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Conducting a transaction with an electronic card

  • US 8,480,002 B2
  • Filed: 04/16/2012
  • Issued: 07/09/2013
  • Est. Priority Date: 03/26/2005
  • Status: Active Grant
First Claim
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1. A process for conducting a transaction with an electronic card, comprising the steps of:

  • determining whether the transaction is being conducted with a smart card reader or with a magnetic stripe reader;

    activating either a smart card reader mode if the transaction is being conducted with the smart card reader or a magnetic stripe reader mode if the transaction is being conducted with the magnetic stripe reader;

    generating a transaction specific dynamic field of data within the electronic card which includes a single use authentication code; and

    either transmitting the transaction specific dynamic field of data to the smart card reader if the smart card reader mode is activated or transmitting the transaction specific dynamic field of data to the magnetic stripe reader by use of a magnetic stripe broadcaster only if the magnetic stripe reader mode is activated;

    wherein the magnetic stripe broadcaster broadcasts a magnetic stripe signal that is a time varying and spatial varying magnetic field that is interpreted by a magnetic read head of the magnetic stripe reader as if originating from a standard magnetic stripe.

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