SYSTEMS AND METHODS FOR TIME VARIABLE FINANCIAL AUTHENTICATION

• US 20090271853A1
• Filed: 06/30/2009
• Published: 10/29/2009
• Est. Priority Date: 03/25/2002
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: Bank One Delaware National Association (JP Morgan Chase & Co)
• Inventors: EVERHART, Glenn Cobourm
• Granted Patent: US 9,240,089 B2
• Time in Patent Office: Days
• US Class Current: 726/6
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/08 Payment architectures
• CPC Class Codes: G06Q 20/0855 involving a third party
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/388 using mutual authentication without cards, e.g. challenge-response
• 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: G06Q 99/00 Subject matter not provided for in other groups of this subclass
• 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 7/1016 Devices or methods for securing the PIN and other transaction-data, e.g. by encryption arrangements for secret communication, see H04L9/00

Abstract

The systems and methods of the invention provide a technique for authenticating a finance related transaction. The method may include providing a token which contains a token counter, the token counter periodically advancing to generate a changing token value, the token counter being synchronized to a base counter that generates an authenticating value; transforming the token value into a token output sequence using logic; and outputting at least part of the token output sequence to an authenticating authority, the authenticating authority having access to the authenticating value. Further, the method includes the authenticating authority verifying the validity of the transaction based on the token output sequence and the authenticating value, from which the authenticating authority obtains a verification sequence using the logic, the verifying the validity including the authenticating authority comparing the token output sequence to the verification sequence to determine if there is a match between the token output sequence and the verification sequence.

Claims

1-29. -29. (canceled)

30. A system comprising:

a credit card having a display for displaying a number for displaying a periodically changing number for use in a transaction, the credit card periodically generating the number using a key; and

a device for reading the first number from the credit card and transmitting the first number to an authenticating authority for authenticating a transaction.

31. The system of claim 30, further comprising:

a token counter, the token counter periodically advancing to generate a changing token value, the token counter being synchronized to a base counter that generates an authenticating value, wherein the periodically changing number is based at least in part on the token value.

32. The system of claim 30, further comprising communicating the periodically changing number wirelessly to the device.

33. The system of claim 30, further comprising communicating the periodically changing number to the device via a magnetic stripe of the credit card.

34. The system of claim 30, wherein the credit card comprises a battery.

35. The system of claim 30, wherein the credit card comprises a processor for providing the periodically changing number.

36. The system of claim 30, wherein the periodically changing number comprises at least a portion of a credit card number.

37. The system of claim 30, wherein the periodically changing number comprises an authentication code

38. The system of claim 30, wherein the credit card comprises a clock for determining the period in which to change the periodically changing number.

39. The system of claim 38, wherein the clock is synchronized with a clock of the authenticating authority.

40. The system of claim 30, wherein the credit card further comprises a manual switch.

41. A method comprising:

providing on a payment card a periodically changing number for use in a transaction, the periodically changing number generated using a key of the payment card;

displaying on a display of the payment card the periodically changing number; and

a device for reading the periodically changing number from the credit card and transmitting the periodically changing number to an authenticating authority for authenticating a transaction.

42. A machine readable medium, executable by a machine, that includes program logic imprinted thereon for performing the method comprising:

providing on a payment card a periodically changing number for use in a transaction, the periodically changing number generated using a key of the payment card;

displaying on a display of the payment card the periodically changing number; and

a device for reading the periodically changing number from the credit card and transmitting the periodically changing number to an authenticating authority for authenticating a transaction.