SECURE FINANCIAL TRANSACTION SYSTEM AND METHOD

• US 20080133419A1
• Filed: 12/05/2006
• Published: 06/05/2008
• Est. Priority Date: 12/05/2006
• Status: Abandoned Application

• Current Assignee: Brian Wormington, William R. Lear
• Original Assignee: Brian Wormington, William R. Lear
• Inventors: Wormington, Brian, Lear, William R.
• Application Number:
  US11/567,041
• Publication Number:
  US 20080133419A1
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation

Abstract

A method for performing secure financial transactions using a secure computing device enables consumers to make purchase on or offline without transmitting sensitive financial data to sellers. A buyer can pay a seller by associating a financial account with a secure computing device and transmitting a digitally signed payment record containing the agreed upon purchase price to a seller. The digitally signed payment record does not contain the buyer'"'"'s sensitive financial data.

Claims

1. A method for performing a secure financial transaction, comprising:

enabling a buyer to associate at least one buyer financial account with a buyer secure computing device; and

enabling the buyer to transmit a payment record to a seller, the payment record containing an agreed purchase price and information identifying the buyer secure computing device;

and wherein the buyer secure computing device comprises;

a protected non-volatile memory storing a public/private encryption key pair;

re-writeable non-volatile memory for storing the payment record;

volatile random access memory for storing session encryption keys;

processing elements for executing software; and

a communication interface for transferring data to and from the secure computing device.

2. The method of claim 1 wherein the payment record is digitally signed.

3. The method of claim 1 further comprising:

enabling a seller to associate at least one seller financial account to a seller secure computing device; and

enabling the payment record to be appended to the seller secure computing device.

4. The method of claim 3 further comprising enabling the seller to transmit a receipt record to the buyer secure computing device.

5. The method of claim 3 further comprising enabling the seller to send an offer record to the buyer secure computing device.

6. The method of claim 1 further comprising enabling the seller to choose with which of the at lease one buyer financial account to associate with the payment record.

7. The method of claim 6 wherein the seller associates multiple buyer financial accounts with the payment record.

8. The method of claim 1 wherein the payment record comprises multiple records.

9. The method of claim 1 further comprising:

enabling the at least one buyer financial institution to transmit a transaction limit record to the buyer secure computing device.

10. The method of claim 3 wherein the payment record is transmitted to the seller secure computing device directly from the buyer secure computing device.

11. The method of claim 1 wherein the payment record is transmitted to the seller offline.

12. The method of claim 3 further comprising enabling the seller to transmit a payment record to the a seller financial institution.

13. The method of claim 1 further comprising enabling the buyer to transmit a payment record to the buyer financial institution.

14. (canceled)

15. A system for performing a secure financial transaction comprising:

a buyer secure computing device

a seller secure computing device; and

a communication channel for enabling the buyer secure computing device to communicate with the seller secure computing device; and

wherein the buyer secure computing device comprises;

a protected non-volatile memory storing a public/private encryption key pair;

re-writeable non-volatile memory for storing the payment record;

volatile random access memory for storing session encryption keys;

processing elements for executing software; and

a communication interface for transferring data to and from the secure computing device.

17. The secure computing device of claim 15 wherein the public/private encryption key pair are stored in the protected non-volatile memory prior to delivery of the secure computing device to the buyer.

18. The secure computing device of claim 15 wherein the secure computing device is in the form of a USB module.

19. The secure computing device of claim 15 wherein the secure computing device is integral with a consumer electronic device.

20. The secure computing device of claim 15 wherein the secure computing device is removable from a consumer electronic device.

16. The method of claim I wherein the public/private encryption key pair are stored in the protected non-volatile memory prior to delivery of the secure computing device to the buyer.