Financial transaction system

• US 9,659,290 B2
• Filed: 01/29/2013
• Issued: 05/23/2017
• Est. Priority Date: 09/30/2005
• Status: Expired due to Fees

• Current Assignee: Advanced Silicon Technologies LLC
• Original Assignee: Advanced Silicon Technologies LLC
• Inventors: Dittmer, Charles H.
• Primary Examiner(s): Gudorf, Laura
• Application Number:
  US13/752,476
• Publication Number:
  US 20130138568A1
• Time in Patent Office: 1,575 Days
• Field of Search: 235379, 235380, 235492, 235375, 235382
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• 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 20/40145 Biometric identity checks
• CPC Class Codes: G07F 7/088 the card reader being part of the point of sale [POS] terminal or electronic cash register [ECR] itself

Abstract

A system and method for conducting a financial transaction is disclosed. The system includes a first memory location embedded in a personal portable device. The first memory location stores a plurality of personal financial data files associated with a user. The system also includes a second memory location to store biometric information and a first input interface to receive authentication information after initiation of a purchase transaction session. The system also includes a security module including an input coupled to the first interface to authenticate the authentication information based on the biometric information and an output interface comprising an input coupled to the first memory location and an output to provide personal financial data file information to a host device.

Claims

1. A method comprising:

detecting, by a host system, a presence of a personal portable device;

initiating, at the host system, a financial transaction session with the personal portable device;

responsive to the act of initiating, sending, by the host system, an activation signal to the personal portable device to initiate a financial transaction;

responsive to the activation signal received from the host system, transitioning, by the personal portable device, from an inactive mode to an active mode in a normal power state;

while the personal portable device is in the active mode in the normal power state, receiving, at the personal portable device, biometric information collected by the host device;

comparing the received biometric information to biometric information stored at the personal portable device;

selecting, at the personal portable device, a financial account using account information stored at the personal portable device, the account information representing a plurality of financial accounts;

authenticating, at the personal portable device, a user of the personal portable device based on security information received at the personal portable device; and

wirelessly transmitting information identifying the selected financial account for reception by the host system to conduct the financial transaction in response to the received biometric information matching the biometric information stored on the personal portable device and the security information received at the personal portable device authenticating the user of the personal portable device.

2. The method of claim 1, further comprising:

wirelessly transmitting security information for reception by the host device, the security information for authenticating the selected financial account.

3. The method of claim 1, wherein selecting the selected financial account comprises selecting the selected financial account in response to a wireless query from the host device.

4. The method of claim 1, wherein selecting the selected financial account comprises selecting the selected financial account responsive to authenticating a user of the personal portable device based on information obtained from the user.

5. The method of claim 1 further comprising:

transmitting a breach of security message from the personal portable device to the host device in response to the received biometric information not matching the biometric information stored on the personal portable device.

6. The method of claim 5 further comprising:

disabling the personal portable device if the received biometric information does not match the biometric information stored on the personal portable device.

7. The method of claim 5 further comprising:

erasing the account information from the personal portable device in response to the received biometric information not matching the biometric information stored on the personal portable device.

8. The method of claim 1, further comprising:

updating, at the personal portable device, the account information in response to receiving account update information for the selected financial account from the host device in response to the financial transaction.

9. A personal portable device comprising:

a memory to store information identifying each of a plurality of financial accounts and to store biometric information;

an input interface to;

wirelessly receive, from a host device, an activation signal from the host device to move from an inactive mode to an active mode in a normal power state to conduct a financial transaction and biometric information collected by the host device, wherein the host device is within wireless range of the personal portable device; and

receive, from a user of the personal portable device, security information to authenticate the user of the personal portable device;

a security module to compare biometric information collected by and received from the host device to the biometric information stored at the memory while the personal portable device is in the active mode in the normal power state; and

an output interface to wirelessly transmit, for reception by the host device, information identifying a financial account selected by the personal portable device from the plurality of financial accounts.

10. The personal portable device of claim 9, wherein the output interface is to wirelessly transmit security information authenticating the selected financial account.

11. The personal portable device of claim 9, wherein the security module is to disable the personal portable device in response to the biometric information received from the host device not matching the biometric information stored at the memory.

12. The personal portable device of claim 9, wherein the personal portable device is to update information for the selected financial account stored at the memory in response to receiving account update information for the selected financial account from the host device in response to completion of a financial transaction using the selected financial account.

13. The personal portable device of claim 9, further comprising:

a magnetic component to facilitate detection of the personal portable device by the host device.

14. The personal portable device of claim 13, wherein the magnetic component comprises an inductor.