Method and system for securing electronic transactions

• US 20070124810A1
• Filed: 11/29/2005
• Published: 05/31/2007
• Est. Priority Date: 11/29/2005
• Status: Abandoned Application

• Current Assignee: Ian Sigalow
• Original Assignee: Ian Sigalow
• Inventors: Sigalow, Ian
• Application Number:
  US11/290,888
• Publication Number:
  US 20070124810A1
• Time in Patent Office: Days
• US Class Current: 726/9
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists

Abstract

Methods and systems for securing electronic transactions. In a preferred embodiment, a variable-display credit card, wherein the indicia of the variable display are utilized to create a validation packet, which can be processed by a remote network operations center to correlate the account holder to the credit card variable display, thereby validating the user making the transaction.

Claims

1. A method of verifying user information, comprising the steps of:

a. submitting the user information, wherein the user information comprises a variable password;

b. transmitting the user information to a processing server;

c. generating an authentication password based at least in part on provided information; and

d. comparing the variable password to the authentication password.

2. The method of claim 1, wherein step (c) is prompted by the processing server receiving the user information.

3. The method of claim 1, wherein the user information further comprises a fixed password.

4. The method of claim 1, wherein the user information further comprises a time/date stamp.

5. The method of claim 1, wherein the variable password is generated by a processor.

7. The method of claim 1, wherein the user information is submitted by a user remotely located from the processing server.

8. The method of claim 1, wherein the user information is at least partially comprised of information not processed by the processing server.

9. The method of claim 1, wherein the user information is submitted from a computer.

6. The method of claim 6, wherein the processor is housed in a credit card.

10. A method of verifying user information, comprising the steps of:

a. submitting the user information, wherein the user information comprises a variable password generated by a processor;

b. transmitting the user information to a processing server; and

c. comparing the variable password to an authentication password, wherein the authentication password is maintained independent of the processor.

11. The method of claim 10, wherein the user information further comprises a fixed password.

12. The method of claim 10, wherein the user information further comprises a time/date stamp.

13. The method of claim 10, wherein the processor is housed in a credit card.

14. The method of claim 10, wherein the user information is submitted by a user remotely located from the processing server.

15. The method of claim 10, wherein the user information is at least partially comprised of information not processed by the processing server.

16. The method of claim 10, wherein variable password and the authentication password are synched prior to step (a).

17. The method of claim 10, wherein the processor is connected to a clock configured to prompt the processor to generate a variable password.

18. The method of claim 17, wherein the clock prompts the processor at a first frequency.

19. The method of claim 18, wherein the authentication password is generated at the first frequency.

20. The method of claim 18, wherein the first frequency is predetermined.

21. The method of claim 10, wherein the user information is submitted from a computer.

29. The system of claim 20, wherein the information correlating to the date and time a user transaction was submitted is provided by the user element.

22. A system for verifying user information, comprising:

a user element capable of generating a variable password;

a processing server capable of generating an authentication password based at least in part on provided information;

a connection configured to transmit the variable password to the processing server;

wherein the provided information comprises at least information correlating to the date and time a user transaction was submitted.

23. The system of claim 22, wherein the user element is a credit card.

24. The system of claim 22, wherein the user element comprises a processor.

25. The system of claim 22, wherein the authentication password is generated independent of the user element.

26. The system of claim 22, wherein the authentication password is generated upon the processing server receiving the variable password.

27. The system of claim 22, wherein the variable password and the authentication password are generated concurrently.

28. The system of claim 22, wherein the authentication password is stored in memory.

30. A credit card comprising:

a display having a plurality of indicia;

a processor; and

a clock;

wherein the processor is connected to the display and the clock;

wherein the processor is capable of generating a variable password based at least in part on information provided by the clock; and

wherein the display is capable of displaying the variable password.

31. The credit card of claim 30, further comprising a crystal connected to the clock.

32. The credit card of claim 31, wherein the crystal oscillates at a substantially constant frequency.

33. The credit card of claim 32, wherein the clock is prompted to provide information to the processor based at least in part on the oscillation of the crystal.

34. The credit card of claim 30, further comprising at least one battery.

35. The credit card of claim 30, wherein the variable password is regenerated.