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Method and apparatus for verifying the legitamacy of a financial instrument

  • US 20070051795A1
  • Filed: 09/07/2005
  • Published: 03/08/2007
  • Est. Priority Date: 09/07/2005
  • Status: Active Grant
First Claim
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1. In a financial system including a financial institution providing financial accounts and issuing a financial instrument for use by a shopper associated with the account, a method of verifying legitimacy of the financial instrument in connection with a business transaction comprising the steps of:

  • accepting information about the financial account from the shopper;

    sending a communication to the financial institution regarding a payment;

    relaying identifier information in a data field of the communication;

    requiring the shopper to obtain the identifier information from the institution and derive verification information from the identifier information;

    confirming that the shopper knows the verification information; and

    continuing with the business transaction if the verification information correctly corresponds to the identifier information.

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