SYSTEMS AND METHODS FOR PERFORMING FINANCIAL TRANSACTIONS USING ACTIVE AUTHENTICATION

• US 20120239572A1
• Filed: 04/13/2011
• Published: 09/20/2012
• Est. Priority Date: 03/15/2011
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: ING Bank FSB (Capital One Financial Corporation)
• Inventors: Wolfs, Rudolph Christian, Pinski, David Aaron
• Granted Patent: US 11,514,451 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation

Abstract

A financial transaction method includes receiving a request to perform a financial transaction at a financial institution, generating a single-use transaction key for the financial transaction, and storing at least a first portion of the transaction key in a storage medium. The transaction key is transmitted to a user that requested the financial transaction, and an authorization request including at least a second portion of the transaction key is received from a merchant. The second portion of the transaction key received from the merchant is compared to the first portion of the transaction key to determine if the transaction should be authorized. An authorization message is transmitted to the merchant if the second portion of the transaction key received from the merchant matches the first portion of the transaction key. The financial transaction is funded from an account of the user if the financial transaction is authorized.

Claims

1. A financial transaction method, comprising:

receiving a request to perform a financial transaction at a financial institution;

generating a single-use transaction key for the financial transaction;

storing at least a first portion of the single-use transaction key in a non-transient computer readable storage medium;

transmitting the single-use transaction key to a user that requested the financial transaction;

receiving an authorization request including at least a second portion of the single-use transaction key from a merchant;

comparing the second portion of the single-use transaction key received from the merchant to the first portion of the single-use transaction key stored in the non-transient computer readable storage medium to determine if the transaction should be authorized;

transmitting an authorization message to the merchant if the second portion of the single-use transaction key received from the merchant matches the first portion of the single-use transaction key stored in the non-transient computer readable storage medium; and

funding the financial transaction from an account of the user that requested to perform the financial transaction if the financial transaction is authorized.

2. The financial transaction method of claim 1, wherein the single-use transaction key includes alpha-numeric characters.

3. The financial transaction method of claim 1, wherein the mobile financial transaction instrument of the user includes at least one of a computer and a wireless device.

4. The financial transaction method of claim 1, wherein the authorization request received from the merchant does not include a static identifier for the account of the user.

5. The financial transaction method of claim 1, further comprising:

transmitting a message to the merchant declining the financial transaction if the second portion of the single-use transaction key received from the merchant does not match the first portion single-use transaction key stored in the non-transient computer readable storage medium.

6. The financial transaction method of claim 1, wherein the single-use transaction key does not include a static identifier for the account of the user.

7. The financial transaction method of claim 1, wherein the first portion of the single-use transaction key includes a substantially random alpha-numeric string and a remainder of the single-use transaction key includes characters for identifying the financial institution.

8. The financial transaction method of claim 7, wherein the second portion of the single-use transaction key includes the substantially random alpha-numeric string.

9. The financial transaction method of claim 1, wherein the first and second portions of the single-use transaction include an entire portion of the single-use transaction key.

10. A financial transaction system, comprising:

a non-transient computer readable storage medium;

an engine for generating a substantially random alpha-numeric string; and

a processor coupled to the non-transient computer readable storage medium and the engine, the processor configured to;

cause the engine to generate a single-use transaction key in response to receiving a request to perform a financial transaction from a user having an account with a financial institution,

cause at least a first portion of the single-use transaction key in store the single-use transaction key to be stored in the non-transient computer readable storage medium,

cause the single-use transaction key to be transmitted to the user,

determine if at least a second portion of the single-use transaction key received from a merchant matches the first portion of the single-use transaction key stored in the non-transient computer readable storage medium, and

cause a message to be transmitted the merchant authorizing the financial transaction if the second portion of the single-use transaction key matches the first portion of the single-use transaction key.

11. The financial transaction system of claim 10, wherein the processor is configured to cause funds to be transferred from the financial institution to the merchant if the second portion of the single-use transaction key matches the first portion of the single-use transaction key.

12. The financial transaction system of claim 10, wherein the single-use transaction key does not include a static identifier for the account of the user.

13. The financial transaction system of claim 10, wherein the first portion of the single-use transaction key includes the substantially random alpha-numeric string generated by the engine and a remainder of the single-use transaction key includes characters for identifying the financial institution.

14. The financial transaction system of claim 13, wherein the second portion of the single-use transaction key includes the substantially random alpha-numeric string.

15. The financial transaction system of claim 10, wherein the first and second portions of the single-use transaction include an entire portion of the single-use transaction key.

16. A non-transient machine readable storage medium encoded with program code, wherein when the program code is executed by a processor, the processor performs a method comprising the steps of:

causing a single-use transaction key for a financial transaction to be generated in response to receiving a request to perform a financial transaction from a user having an account at a financial institution;

causing the single-use transaction key to be transmitted to the user that requested the financial transaction;

comparing a second portion of the single-use transaction key received from a merchant to a first portion of the single-use transaction key stored in the non-transient computer readable storage medium to determine if the transaction should be authorized; and

causing a message to be transmitted the merchant authorizing the financial transaction if the second portion of the single-use transaction key matches the first portion of the single-use transaction key.

17. The non-transient machine readable storage medium of claim 16, wherein the method includes causing funds to be transferred from the financial institution to the merchant if the second portion of the single-use transaction key matches the first portion of the single-use transaction key.

18. The non-transient machine readable storage medium of claim 16, wherein the single-use transaction key does not include a static identifier for the account of the user.

19. The non-transient machine readable storage medium of claim 16, wherein the first portion of the single-use transaction key includes the substantially random alpha-numeric string and a remainder of the single-use transaction key includes characters for identifying the financial institution.

20. The non-transient machine readable storage medium of claim 19, wherein the second portion of the single-use transaction key includes the substantially random alpha-numeric string.

21. The non-transient machine readable storage medium of claim 16, wherein the first and second portions of the single-use transaction include an entire portion of the single-use transaction key.