METHOD AND SYSTEM FOR PROCESSING TRANSACTIONS USING A TOKEN

• US 20120109829A1
• Filed: 10/28/2011
• Published: 05/03/2012
• Est. Priority Date: 10/29/2010
• Status: Abandoned Application

• Current Assignee: Exodus Payment Systems LLC
• Original Assignee: Exodus Payment Systems LLC
• Inventors: McNeal, Joan Tibor, Rogers, Kellie
• Application Number:
  US13/284,728
• Publication Number:
  US 20120109829A1
• Time in Patent Office: Days
• US Class Current: 705/67
• CPC Class Codes: G06Q 20/3265 characterised by personalisation for use
• 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 20/3576 Multiple memory zones on card
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 50/265 Personal security, identity or safety
• CPC Class Codes: G16H 10/65 stored on portable record carriers, e.g. on smartcards, RFID tags or CD

Abstract

Methods and systems of preventing fraud in electronic transaction and verification are described herein. The method includes obtaining information from a recipient; splitting the information into multiple parts; encrypting one or more of the multiple parts and encoding said encrypted part on different locations of a token; and encrypting the remaining portions of the split information and storing the encrypted remaining portions in one or more information stores. At a subsequent time, when the recipient provides the token to complete a transaction or to establish identity, retrieving the multiple portions from the one or more information stores and the token and combining or re-mating the multiple portions retrieved from the token and the one or more information stores.

Claims

1. A method of storing information on a token, the method comprising:

obtaining personal information from a user;

dividing the personal information into multiple portions;

storing one or more sub-portions of the multiple portions on a token associated with the user; and

storing remaining sub-portions of the multiple portions that are different from the one or more sub-portions in one or more external information stores.

2. The method of claim 1, wherein the personal information comprises biometric information associated with the user.

3. The method of claim 2, wherein the biometric information associated with the user comprise a finger print, skin print, a retinal scan, a palm print, a face scan, a footprint, a vein scan, a heart scan or voice signature.

4. The method of claim 1, wherein the personal information comprises responses to one or more security questions.

5. The method of claim 1, wherein the personal information comprises at least one of:

a name, an address, a date of birth, a place of birth, information regarding a financial account, information regarding a medical account, government issued benefit accounts and government issued identification numbers.

6. The method of claim 1, wherein the token comprises a negotiable instrument, a credit card, a debit card, a loyalty card, a decoupled debit card, a device enabled with radio frequency identification, a smart card, a flash drive, a usb thumb drive, a usb pen drive, a usb pin drive, a smart phone, a tablet computer, an application developed for an electronic device, an electronic benefit card, insurance card, a card with one or more electronic circuits and a food stamp.

7. The method of claim 1 further comprising:

dividing the one or more sub-portions into multiple parts;

storing a first sub-part of the multiple parts at a first location on the token; and

storing a second sub-part of the multiple parts at a second location on the token.

8. The method of claim 7, wherein the first and second locations can be physical locations on the token.

9. The method of claim 7, wherein the first and second locations can be logical locations on the token.

10. The method of claim 1, wherein at least some of the multiple portions are encrypted prior to storing.

11. The method of claim 1, wherein at least some of the multiple portions are scrambled prior to storing.

12. The method of claim 1, wherein at least some of the multiple portions are scrambled and encrypted prior to storing.

13. The method of claim 1, wherein at least one of:

scrambling and encrypting happens before the information is divided and stored.

14. The method of claim 1, wherein the user can present the token for the purpose of a financial transaction.

15. The method of claim 1, wherein the user can present the token for the purpose of verifying identity.

16. A method of processing a transaction at a location where a token is presented by an individual, the method comprising:

obtaining personal information from an individual presenting a token;

obtaining information from the token;

accessing one or more information stores using at least one of;

a portion of the personal information obtained from the individual and the information obtained from the token;

retrieving information from the one or more information stores;

combining the information obtained from the token with the information retrieved from the one or more information stores; and

using the combined information along with the personal information from the individual to process the transaction.

17. The method of claim 16, wherein the personal information comprises at least one of:

a biometric datum or a response to a security question.

18. The method of claim 16, further comprising comparing the obtained personal information with the information obtained from the token and accessing one or more information stores if the obtained personal information matches the information obtained from the token.

19. The method of claim 16, wherein the information obtained from the token includes multiple sub-portions.

20. The method of claim 19, wherein the multiple sub-portions of the information obtained from the token are combined before combination with the information obtained from the one or more information stores.

21. The method of claim 16, wherein the information obtained from the one or more information stores includes multiple sub-portions.

22. The method of claim 21, wherein the multiple sub-portions of the information obtained from the one or more information stores are combined before combination with the information obtained from the token.

23. The method of claim 16, wherein the information from the token is obtained using a device configured to read the token.

24. The method of claim 16, wherein the information from the token is obtained using an application developed for an electronic device.

25. The method of claim 16, wherein the information retrieved from the one or more information stores can be at least one of:

a portion of the personal information and a portion of the information retrieved from the token.

26. A transaction verification system comprising:

a device configured to obtain information stored in a token;

a device configured to obtain personal information from a customer associated with the token; and

a communication system configured to communicate with a transaction system,

wherein the transaction system is configured to retrieve information associated with the token that is stored in one or more information stores, and

wherein the transaction system is configured to combine the retrieved information with the information obtained from the token to process the transaction.

27. The system of claim 26, wherein token comprises at least one of:

a negotiable instrument, a credit card, a debit card, a loyalty card, a decoupled debit card, a device enabled with radio frequency identification, a smart card, a flash drive, a usb thumb drive, a usb pen drive, a usb pin drive, a smart phone, a tablet computer, an application developed for an electronic device, an electronic benefit card, insurance card, a card with one or more electronic circuits and food stamp.

28. The system of claim 26, wherein the obtained personal information includes at least one of:

a biometric datum or a response to a security question.

29. The system of claim 26, wherein the device configured to obtain personal information includes a biometric scanner.

30. The system of claim 26, wherein the device configured to obtain information stored in a token includes a token reader.

31. The system of claim 26, wherein the device configured to obtain information stored in a token includes the token.

32. The system of claim 26, wherein the transaction system is configured to verify personal information obtained with the personal information previously stored.

33. The system of claim 32, wherein the personal information previous stored may include multiple sub-portions.

34. The system of claim 26, wherein the information retrieved from one or more information stores includes a portion of information associated with the token.

35. The system of claim 26, wherein the information retrieved from one or more information stores includes a portion of personal information associated with the customer.

36. The system of claim 26, wherein the information from one or more information stores is retrieved using at least one of:

a portion of the obtained personal information and a portion of the information obtained from the token.