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

• US 20110272471A1
• Filed: 07/19/2011
• Published: 11/10/2011
• Est. Priority Date: 05/09/2005
• Status: Active Application

• Current Assignee: Dynamics Inc.
• Original Assignee: Dynamics Inc.
• Inventors: Mullen, Jeffrey D.
• Application Number:
  US13/186,455
• Publication Number:
  US 20110272471A1
• 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 payment device comprising:

a credit card number;

a battery;

a memory;

a device operable to communicate information stored in said memory, wherein said communicated information includes said credit card number; and

a receiver for receiving wireless communications, wherein said wireless communications are light-based.

11. The payment device of claim 10, further comprising a display.

12. The payment device of claim 10, wherein said payment device is a payment card.

13. The payment device of claim 10, further comprising a first display and a second display.

14. The payment device of claim 10, further comprising a security code, wherein said security code and said credit card number are operable to be utilized to complete a purchase transaction.

15. The payment device of claim 10, further comprising a random number generator.

16. The payment device of claim 10, further comprising a clock.

17. The payment device of claim 10, wherein said credit card number is permanently provided on said payment device.

18. The payment device of claim 10, further comprising a display, wherein at least a portion of said credit card number is provided on said display.

19. The payment device of claim 10, wherein said device is operable to communicate with a magnetic stripe reader.

20. The payment device of claim 10, further comprising a processor.