Electronic transaction security system and method

• US 9,430,770 B2
• Filed: 04/13/2015
• Issued: 08/30/2016
• 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:
  US14/685,275
• Publication Number:
  US 20150213447A1
• Time in Patent Office: 505 Days
• Field of Search: 235/380, 705/39, 705/35, 705/44, 705/55
• US Class Current: 1/1
• 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 generating a time-limited number for use in a payment card transaction involving a payment card issued to a user by a financial institution, wherein the payment card comprises an original payment card number, the method comprising the steps of:

providing to a processor a first plurality of digits of the original payment card number, wherein the first plurality of digits are predetermined digits associated with the financial institution;

providing to the processor a desired expiration date through which the time-limited number is valid for acceptance in the payment card transaction, wherein the desired expiration date is earlier than an expiration date of the payment card; and

executing a program by the processor so that the program;

sets a first plurality of digits in the time-limited number to the first plurality of digits in the original payment card number,

generates a first number corresponding to the desired expiration date;

sets a second plurality of digits in the time-limited number to the first number; and

outputs the time-limited number.

2. The method of claim 1 wherein the first plurality of digits in the original payment card number is a set of digits common to payment cards issued by the financial institution.

3. The method of claim 1 wherein the desired expiration date corresponds to an amount of time from a date on which the desired expiration date is provided to the processor.

4. The method of claim 1 wherein the desired expiration date corresponds to an amount of time from the expiration date of the payment card.

5. The method of claim 1 wherein the first number corresponds to an amount of time from a date on which the desired expiration date is provided to the processor.

6. The method of claim 1 wherein the first number corresponds to an amount of time from the expiration date of the payment card.

7. The method of claim 1 wherein the first number is selected from a range of numbers, wherein the range corresponds to an amount of time from the expiration date of the payment card.

8. The computerized method of claim 1 further comprising the steps of:

providing to the processor a first portion of a validation number;

wherein

the program;

generates a second number based on the first portion of the validation number; and

sets a third plurality of digits of the time-limited number to the second number.

9. The method of claim 8 further comprising the steps of providing to the processor a second portion of the validation number;

wherein the program generates the second number based on the first portion and second portion of the validation number.

10. The method of claim 9 wherein the second portion of the validation number is stored on a medium accessible by the processor.

11. The method of claim 8 wherein the first portion of the validation number is a first portion of a private identification number issued by the financial institution to the user.

12. The method of claim 11 wherein the user provides the private identification number to the program.

13. The method of claim 8 wherein the private identification number is selected by the user.

14. The method of claim 8 wherein the program creates a first set of digits in the time-limited number by rearranging the digits of the second and third pluralities of digits of the time-limited number.

15. The method of claim 8 wherein the program alters each digit of the third plurality of digits based on an algorithm defined in the program.

16. The method of claim 15 wherein:

the algorithm comprises the steps of;

extracting each digit of the third plurality of digits in the time-limited number from a respective location;

performing a Luhn check on the remaining digits in the time-limited number; and

inserting a result of the Luhn check in the respective location in the time-limited number.

17. The method of claim 14 wherein the program replaces the first set of digits in the time-limited number with a result of a summation of the first set of digits and a third number, wherein the third number is established by the financial institution for the original payment card number.

18. The method of claim 17 further comprising providing the processor a first portion of the third number wherein the first portion of the third number is a portion of a private identification number issued by the financial institution to the user.

19. The method of claim 18 wherein the user provides the private identification number to the program.

20. The method of claim 19 further comprising providing to the processor a second portion of the third number on a medium, wherein the medium is located within a device comprising the processor.

21. A method for enhancing the security of a payment card transaction involving a payment card number assigned to a user account by a financial institution, the method comprising the steps of:

generating a time-limited number comprising a first plurality of digits in the time-limited number associated to the financial institution and a second plurality of digits in the time-limited number set to a first number corresponding to a desired expiration date, wherein the time-limited number is not associated with the user account and wherein the desired expiration date is earlier than an expiration date of the payment card number;

transmitting the time-limited number and data representative of the user account other than the payment card number to the financial institution;

locating the user account based on the data; and

validating the time-limited number for the transaction based on the second plurality of digits and the data.

22. The method of claim 21 wherein the first plurality of digits is identical to a first plurality of digits in the payment card number associated to the financial institution.

23. A system for generating a time-limited number for use in a payment card transaction involving a payment card issued to a user by a financial institution, wherein the payment card comprises an original payment card number, the system comprising:

a processing device; and

a medium accessible by the processing device comprising instructions that when executed by the processing device cause the processing device to perform the steps of;

setting a first plurality of digits in the time-limited number, wherein the first plurality of digits are predetermined digits associated to the financial institution;

generating a first number corresponding to a desired expiration date through which the time-limited number is valid for acceptance in the payment card transaction, wherein the desired expiration date is earlier than an expiration date of the payment card;

setting a second plurality of digits in the time-limited number to the first number; and

outputting the time-limited number.