System, method and program product for credit card transaction validation
First Claim
1. A device for generating a transaction validation number comprising:
- a user interface comprising a display and a keypad, said user interface for entering a transaction amount and a PIN, and for displaying said validation number;
a clock for generating a time code;
a processor, said processor generating said validation number based on said time code, said transaction amount, and said PIN.
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Accused Products
Abstract
A personal card and method of transaction validation for the protection of credit card use in malls, restaurants, telephone and Internet orders and use of ATM. The card generates a coded validation number based on a time code, a cardholder'"'"'s PIN, and the amount of purchase in accordance with a unique code process for that particular personal card. The coded validation number is different for each transaction to prevent fraudulent use of the validation number. The cardholder provides the merchant the coded validation number in place of the usual static three or four digit verification number now in use. The merchant reports the transaction using normal reporting equipment and processes. The bank then validates the transaction by duplicating the time code and using the known PIN to determine the transaction amount. A method is disclosed to generate a time code by periodically rotating the columns and rows of a two dimensional matrix.
68 Citations
30 Claims
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1. A device for generating a transaction validation number comprising:
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a user interface comprising a display and a keypad, said user interface for entering a transaction amount and a PIN, and for displaying said validation number;
a clock for generating a time code;
a processor, said processor generating said validation number based on said time code, said transaction amount, and said PIN. - View Dependent Claims (2)
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3. A method for generating a transaction validation number using a validation number generating device, said method comprising:
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obtaining a PIN;
obtaining a purchase amount, said purchase amount having a dollar portion;
generating a time code;
generating said validation number based on said purchase amount, said time code and said PIN; and
providing said validation number to a merchant. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for validating a credit card transaction comprising:
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receiving a validation number from a merchant along with a credit card number and a reported amount of purchase, said validation number generated based on a combination of a time code, a PIN and an actual amount of purchase;
generating a matching time code equal to said time code;
validating that the reported amount of purchase and actual amount of purchase agree with one another by using the validation number, matching time code and PIN; and
authorizing the transaction based on the validation that the reported amount of purchase and actual amount of purchase agree with one another. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29)
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30. A system for authorizing a credit card transaction comprising:
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a communications interface for receiving credit card transaction information from a merchant, said information comprising;
a reported transaction amount, a credit card number, an expiration date, and a validation number, said validation number generated based on a time code, an actual transaction amount, and a PIN;
a credit card holder database comprising a plurality of credit card holders, a respective PIN and a respective code definition for each credit card holder;
a clock generator for generating a matching time code using said respective code definition;
a processor for decoding and validating the reported transaction amount based on the matching time code and said respective PIN;
said processor authorizes said credit card transaction based on the validation of said reported transaction amount.
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Specification