Bank of America had 214 patents in cybersecurity during Q4 2023. Bank of America Corp filed patents related to dynamic data encryption in network sessions, ATM systems with mobile computers, distributed ledgers for OTP verification, software vulnerability analysis, and security measures for resource exchange events in virtual environments using AI and NFTs. These patents aim to enhance security and efficiency in various banking operations. GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
Bank of America grant share with cybersecurity as a theme is 47% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: System for dynamic data encryption in an active network session (Patent ID: US20230419329A1)
The patent filed by Bank of America Corp. describes a system, computer program product, and method for dynamic data encryption in an active network session. The invention involves initiating an active network session with a user input device, receiving a resource transfer request from a user, triggering a dynamic data encryption engine, generating a digital identifier for the request, executing the request using the identifier, displaying a notification to the user, and terminating the session. The system also includes features for user registration, authentication, and handling resource transfer parameters like user information, merchant information, resources, and payment details.
The claims of the patent detail the components and functionalities of the system, including the storage device, processor, and steps for initiating sessions, registering users, triggering encryption, and executing resource transfers. The system is designed to handle various resource transfer parameters and includes processes for decrypting identifiers, transmitting information to merchants and payment reconciliation entities, and ensuring the uniqueness of digital identifiers. Additionally, the patent covers a computer program product with code for implementing the described functionalities and a method that outlines the steps involved in dynamic data encryption during an active network session, emphasizing user registration, authentication, and secure resource transfer processes.
To know more about GlobalData’s detailed insights on Bank of America, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
