METHOD AND SYSTEM FOR SECURED PROCESSING OF A CREDIT CARD

• US 20170039566A1
• Filed: 07/08/2016
• Published: 02/09/2017
• Est. Priority Date: 07/10/2015
• Status: Active Application

• Current Assignee: Diamond Sun Labs Incorporated
• Original Assignee: Diamond Sun Labs Incorporated
• Inventors: SCHIPPERHEIJN, Francisco
• Application Number:
  US15/205,924
• Publication Number:
  US 20170039566A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing

Abstract

Methods and systems for processing credit transactions system include or implement the steps generating a first automated dynamic PIN (AD-PIN) unique to a request for a credit amount with a first algorithm and comparing with a second AD-PIN independently generated by a customer device using a second identical algorithm. The AD-PIN is then identically changed by both the first and second algorithms before the next transaction. The generation and exchange of AD-PINs may be conditional upon or supplemented by biometric verification of the customer identity.

Claims

1. An authorization server system for secured processing of a credit transaction requested by a credit account holder, comprising:

at least one processor; and

at least one memory component operatively connected to the at least one processor and storing a set of instructions executable by the at least one processor, to cause the system to (a) generate an automated dynamic PIN (AD-PIN) unique to a request for a credit amount according to a first algorithm;

(c) receive a second AD-PIN independently generated by account holder using a second identical algorithm; and

, (d) conditional upon matching of the first AD-PIN to the second AD-PIN, authorizing the credit transaction.

2. A method for secured processing of a credit transaction, the method being implemented by an authorization server in communication via a network with a customer interface device and a merchant server, the method comprising:

(a) receiving a request for a credit amount;

(b) generating a first AD-PIN unique to the request according to a first algorithm;

(c) receiving a second AD-PIN independently generated by a customer device using an second identical algorithm; and

(d) conditional upon matching of the first AD-PIN to the second AD-PIN, authorizing the credit transaction.

3. The method of claim 2 wherein generation of either or both the first and second AD-PINs is conditional upon biometric verification of the account holder.

4. The method of claim 3 wherein the biometric verification of the account holder is performed by a biometric module physically associated with a processor used to generate the second AD-PIN.

5. The method of claim 2 wherein the first algorithm comprises an arithmetical operation on a previously generated AD-PIN, a transaction value, a transaction time or date or combinations thereof.

6. The method of claim 5 wherein the first algorithm is changed after each transaction and the second algorithm is changed identically but independently.

7. A device in communication with an authorization server system for secured processing of a credit payment from a credit account to a merchant, the device comprising at least one processor;

and at least one memory component operatively connected to the at least one processor and storing a set of instructions executable by the at least one processor, to cause the system to generate a first AD-PIN unique for each transaction, using an algorithm which is identical to an algorithm used by the authorization server system to generate a second AD-PIN, which is identical to the first AD-PIN.

8. The device of claim 7 which is a credit card used in conjunction with a point-of-sale device in communication with the authorization server system.

9. The device of claim 7 which is a computer or smartphone.

10. A method for secured processing of a credit transaction, the method being implemented by customer interface device in communication with an authorization server, the method comprising:

(a) sending a request for a credit amount;

(b) generating a first AD-PIN unique to the request according to a first algorithm;

(c) receiving a second AD-PIN independently generated by the authorization server using an second identical algorithm; and

(d) conditional upon matching of the first AD-PIN to the second AD-PIN, receiving authorization for the credit transaction.

11. The method of claim 10 wherein generation of either or both the first and second AD-PINs is conditional upon biometric verification of the account holder.

12. The method of claim 11 wherein the biometric verification of the account holder is performed by a biometric module physically associated with the customer interface device.

13. The method of claim 11 wherein the first algorithm comprises an arithmetical operation on a previously generated AD-PIN, a transaction value, a transaction time or date or combinations thereof.

14. The method of claim 13 wherein the first algorithm is changed after each transaction and the second algorithm is changed identically but independently.