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System and Method for Authorizing Financial Transactions with Online Merchants

  • US 20090313168A1
  • Filed: 06/12/2009
  • Published: 12/17/2009
  • Est. Priority Date: 06/16/2008
  • Status: Active Grant
First Claim
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1. A system for authorizing a financial transaction of a financial presentation device that is presentable to online merchants, comprising:

  • a peripheral device including;

    a first memory for storing information used to generate a dynamic verification value for the financial presentation device;

    an I/O interface adapted to be coupled to a user computer;

    a first processor configured to generate a dynamic verification value for the financial transaction of the financial presentation device using the information stored in the first memory and to transmit the dynamic verification value to the user computer via the I/O interface;

    an authentication computer including;

    a communication device adapted to receive the dynamic verification value generated by the peripheral device;

    a second memory for storing information used to generate a comparison verification value;

    a second processor coupled to the second memory and the communication device; and

    an authentication module executable by the processor and adapted to generate the comparison verification value using the information stored in the second memory and to determine whether to authorize the financial transaction of the financial presentation device based on a comparison between the comparison verification value and the received dynamic verification value.

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