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System for secured credit card transactions on the internet

  • US 5,956,699 A
  • Filed: 11/17/1997
  • Issued: 09/21/1999
  • Est. Priority Date: 10/03/1996
  • Status: Expired due to Term
First Claim
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1. A method for providing secure transactions between a first entity and at least one additional entity, comprising the steps of:

  • (1) assigning a user account number to the first entity;

    (2) generating a record associated with the first entity with a money source repository which includes the user account number of the first entity, a user key, a user insertion key and a first entity identifier;

    (3) generating a personal charge number from the user account number by inserting the user key into the user account number in accordance with an algorithm that uses the user insertion key and a permutation variable;

    (4) transferring the personal charge number and the first entity identifier to a second entity;

    (5) transmitting the personal charge number, the first entity identifier, a transaction monetary value and a second entity identifier from the second entity to the money source;

    (6) verifying that the personal charge number is valid for the first entity;

    (7) providing the second entity with a monetary credit associated with the transaction monetary value; and

    (8) charging the first entity with a charged credit associated with the transaction monetary value.

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