Methods and systems for negotiable-instrument fraud prevention
First Claim
Patent Images
1. A document for conducting a financial transaction, the document comprising:
- information fields for providing written information to qualify the document as a negotiable instrument; and
a magnetic-ink field having characters printed on the document with ink that comprises a magnetic material, the magnetic-ink field including an authentication value derived through application of an encryption algorithm defined by a secure key to information also printed on the document.
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Accused Products
Abstract
An authentication value is provided in a magnetic-ink field of a negotiable instrument. The authentication value is derived from application of an encryption algorithm defined by a secure key. The authentication value may be used to authenticate the instrument through reapplication of the encryption algorithm and comparing the result with the authentication value. The instrument is authenticated if there is a match between the two.
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Citations
33 Claims
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1. A document for conducting a financial transaction, the document comprising:
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information fields for providing written information to qualify the document as a negotiable instrument; and
a magnetic-ink field having characters printed on the document with ink that comprises a magnetic material, the magnetic-ink field including an authentication value derived through application of an encryption algorithm defined by a secure key to information also printed on the document. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for producing a document, the method comprising:
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receiving preparation information for the document;
selecting portions of the preparation information;
encrypting the selected portions of the preparation information by applying an encryption algorithm defined by a secure key to derive an authentication value;
printing the document with information fields for providing written information to qualify the document as a negotiable instrument; and
printing a magnetic-ink field on the document with ink that comprises a magnetic material, the magnetic-ink field including the authentication value. - View Dependent Claims (11, 12, 13, 14, 15)
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16. A method for authenticating a negotiable instrument, the method comprising:
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receiving information read from the negotiable instrument, wherein the information includes an authentication value read from a magnetic-ink field printed on the negotiable instrument with ink that comprises a magnetic material; and
applying an encryption algorithm defined by a secure key to selected portions of the information read from the negotiable instrument to derive a result for comparison with the authentication value. - View Dependent Claims (17, 18, 19, 20, 21)
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22. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a computer system including an input device, a printer, and a processor, wherein the computer-readable program includes instructions for operating the computer system to process a financial transaction in accordance with the following:
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receiving preparation information for the document from the input device;
selecting portions of the preparation information with the processor;
encrypting the selected portions of the preparation information by applying an encryption algorithm defined by a secure key with the processor to derive an authentication value;
printing the document with the printer with information fields for providing written information to qualify the document as a negotiable instrument; and
printing a magnetic-ink field with the printer on the document with ink that comprises a magnetic material, the magnetic-ink field including the authentication value. - View Dependent Claims (23, 24)
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25. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a computer system including a communications device and a processor, wherein the computer-readable program includes instructions for operating the computer system to process a financial transaction in accordance with the following:
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receiving with the communications device information read from the negotiable instrument, wherein the information includes an authentication value read from a magnetic-ink field printed on the negotiable instrument with ink that comprises a magnetic material; and
applying an encryption algorithm defined by a secure key with the processor to selected portions of the information read from the negotiable instrument to derive a result for comparison with the authentication value. - View Dependent Claims (26, 27)
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28. A method for processing a negotiable instrument, the method comprising:
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receiving an electronic package from a presenter, wherein the electronic package defines information read from the negotiable instrument, wherein the information includes an authentication value read from a magnetic-ink field printed on the negotiable instrument with ink that comprises a magnetic material;
applying an encryption algorithm defined by a secure key to selected portions of the information read from the negotiable instrument to derive a result; and
crediting the presenter for funds in accordance with the information if the result is consistent with the authentication value. - View Dependent Claims (29, 30, 31, 32, 33)
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Specification