Credit cards system and method having additional features
First Claim
1. A method of implementing a transaction system using controlled payment numbers (CPNs), the method comprising:
- assigning a unique CPN to a user, the CPN constituting a payment instrument for use in a financial transaction;
allocating a monetary amount to the unique CPN by a funding entity;
establishing limitations on use of the CPN by the funding entity;
associating the unique CPN with a master account number of the user in a database of a CPN issuer, and associating the limitations on use of the CPN established by the funding entity with the unique CPN assigned to the user;
issuing the unique CPN to the user by the CPN issuer;
receiving an authorization request from a merchant for a transaction conducted with the CPN; and
authorizing the transaction if the transaction complies with the limitations established by the funding entity.
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Accused Products
Abstract
A credit card system is provided which has the added feature of providing additional limited use credit card numbers and/or cards. These numbers and/or cards can be used for a single or limited use transaction, thereby reducing the potential for fraudulent reuse of these numbers and/or cards. The credit card system finds application to “card remote” transactions such as by phone or Internet. Additionally, when a single use or limited use credit card is used for “card present” transactions, so called “skimming” fraud is eliminated. Various other features enhance the credit card system, which will allow secure trade without the use of elaborate encryption techniques. Methods for limiting, distributing and using a limited use card number, controlling the validity of a limited use credit card number, conducting a limited use credit card number transaction and providing remote access devices for accessing a limited use credit card number are also provided.
466 Citations
14 Claims
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1. A method of implementing a transaction system using controlled payment numbers (CPNs), the method comprising:
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assigning a unique CPN to a user, the CPN constituting a payment instrument for use in a financial transaction; allocating a monetary amount to the unique CPN by a funding entity; establishing limitations on use of the CPN by the funding entity; associating the unique CPN with a master account number of the user in a database of a CPN issuer, and associating the limitations on use of the CPN established by the funding entity with the unique CPN assigned to the user; issuing the unique CPN to the user by the CPN issuer; receiving an authorization request from a merchant for a transaction conducted with the CPN; and authorizing the transaction if the transaction complies with the limitations established by the funding entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method of implementing a transaction system using controlled payment numbers (CPNs), the method comprising:
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associating, by a CPN issuer, a unique CPN with a master account number of a user, the CPN constituting a payment instrument for use in a financial transaction and constituting an authorized substitute for the master account number of the user; and issuing the unique CPN to the user for use in a transaction with a merchant if the merchant does not accept the master account number of the user as a form of payment for transactions.
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12. A method of facilitating credit card transactions between a user and a merchant, the method comprising:
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linking a unique controlled payment number (CPN) with a plurality of financial accounts of a user, the CPN constituting a payment instrument for use in a financial transaction and constituting an authorized substitute for the financial accounts of the user; receiving, by a CPN issuer, routing instructions from the user defining a respective one of the plurality of financial accounts of the user is to be processed based on at least one of a type of a transaction and a monetary amount of a transaction; issuing the CPN to the user by the CPN issuer; receiving an authorization request from a merchant for a transaction conducted with the issued CPN; processing the transaction against the one of the plurality of financial accounts of the user based on information contained in the authorization request; and authorizing the transaction if the one of the plurality of financial accounts of the user is processed for the transaction. - View Dependent Claims (13, 14)
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Specification