System, method and program product for account transaction validation
First Claim
1. A system for validating a financial transaction between a merchant and a customer comprising:
- a personal computing device, said personal computing device comprising a code generating algorithm, said code generating algorithm generating an encrypted verification code based on a transaction amount for said financial transaction, and said encrypted verification code further based on a customer identity number verifying the identity of said customer;
said encrypted verification code generated using code generating parameters known to a transaction center, said encrypted verification code transmitted to said transaction center along with a customer account number and said transaction amount;
said transaction center comprising;
a computer, said computer comprising;
a database, said database comprising a plurality of accounts and associated code generating parameters unique to each account of said plurality of accounts relative to the code generating parameters for another account of said plurality of accounts, said code generating parameters protected from disclosure to said merchant, said plurality of accounts including a customer account designated by said customer account number; and
a validation algorithm, said validation algorithm utilizing said code generating parameters associated with said customer account together with said encrypted verification code to validate said customer identity number and said transaction amount for said financial transaction.
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Abstract
A system, method and program product for account transaction validation which may be downloaded or otherwise installed on a networked computing device such as a cell phone or other networked computing device. The networked computing device provides an encrypted validation code to a merchant for each transaction. The validation code is uniquely computed for each transaction and may be based on transaction time and/or other transaction data. The code algorithm is unique for each cardholder. Only the bank transaction center has knowledge of the particular algorithm for each cardholder. When transaction details such as transaction dollar amount are included in the generation of the code, the code may be used to validate the reported transaction dollar amount. An algorithm is disclosed for generating a unique code based on time and/or transaction dollar amount.
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Citations
19 Claims
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1. A system for validating a financial transaction between a merchant and a customer comprising:
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a personal computing device, said personal computing device comprising a code generating algorithm, said code generating algorithm generating an encrypted verification code based on a transaction amount for said financial transaction, and said encrypted verification code further based on a customer identity number verifying the identity of said customer;
said encrypted verification code generated using code generating parameters known to a transaction center, said encrypted verification code transmitted to said transaction center along with a customer account number and said transaction amount;said transaction center comprising; a computer, said computer comprising; a database, said database comprising a plurality of accounts and associated code generating parameters unique to each account of said plurality of accounts relative to the code generating parameters for another account of said plurality of accounts, said code generating parameters protected from disclosure to said merchant, said plurality of accounts including a customer account designated by said customer account number; and a validation algorithm, said validation algorithm utilizing said code generating parameters associated with said customer account together with said encrypted verification code to validate said customer identity number and said transaction amount for said financial transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method for validating a transaction between a merchant and a customer comprising:
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receiving an account number, a transaction amount, and a encrypted verification number at a transaction center; retrieving a customer identity number and code generating parameters from a memory in accordance with said account number; verifying said customer identity number and said transaction amount, by applying said code generating parameters to said customer identity number and said transaction amount to generate a result and comparing the result to said encrypted verification number; said transaction amount having been provided to said customer by said merchant and entered into a computing device to generate said encrypted verification number, said encrypted verification number generated based on said customer identity number and said transaction amount, said encrypted verification number generated by a code generating algorithm having code generating parameters unique to said computing device relative to other code generating parameters in other computing devices, and said code generating parameters being known to said transaction center and protected from disclosure to said merchant; said account number and said encrypted verification number having been provided to said merchant and reported to said transaction center for transaction validation. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19)
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Specification