DYNAMIC CREDIT CARD WITH MAGNETIC STRIPE AND EMBEDDED ENCODER AND METHODS FOR USING THE SAME TO PROVIDE A COPY-PROOF CREDIT CARD

• US 20080302876A1
• Filed: 10/29/2007
• Published: 12/11/2008
• Est. Priority Date: 05/09/2005
• Status: Active Application

• Current Assignee: Dynamics Inc.
• Original Assignee: Dynamics Inc.
• Inventors: Mullen, Jeffrey D.
• Application Number:
  US11/927,614
• Publication Number:
  US 20080302876A1
• Time in Patent Office: Days
• US Class Current: 235/492
• CPC Class Codes: G06K 19/077 Constructional details, e.g. mounting of circuits in the carrier
• CPC Class Codes: G06K 19/07703 the interface being visual
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• 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 20/3674 involving authentication
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 20/40975 using encryption therefor
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

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

1-9. -9. (canceled)

10. A credit card comprising:

a processor for providing a dynamic credit card number based, at least in part, on a timing signal;

a device for providing said dynamic credit card number and feedback information to an external device; and

a display for displaying said feedback information and said dynamic credit card number.

11. The method of claim 10, wherein said device is an encoder and said feedback information includes the number of writes left for said encoder.

12. A credit card comprising:

a display;

a processor for providing a dynamic credit card number based, at least in part, on a timing signal; and

a receiver for receiving information from an authorization facility.

13. The credit card of claim 12, wherein said received information includes a purchase approval.

14. A credit card comprising:

a counter, wherein said counter is incremented at credit card use and said counter is utilized in providing a dynamic credit card number.

15. A credit card comprising:

a random number generator, wherein a dynamic credit card number is provided based, at least in part, on said random number generator.

16. A credit card comprising:

a pseudo-random number generator, wherein a dynamic credit card number is provided based, at least in part, on said pseudo-random number generator.