Secured financial transaction system using single use codes

• US 6,834,270 B1
• Filed: 02/28/2000
• Issued: 12/21/2004
• Est. Priority Date: 02/28/2000
• Status: Expired due to Fees

• Current Assignee: Carlo Pagani, Gianpaolo Tocco
• Original Assignee: Carlo Pagani, Gianpaolo Tocco
• Inventors: Pagani, Carlo, Tocco, Gianpaolo
• Primary Examiner(s): Trammell, James P.
• Assistant Examiner(s): Hewitt, II, Calvin L
• Application Number:
  US09/514,166
• Time in Patent Office: 1,758 Days
• Field of Search: 705/1, 705/50, 705/64, 705/66, 705/72, 705/67, 705/60, 705/70, 705/65
• US Class Current: 705/65
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes

Abstract

A telecommunication total security system of financial transaction substantially diminishes any risk of continued illicit use of payment means. The system comprises one or more user identification codes to be coupled with transaction codes when carrying out a financial transaction. Each transaction code is unique and unrepeatable for each transaction and is generated by an administrator of the system. Each transaction code is cancelled when the transaction is terminated.

Claims

1. A telecommunications total system for conducting financial transactions between at least one payer and recipient users comprising:

a means for generating at least one payer identification code identifying at least one payer and associated with a card issued to the at least one payer for conducting a financial transaction with a recipient user, the at least one payer identification code including an authorized payer telephone number;

a means for generating a plurality of single use transaction codes stored in the card; and

a means for generating a transcodification code and means for selectively coupling the transcodification code to the plurality of single use transaction codes to encode a respective single transaction code, the respective encoded single use transaction code being coupled with the at least one identification code to create a coupled code unique and unrepeatable for authorizing each transaction initiated from a telephone of the authorized payer telephone number and recognizable by an administrator of the system.

2. The system according to claim 1, wherein the at least one payer and recipient users are connected directly to the administrator.

3. System according to claim 2 wherein the at least one payer carries out the transactions with the administrator through the recipient users associated with the administrator.

4. The system according to claim 2, wherein communication between the at least one payer and recipient users and the administrator is used for information and confirmation exchange purposes.

5. The system according to claim 2, wherein communication between the at least one payer and recipient users is used for information and confirmation exchange purposes.

6. The system according to claim 1, wherein one of the single use transaction codes is a throwaway security code (TASC).

7. The system according to claim 6, wherein the at least one payer and the recipient users are provided with an electronic reader machine of throwaway security codes (TERM).

8. The system according to claim 1, wherein one of the single use transaction codes is a prepaid single use code (POUC).

9. The system according to claim 1, wherein the transcodification code (TCC) is secret and memorized by the at least one payer, the transcodification code (TCC) being inputted to obtain authorization of each financial transaction.

10. The system according to claim 1, wherein each of the recipient users has a respective recipient'"'"'s identification code communicated by the recipient user to the and recognizable by the administrator for each financial transaction, the recipient'"'"'s identification code including an authorized recipient telephone number associated with a telephone of the recipient user.

11. The system according to claim 10, wherein the respective recipient'"'"'s identification code allows the recipient to gain access to the system.

12. The system according to claim 10, wherein the recipient identification code identifying the recipient user is coupled to the coupled code of the payer.

13. The system according to claim 12, wherein the identification code of the recipient user includes a recipient telephone number.

14. The system according to claim 1, wherein the single use transaction codes are stored in an encrypted form.

15. The system according to claim 1, wherein the single use transaction codes are stored in a random sequence.

16. The system according to claim 1, wherein the single use transaction codes are stored in predetermined sequences.

17. The system according to claim 1, wherein a nominal value of each financial transaction is uniform.

18. The system according to claim 1, wherein the plurality of single use transaction codes can be personalized according to the needs of the at least one payer.

19. The system according to claim 1, wherein the plurality of single use transaction codes are stored in a microchip included in the card that generates automatically a subsequent coupled code upon introducing the transcodification code after termination of each financial transaction.

20. The system according to claim 1, wherein the plurality of of single use transaction codes are stored on a magnetic band.

21. The system according to claim 1, wherein each the plurality of of single use transaction codes comprises at least sixteen digits.

22. The system according to claim 1, wherein a nominal value of each financial transaction varies.