FINANCIAL TRANSACTIONS WITH DYNAMIC CARD VERIFICATION VALUES
First Claim
1. A system for securing financial transactions with payment cards, comprising:
- a payment car for use at least in card-not-present financial transactions with a merchant;
a variable card verification value (CVV) disposed electronically in the payment card;
a user display for visually presenting said CVV on the payment card;
means for starting an electronic generation of a next version of the variable card verification CVV according to a cryptographic process, and for causing said CVV to be visually presented on the user display;
a timer connected to the means for starting, and providing a limit on the frequency at which a new next variable card verification CVV can be generated or retrieved; and
a payment infrastructure connected through said merchant and providing for financial transaction authorizations based at least on the validity of said CVV according to said cryptographic process.
3 Assignments
0 Petitions
Accused Products
Abstract
A payment card comprises an internal dynamic card verification value (CVV) generator and a user display for card-not-present transactions. Card-present transactions with merchant card readers are enabled by a dynamic magnetic array internally associated with the card'"'"'s magnetic stripe. The user display and a timer are triggered by the suer when the user needs to see the card verification value and/or begin a new transaction. A new card verification value is provided for each new transaction according to a cryptographic process, but the timer limits how soon a next new card verification value can be generated.
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Citations
14 Claims
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1. A system for securing financial transactions with payment cards, comprising:
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a payment car for use at least in card-not-present financial transactions with a merchant;
a variable card verification value (CVV) disposed electronically in the payment card;
a user display for visually presenting said CVV on the payment card;
means for starting an electronic generation of a next version of the variable card verification CVV according to a cryptographic process, and for causing said CVV to be visually presented on the user display;
a timer connected to the means for starting, and providing a limit on the frequency at which a new next variable card verification CVV can be generated or retrieved; and
a payment infrastructure connected through said merchant and providing for financial transaction authorizations based at least on the validity of said CVV according to said cryptographic process. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for securing payment card financial transactions, comprising:
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associating a card verification value (CVV) with a particular payment card and user;
a personal account number (PAN), wherein are included fields for a system number, a bank/product number, a user account number, and a check digit;
associating a four-digit expiration date (MMYY) with said CVV;
encoding a magnetic stripe on said payment card with said CVV for periodic reading by a magnetic card reader during a card-present financial transaction with a merchant;
storing a table of cryptographic values associated with said CVV on each user'"'"'s payment card during personalization;
sensing a financial transaction being commenced with the payment card;
separating a current financial transaction from a next, new financial transaction with a timer disposed in the payment card, and triggered by a user input;
presenting a current variable card verification CVV on the user display only during a current financial transaction;
presenting a new, next variable card verification CVV on the user display only during a next, new financial transaction;
imposing a limit on how frequently a new, next variable card verification CVV can be electronically generated and presented on the user display;
selecting a cryptographic value from a table of cryptographic values for inclusion as a dynamic portion of said CVV when a next, new financial transaction is sensed;
repeating the use of any cryptographic value from said table of cryptographic values in another financial transaction after being used once; and
authorizing said next financial transaction only if said CVV includes a correct cryptographic value in said user account number field. - View Dependent Claims (11)
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12. A secure financial transaction network for payment cards, comprising:
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means for associating a card verification value (CVV) with a particular payment card and user;
means for encoding said payment card with said CVV for reading during a financial transaction;
means for storing a table of cryptographic values associated with said CVV on each user'"'"'s payment card during personalization;
means for sensing a next financial transaction being commenced with said payment card;
means for selecting a cryptographic value from said table of cryptographic values for inclusion as said user account number with said CVV when a next financial transaction is sensed;
means for not repeating the use of any cryptographic value from said table of cryptographic values in another financial transaction after being used once; and
means for authorizing by said issuing bank said next financial transaction only if said CVV includes a correct cryptographic value. - View Dependent Claims (13)
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14. A secure payment card, comprising:
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a particular payment card for use in financial transactions with merchants;
a card verification value (CVV) associated with the particular payment card and user, wherein are included fields for a system number, a bank/product number, a user account number, and a check digit;
a magnetic stripe disposed on the particular payment card, and providing for periodic reading by a magnetic card reader during a financial transaction;
a user display disposed on the particular payment card;
a table of cryptographic values associated with the CVV on the particular payment card during its personalization;
a detector for sensing a next, new financial transaction being commenced with the particular payment card;
a cryptographic value selectable from the table of cryptographic values for inclusion as a dynamic portion of said user account number with said CVV when a next financial transaction is sensed in the preceding step;
means for not repeating the use of any cryptographic value from the table of cryptographic values in another financial transaction after being used once; and
means for proceeding with a next, new financial transaction only if the CVV includes a verified cryptographic value.
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Specification