Systems and methods for time variable financial authentication

• US 9,911,117 B1
• Filed: 12/17/2009
• Issued: 03/06/2018
• Est. Priority Date: 03/25/2002
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Everhart, Glenn Cobourm
• Primary Examiner(s): Obeid, Mamon
• Assistant Examiner(s): Hale, Tim B
• Application Number:
  US12/640,972
• Time in Patent Office: 3,001 Days
• Field of Search: 705 50- 59
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/08 Payment architectures
• CPC Class Codes: G06Q 20/0855 involving a third party
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/388 using mutual authentication without cards, e.g. challenge-response
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 20/40975 using encryption therefor
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/1016 Devices or methods for securing the PIN and other transaction-data, e.g. by encryption arrangements for secret communication, see H04L9/00

Abstract

The systems and methods of the invention provide a technique for authenticating a finance related transaction. The method may include providing a token which contains a token counter, the token counter periodically advancing to generate a changing token value, the token counter being synchronized to a base counter that generates an authenticating value; transforming the token value into a token output sequence using logic; and outputting at least part of the token output sequence to an authenticating authority, the authenticating authority having access to the authenticating value. Further, the method includes the authenticating authority verifying the validity of the transaction based on the token output sequence and the authenticating value, from which the authenticating authority obtains a verification sequence using the logic, the verifying the validity including the authenticating authority comparing the token output sequence to the verification sequence to determine if there is a match between the token output sequence and the verification sequence.

Claims

1. A system that authenticates a finance related transaction for a customer, the system comprising:

an authenticating authority comprising at least one computer processor; and

a token; and

the token including a token counter, the token counter periodically advancing to generate a changing token value in conjunction with transactions, the token transforming the token value into a token output sequence using logic in a logic portion, the token outputting at least part of the token output sequence to the authenticating authority over a network, the authenticating authority inputting the at least part of the token output sequence;

the authenticating authority maintaining a base counter that generates an authenticating value, the base counter being synchronized with the token counter so as to generate a same value as the token counter;

the authenticating authority inputting from the token at least part of the token output sequence, the authenticating authority having access to the authenticating value, the authenticating authority constituted by a computer processing system;

the authenticating authority using the logic and the authenticating value to generate a verification sequence;

the authenticating authority verifying the validity of the transaction based on comparing the token output sequence to the verification sequence to determine if there is a match between the token output sequence and the verification sequence;

wherein the authenticating authority compares only a part of the token output sequence with a corresponding part of the verification sequence;

wherein the token output sequence is at least one of numbers, letters and symbols;

wherein the outputting at least part of the token output sequence to an authenticating authority includes using at least one of a radio frequency signal, an infrared signal, an audio signal, a magnetic pattern signal and a data signal;

the token generating a time stamp value at a time of the transaction; and

the authenticating authority inputting the time stamp value and the base counter, which is in the authentication authority, and determining the value of the authenticating value based on the time stamp value; and

wherein the authenticating value is a first authenticating value, the method further including;

the authenticating authority comparing the token output sequence to the verification sequence and determining that there is not a match between the token output sequence and the verification sequence;

the authenticating authority recalculating a second authenticating value based on a subsequent base counter setting, the authenticating authority using the logic to generate a second verification sequence based on the second authenticating value; and

the authenticating authority comparing the token output sequence to the second verification sequence to determine a match between the token output sequence and the second verification sequence.