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Conducting transactions with dynamic passwords

  • US 10,395,248 B1
  • Filed: 08/08/2016
  • Issued: 08/27/2019
  • Est. Priority Date: 06/30/2008
  • Status: Active Grant
First Claim
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1. A transaction processing system, the system comprising:

  • one or more first processors;

    first memory configured to be in communication with the one or more processors; and

    first computer-executable instructions that, when executed on the one or more processors, perform acts to process a transaction for an item, the acts comprising;

    serving, to a computing device comprising one or more second processors, a second memory, a presentation device, and second computer-executable instructions, content for presentation on a page rendered on the presentation device, wherein the page includes the item, and wherein the content includes at least one text box for entering an identifier and a first dynamic password, the first dynamic password comprising a time-based dynamic password that changes after a passage of a predetermined amount of time or a sequence-based dynamic password that changes after a predetermined event;

    receiving, over a network from the computing device and by the transaction processing system;

    first data comprising a request to conduct the transaction for the item; and

    second data comprising the first dynamic password and the identifier, wherein the identifier;

    (i) is associated with a payment instrument;

    (ii) is free from information identifying the payment instrument; and

    (iii) is associated with one or more predefined rules specifying an item category or a transaction amount that is allowed in response to employing the identifier to conduct the transaction, and wherein the second data is received based at least in part on the identifier and the first dynamic password having been entered into the at least one text box;

    accessing a second dynamic password accessible by the transaction processing system;

    accessing the one or more predefined rules associated with the identifier;

    based at least partly on the second dynamic password and the one or more predefined rules, triggering the one or more first processors to perform one of;

    approving the transaction based at least partly on;

    the first dynamic password matching the second dynamic password, andat least one of an amount of the transaction being at or below the transaction amount specified by a first predefined rule of the one or more predefined rules or an item category of the item matching the item category specified by a second predefined rule of the one or more predefined rules;

    declining the transaction based at least in part on at least one of the first dynamic password not matching the second dynamic password, the amount of the transaction being above the transaction amount specified by the first predefined rule of the one or more predefined rules, or the item category of the item not matching the item category specified by the second predefined rule of the one or more predefined rules;

    orimplementing one or more other authorization procedures based at least in part on at least one of the first dynamic password not matching the second dynamic password, the amount of the transaction being above the transaction amount specified by the first predefined rule of the one or more predefined rules, or the item category of the item not matching the item category specified by the second predefined rule of the one or more predefined rules.

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