Dynamic credit card with magnetic stripe and embedded encoder and methods for using the same to provide a copy-proof credit card

• US 20080035738A1
• Filed: 05/09/2006
• Published: 02/14/2008
• Est. Priority Date: 05/09/2005
• Status: Active Application

• Current Assignee: Dynamics Inc.
• Original Assignee: Dynamics Inc.
• Inventors: Mullen, Jeffrey D.
• Application Number:
  US11/431,864
• Publication Number:
  US 20080035738A1
• Time in Patent Office: Days
• US Class Current: 235/492
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• 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
• CPC Class Codes: G06Q 20/40975 using encryption therefor
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/086 by passive credit-cards adapted therefor, e.g. constructive particularities to avoid counterfeiting, e.g. by inclusion of a physical or chemical security-layer for security documents G07D7/00; for the reading of record-carriers in general G06K7/00; for the design of coded credit-cards G06K19/10
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/12 Card verification
• CPC Class Codes: G07F 7/122 Online card verification

Abstract

A dynamic credit card is provided in which a secure credit card number (e.g., a secret/hidden credit card number) is encoded based on a timing signal (e.g., an internal counter) to provide a dynamic credit card number. This dynamic number may be displayed to a user via a display (e.g., so that online purchases can be made) or written onto a magnetic stripe such that the number may be processed by traditional credit card merchants (e.g., swiped). At a remote facility, the dynamic number may be decoded based on time (and/or a counter/key number/equation) or the facility may have the secure number and perform the same function as the dynamic credit card (e.g., encode using time data as a parameter to the encoding equation) and compare the resultant dynamic number to the dynamic number received. Thus, a dynamic credit card number may change continually or periodically (e.g., every sixty seconds) such that credit card numbers may not be copied by thieves and used at later times. A dynamic verification code may be utilized in addition to, or in lieu of, a dynamic credit card number.

Claims

1. A credit card comprising:

a housing;

a credit card number printed on said housing;

an expiration date for said credit card number printed on said housing;

a user name printed on said housing;

a magnetic stripe comprising information representative of said credit card number; and

a display located on said housing for displaying a verification code, wherein said displayed verification code periodically changed.

2. The credit card of claim 1, wherein the duration of said period is approximately one minute.

3. The credit card of claim 1, wherein the duration of said period is approximately two minutes.

4. The credit card of claim 1, wherein the duration of said period is between approximately one and two minutes.

5. The credit card of claim 1, wherein said verification code is a three digit verification code.

6. The credit card of claim 1, wherein said verification code is a four digit verification code.

7. The credit card of claim 1, wherein an encoder is coupled to said magnetic stripe to write information to said magnetic stripe.

8. The credit card of claim 1, wherein said verification code is derived from a private key stored in said credit card.

9. The credit card of claim 1, further comprising a processor for generating said verification code for said display.

10. The credit card of claim 1, further comprising memory for storing a private key utilized to derive said verification code.

11. The credit card of claim 1, further comprising a positioning system for receiving location information indicative of the location of said credit card.

12. The credit card of claim 1, further comprising a smart chip.

13. The credit card of claim 1, further comprising a layer on the back of said housing that is operable to receive and retain pen marks.

14. The credit card of claim 1, further comprising a clock for determining when to change said verification code.

15. The credit card of claim 1, further comprising a counter, controlled by an oscillator, for determining when to change said verification code.

16. The credit card of claim 1, further comprising a battery, wherein a processor determines said verification code and said processor is powered by said battery.