Method for securing information relevant to a transaction

CAFC
  • US 5,793,302 A
  • Filed: 11/12/1996
  • Issued: 08/11/1998
  • Est. Priority Date: 11/17/1992
  • Status: Expired due to Term
First Claim
Patent Images

1. A method for coding and storing information, comprising information associated with a party and other sensitive information, said information associated with a party being subsequently used to authenticate the party and authorize access, the method comprising:

  • previously receiving a first personal identification number (PIN1) from the party;

    previously deriving or accessing first coded authentication information by using the first PIN1;

    previously generating at least two numbers using the first coded authentication information, wherein at least one of the at least two numbers is an arbitrary number;

    previously storing each of the at least two numbers in one or more storage means;

    retrieving each of the at least two numbers previously stored in the one or more storage means;

    receiving a second personal identification number (PIN2) from a party to be authenticated;

    deriving or accessing second coded authentication information by using the second PIN2;

    combining each of the at least two numbers retrieved from the one or more storage means to derive third coded authentication information;

    comparing the second coded authentication information with the third coded authentication information; and

    authenticating the party and authorizing access if the second coded authentication information and third coded authentication information correspond to each other.

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