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Systems and methods for performing secure financial transactions

  • US 8,736,424 B2
  • Filed: 12/03/2012
  • Issued: 05/27/2014
  • Est. Priority Date: 03/21/2006
  • Status: Active Grant
First Claim
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1. A method for performing a point of sale transaction using a tag incorporated in a bank card, the tag comprising a storage storing a plurality of encryption keys, the method comprising:

  • at the tag, receiving a pointer identifying one of the plurality of encryption keys stored in the tag storage;

    encrypting tag data using the identified encryption key, the tag data comprising identification data identifying the tag;

    sending the encrypted identification data to a point of sale terminal comprising a tag reader;

    at the point of sale terminal, receiving transaction information corresponding to a purchase requested by a user;

    at a server, receiving the purchase transaction information and the encrypted identification data identifying the tag from the point of sale terminal;

    at the server, decrypting the encrypted identification data identifying the tag using a same encryption key as the encryption key identified by the pointer received at the tag;

    at the server, associating the identification data identifying the tag with an account number associated with a bank account of the user; and

    at the point of sale terminal, receiving an authorization from the server authorizing the transaction.

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