System, method and program product for credit card transaction validation
First Claim
1. A method for validating a credit card transaction comprising:
- receiving a validation number from a merchant along with a credit card number and a reported amount of purchase, said validation number generated based on a combination of a clock time code, a Personal Identification Number (PIN) and an actual amount of purchase;
said clock time code representing a clock time of said transaction;
generating a matching time code equal to said clock time code;
validating that the reported amount of purchase and actual amount of purchase agree with one another by using the validation number, matching time code and PIN; and
authorizing the transaction based on the validation that the reported amount of purchase and actual amount of purchase agree with one another, said authorizing comprising a financial institution sending an authorization for said credit card transaction to said merchant;
wherein a dollar amount of the actual amount of purchase is computed based on the validation number, matching time code and PIN.
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Accused Products
Abstract
A personal card and method of transaction validation for the protection of credit card use in malls, restaurants, telephone and Internet orders and use of ATM. The card generates a coded validation number based on a time code, a cardholder'"'"'s PIN, and the amount of purchase in accordance with a unique code process for that particular personal card. The coded validation number is different for each transaction to prevent fraudulent use of the validation number. The cardholder provides the merchant the coded validation number in place of the usual static three or four digit verification number now in use. The merchant reports the transaction using normal reporting equipment and processes. The bank then validates the transaction by duplicating the time code and using the known PIN to determine the transaction amount. A method is disclosed to generate a time code by periodically rotating the columns and rows of a two dimensional matrix.
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Citations
14 Claims
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1. A method for validating a credit card transaction comprising:
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receiving a validation number from a merchant along with a credit card number and a reported amount of purchase, said validation number generated based on a combination of a clock time code, a Personal Identification Number (PIN) and an actual amount of purchase; said clock time code representing a clock time of said transaction; generating a matching time code equal to said clock time code; validating that the reported amount of purchase and actual amount of purchase agree with one another by using the validation number, matching time code and PIN; and authorizing the transaction based on the validation that the reported amount of purchase and actual amount of purchase agree with one another, said authorizing comprising a financial institution sending an authorization for said credit card transaction to said merchant; wherein a dollar amount of the actual amount of purchase is computed based on the validation number, matching time code and PIN. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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Specification