ENHANCED CREDIT CARD SECURITY APPARATUS AND METHOD

• US 20120143754A1
• Filed: 12/05/2011
• Published: 06/07/2012
• Est. Priority Date: 12/03/2010
• Status: Abandoned Application

• Current Assignee: Narendra Patel
• Original Assignee: Narendra Patel
• Inventors: Patel, Narendra
• Application Number:
  US13/311,262
• Publication Number:
  US 20120143754A1
• Time in Patent Office: Days
• US Class Current: 705/41
• 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 20/347 Passive cards
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/4018 using the card verification value [CVV] associated with the card

Abstract

A credit card, debit card, or other similar financial instrument is disclosed with the temporary assignment of a dynamic CVV for increased card security. The dynamic CVV is read, changed, and rewritten to the card with each transaction. To facilitate online purchases, a static CVV may also be provided for manual entry. Alternatively, the static CVV may be a reminder enabling a user to remember an unmarked static CVV, such as reading the digits in an order selected by a user, much like a PIN number.

Claims

1. A method of verification comprising:

providing a financial card comprising a computer readable storage medium embedded therein;

providing a dynamic portion of the computer readable storage medium as a computer writable medium;

designating the dynamic portion as the storage location of a dynamic code to be selectively read from and written to the computer readable storage medium;

receiving, by an issuer computer corresponding to an issuer of the financial card, transaction information from a first transaction in which the information from the financial card is presented as a form of payment;

receiving, by the issuer computer, a first value of the dynamic code stored in the dynamic portion;

verifying, by the issuer computer, the authenticity of the first transaction based at least in part on the receiving the first value;

deleting, by the issuer computer, the first value after the verifying; and

writing, by the issuer computer, a second value of the dynamic code to the dynamic portion.

2. The method of claim 1, wherein the financial card is selected from a credit card, a debit card, a gift card, and a purchase order.

3. The method of claim 1, further comprising:

receiving, by the issuer computer, data representing presentation of the financial card to a second merchant in a second transaction subsequent to the first transaction; and

verifying and authorizing, by the issuer computer, completion of the second transaction.

4. The method of claim 1, further comprising:

receiving, by the financial card, during a second transaction, a third value for the dynamic code replacing the second value.

5. The method of claim 1, wherein:

the first transaction is completed by the financial card with a first merchant;

a second transaction is completed by the financial card with a second merchant; and

the financial institution is independent from the first and second merchants.

6. The method of claim 1, wherein the computer readable storage medium is non-volatile memory.

7. The method of claim 6, wherein the non-volatile memory is selected from magnetic media, optical media, flash media, and another solid state medium.

8. The method of claim 1, further comprising:

receiving by the issuer computer, values of the dynamic code from a plurality of transactions corresponding to an authorized user of the financial card;

changing, by the issuer computer, the values of the dynamic code in accordance with a security scheme expiring the values based on instructions from the issuer computer; and

receiving, by the issuer computer, an expired value of the dynamic code, representing a an unauthorized transaction by an unauthorized user;

failing, by the financial card, a request for verification of the unauthorized transaction, based on the expired value.

9. The method of claim 1, further comprising:

providing a credit transaction system comprising

the financial card;

a transaction device;

a first computer associated with a financial institution operating as an issuer of the financial card;

the first computer programmed to verify the authenticity of transactions based on the transaction device reading the dynamic code and reporting to the first computer based on the dynamic code;

the first computer, further programmed to send to the transaction device values to assign to the dynamic code; and

the transaction device configured to read and write to the financial card the dynamic code.

10. The method of claim 9, wherein the credit transaction system further comprises:

a second computer corresponding to a merchant;

the second computer operably connected to communicate with the first computer;

the second computer programmed to read from the financial card and provide to the second computer a first value corresponding to the dynamic code, the first value being read by the second computer from the financial card during a transaction;

the second computer, further programmed to receive from the first computer a second value corresponding to the dynamic code; and

the second computer, further programmed to overwrite the first value on the financial card with the second value during the transaction.

11. A method of financial certification comprising:

selecting a financial card comprising a computer readable storage medium embedded therein;

the selecting, wherein a dynamic portion of the computer readable storage medium is also a computer writable medium;

the selecting, wherein the dynamic portion is the storage location of a dynamic code to be selectively read from and written to the computer readable storage medium;

presenting to a merchant computer in communication with an issuer computer, the merchant computer corresponding to a merchant in a transaction with the financial card and the issuer computer corresponding to an issuer of the financial card, first transaction information corresponding to a first transaction in which the information from the financial card is presented as a form of payment;

delivering, by the financial card to the issuer computer, a first dynamic code from the dynamic portion;

receiving verification from the issuer computer of the authenticity of the first transaction based at least in part on the delivering the first dynamic code; and

receiving, by the financial card, from the issuer computer, a second dynamic code replacing the first dynamic code from the dynamic portion.

12. The method of claim 11, further comprising:

presenting the financial card to a second merchant in a second transaction subsequent to the first transaction; and

completing successfully the second transaction.

13. The method of claim 12, further comprising:

receiving, by the financial card, during the second transaction, a third dynamic code replacing the second dynamic code.

14. The method of claim 13, wherein the issuer is a financial institution independent from the first and second merchants.

15. The method of claim 14, wherein the financial card is selected from a credit card, a debit card, a gift card, and a purchase order.

16. The method of claim 15, wherein the computer readable storage medium is non-volatile memory.

17. The method of claim 16, wherein the non-volatile memory is selected from magnetic media, optical media, flash media, and another solid state medium.

18. The method of claim 17, further comprising:

presenting, by an unauthorized user, the financial card to a third merchant in association with a third transaction;

presenting to the issuer computer, by the financial card, the third dynamic code;

failing, by the financial card, a verification by the issuer computer during the third transaction, based on an expiration of the third dynamic code.

19. A credit transaction system comprising:

a financial card;

a transaction device;

a first computer associated with a financial institution operating as an issuer of the financial card;

the financial card, further provided with a computer readable storage medium storing a dynamic code;

the first computer programmed to verify the authenticity of a transaction based on the transaction device reading the dynamic code and reporting to the first computer based on the dynamic code;

the first computer, further programmed to send to the transaction device values to assign to the dynamic code; and

the transaction device configured to read and write to the financial card the dynamic code.

20. The credit transaction system further comprising:

a second computer corresponding to a merchant;

the second computer operably connected to communicate with the first computer;

the second computer programmed to read from the financial card and provide to the second computer a first value corresponding to the dynamic code, the first value being read by the second computer from the financial card during a transaction;

the second computer, further programmed to receive from the first computer a second value corresponding to the dynamic code; and

the second computer, further programmed to overwrite the first value on the financial card with the second value during the transaction.