Magnetic Stripe bridge

• US 20030052168A1
• Filed: 09/18/2001
• Published: 03/20/2003
• Est. Priority Date: 09/18/2001
• Status: Active Grant

• Current Assignee: Jacob Y. Wong
• Original Assignee: Jacob Y. Wong
• Inventors: Wong, Jacob Y.
• Granted Patent: US 6,607,127 B2
• Time in Patent Office: Days
• US Class Current: 235/451
• CPC Class Codes: G06K 7/10336 the antenna being of the near field type, inductive coil

Abstract

A novel “bridge” device and accompanying methodology which link the world of the smart cards to that of the magnetic finance cards is described. This “bridge” device is called the “Magnetic Stripe Bridge” or MSB. The main function of the MSB is to interface an ordinary or “naked” smart card with just the smart chip embedded in it to a magnetic card reader for credit transaction without altering the existing card processing infrastructure. As such any smart card is effectively transformed via the use of the MSB into an ordinary magnetic finance card and admissible for use by any conventional magnetic card reader. Through the MSB and the accompanying methodology, the secure smart cards can now be deployed everywhere, both on and off the Internet, thus significantly reducing the current rampant magnetic finance card frauds and identity thefts.

Claims

1. A method of providing an improved level of security in a system for interfacing a smart card for credit/debit/financial transactions with a magnetic stripe card reading and processing capability, said smart card having electronic data stored therein for enabling a user to initiate and complete a transaction while itself remaining unaltered, said method comprising the steps of:

(a) providing a magnetic stripe bridge having means for interfacing and communicating with said smart card, means for entering a user'"'"'s PIN into said bridge for verification comparison with portions of said stored data, means for producing simulated magnetic stripe signals responsive in part to data derived from said stored data;

(b) upon successful verification of said PIN with portions of said stored data, said smart card may be removed from said bridge;

(c) producing simulated magnetic stripe signals only upon successful verification of said PIN with portions of said stored data; and

(d) whereby said bridge alone may be used to initiate and complete a credit/debit/financial transaction by providing said simulated magnetic stripe signals in the absence of a removed smart card.

2. The method of claim 1 wherein said bridge serves as a source of operating power to said smart card.

3. The method of claim 1 wherein said smart card further includes a transaction number generator for producing a succession of predetermined transaction numbers for consecutive transactions and each of said successive transaction numbers is used only once in combination with other stored data to provide an additional level of transaction security during initiation and completion of said transaction.

4. The method of claim 1 including the additional step of providing an additional level of security by limiting the duration of said producing simulated magnetic stripe signals to a predetermined time interval.

5. The method of claim 4 wherein said predetermined time interval is selected from the range between one and fifteen minutes.

6. A system for interfacing a smart card for credit/debit/financial transactions with a magnetic stripe card reading and processing capability, said smart card having data electronically stored thereon for enabling a user to initiate and complete a transaction, said system comprising:

a magnetic stripe bridge having means for;

(a) interfacing and communicating with said smart card;

(b) entering a user'"'"'s PIN into said bridge for verification comparison with portions of said stored data;

(c) displaying transaction status to said user;

(d) producing simulated magnetic stripe signals responsive in part to data derived from said stored smart card data; and

(e) whereby upon providing said simulated magnetic stripe signals by said bridge to a magnetic stripe card reader, said card remains unaltered and said bridge alone may initiate and complete said transaction.

7. The system of claim 6 wherein said simulated magnetic stripe signal is produced only upon successful verification of said PIN with portions of said stored data.

8. The system of claim 6 wherein said interfacing and communication means allow for mechanical and electronic coupling, said entering means is a multiple key keypad, said displaying means is an LCD, and said producing means includes a substantially planar magnetic field generating inductor.

9. The system of claim 6 wherein said smart card further includes a transaction number generator for producing a succession of predetermined transaction numbers for consecutive transactions and each of said transaction numbers is used only once in combination with other stored data to provide an additional level of transaction security.

10. The system of claim 6 wherein said smart card further includes time-out circuitry for limiting the time duration during which said producing means is enabled thereby providing a predetermined finite interval for bridge usage to provide an additional level of transaction security.

11. The system of claim 6 wherein said bridge is formed to have a first thicker section for housing said interfacing, entering and displaying means and a second thinner section for housing said producing means.

12. The system of claim 6 wherein said means for displaying transaction status includes means for providing prompting messages to said user.

13. A method for interfacing a smart card for third part data access transactions with a magnetic stripe card reading and processing capability, said smart card having sensitive personal plus other data stored therein for enabling a user to securely provide said sensitive data while itself remaining unaltered, said method comprising the steps of:

(a) providing a magnetic stripe bridge having means for interfacing and communicating with said smart card, means for entering a user'"'"'s selected data access PIN into said bridge for verification comparison with portions of said other stored data, means for producing simulated magnetic stripe signals responsive in part to data derived from said other stored data;

(b) upon successful verification of said PIN with portions of said other stored data and transfer of selected portions of said sensitive personal data, said smart card may be removed from said bridge;

(c) producing simulated magnetic stripe signals only upon successful verification of said selected data access PIN with portions of said other stored data, said simulated magnetic stripe signals further containing selected portions of said sensitive personal data; and

(d) whereby said bridge alone may be used to initiate and complete a secure third party data access transaction by providing said simulated magnetic stripe signals in the absence of a removed smart card.

14. The method of claim 13 wherein said smart card farther includes time-out circuitry for limiting the time duration during which said producing means is enabled thereby providing a predetermined finite interval for bridge usage to provide an additional level of security for said third party data access transaction.

15. The method of claim 13 wherein said smart card further includes a transaction number generator for producing a succession of predetermined transaction numbers for consecutive transactions and each of said transaction numbers is used only once in combination with said other stored data to provide an additional level of security for said third party data access transaction.