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Transaction card and method for reducing frauds

  • US 20020043566A1
  • Filed: 07/13/2001
  • Published: 04/18/2002
  • Est. Priority Date: 07/14/2000
  • Status: Abandoned Application
First Claim
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1. A transaction card for use with a magnetic stripe reading head of a card reader, the card containing a key string and a cryptographic algorithm stored in a memory, the card comprising:

  • first means for selectively activating the card;

    second means for obtaining a value indicative of the number of times the card is activated;

    third means for generating a signature using the key string, the value indicative of the number of times the card is activated and the cryptographic algorithm;

    fourth means for generating a data stream comprising at least an identification number and the signature; and

    a magnetic stripe emulator in communication with the third means for transferring the data stream to the magnetic stripe reading head.

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