine a world where online fraud scams are drastically reduced, and where confidential and private information of consumers is much safer. As more and more businesses and consumers become acquainted with this system, we can anticipate a world where once-fearful individuals can now engage in online transactions with a renewed sense of security.

Just picture this, a grandparent living alone comfortably orders their medications online without worry. A teenager can make in-app purchases securely on their favorite free game while their parents are at ease knowing their child’s information is safe.

While there's no certainty if this patent will hit the market, it certainly offers potential advancements in our digital world. It's worth noting that this is a patent and its market availability and practical implementation remain to be seen. But this patent is an interesting move and a step forward in the technology of transaction security which has the potential to revolutionize cybersecurity.

Let's hope for a future where online transactions are safer and more secure, thus elevating the comfort and convenience of digital shopping to the next level. Everything evolves, why should our mode of transaction stay behind?

P.S. Remember, a patent is a technical document and a promise of what the product aims to deliver, not a guarantee of market performance or that it will see a commercial release. Patents describe an idea for a product, not the final product.

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