Electronic transaction security system and method

• US 9,004,351 B2
• Filed: 01/25/2013
• Issued: 04/14/2015
• Est. Priority Date: 10/13/2008
• Status: Active Grant

• Current Assignee: Miri Systems LLC
• Original Assignee: Miri Systems LLC
• Inventors: Sandstrom, Ronald W., Vasil, Paul E., Zon, Ludwik F.
• Primary Examiner(s): TRAIL, ALLYSON NEEL
• Application Number:
  US13/749,930
• Publication Number:
  US 20130138566A1
• Time in Patent Office: 809 Days
• Field of Search: 235/379, 235/380, 705/16, 705/73.1
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 7/10 together with a coded signal , e.g. in the form of personal identification information, like personal identification number [PIN] or biometric data

Abstract

A computerized method for generating a time-limited number for use in a payment card transaction involving a payment card issued by a financial institution. The payment card comprises an original payment card number. A first plurality of digits of the original payment card number is provided to a processor. The first plurality of digits are predetermined digits associated to the financial institution. A desired expiration date through which the time-limited number is valid for acceptance in the payment card transaction is provided to the processor. A program is executed by the processor to set a first plurality of digits in the time-limited number to the first plurality of digits in the original payment card number, generate a first number corresponding to the desired expiration date, set a second plurality of digits in the time-limited number to the first number, and output the time-limited number.

Claims

1. A computerized method for identifying an account assigned to a user by an institution, wherein the institution associates the account with validation data that the institution requires to be supplied by the user to allow the user utilization of the account, and with an identifier that distinguishes the account from other accounts maintained by the institution for other users, and wherein a credential comprises a combination of the validation data and the identifier, comprising the steps of:

providing a computing device having a processing device; and

providing a media that stores computer-executable instructions that cause the computing device to execute the steps of

receiving, at the computing device, controlled by the user, a first part of the credential from the institution, wherein the first part comprises a first portion of the validation data and a first portion of the identifier;

receiving at the computing device from the user a second part of the credential, wherein the second part comprises a second portion of the validation data and a second portion of the identifier and wherein a combination of the second part with the first part completes the credential; and

transmitting the credential from the computing device, via a wide area network, to a receiving server with a request to conduct a transaction with the institution based on the account.

2. The method as in claim 1, wherein the validation data is a personal identification number.

3. The method as in claim 1, wherein the identifier is a number stored at the computing device and at a server controlled by the institution.