Systems and methods for time variable financial authentication

• US 9,240,089 B2
• Filed: 06/30/2009
• Issued: 01/19/2016
• 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): GOODCHILD, WILLIAM J
• Application Number:
  US12/495,006
• Publication Number:
  US 20090271853A1
• Time in Patent Office: 2,394 Days
• Field of Search: 726/6
• US Class Current: 1/1
• 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 comprising:

a credit card comprising a computer processor and having an account identifier and a display for displaying a number that changes based on a clock for use in a transaction, the computer processor generating the number by transforming a value associated with the clock using a key; and

a device that receives only the account identifier and the number and transmits the account identifier, the number, and a timestamp of a transaction to an authenticating authority for authenticating the transaction;

wherein the account identifier and the number are received as separate numbers, and

wherein the number comprises at least one digit that does not change.

2. The system of claim 1, further comprising:

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, wherein the number is based at least in part on the token value.

3. The system of claim 1, further comprising communicating the account identifier and the number wirelessly to the device.

4. The system of claim 1, further comprising communicating the account identifier and the number to the device via a magnetic stripe of the credit card.

5. The system of claim 1, wherein the credit card comprises a battery.

6. The system of claim 1, wherein the number comprises at least a portion of a credit card number.

7. The system of claim 1, wherein the number comprises an authentication code.

8. The system of claim 1, wherein the clock is synchronized with a clock of the authenticating authority.

9. The system of claim 1, wherein the credit card further comprises a manual switch.

10. The system of claim 1, wherein the device reads the account identifier and the number from a magnetic strip on the credit card.

11. The system of claim 1, wherein the account identifier and the number are unrelated.

12. The system of claim 1, wherein the account identifier and the number are separately received in the same communication.

13. The system of claim 1, wherein the device is provided by a party to the transaction.

14. The system of claim 1, wherein the authenticating authority derives an expected on-card clock value from the timestamp.

15. A method comprising:

displaying, on a display of a payment card having an account identifier, a number for use in a transaction, the number generated by a computer processor by transforming a value associated with a clock using a key of the payment card; and

receiving, at a device, only the account identifier and the number from the payment card and transmitting the account identifier, the number, and a timestamp of a transaction to an authenticating authority for authenticating the transaction;

wherein the account identifier and the number are received as separate numbers, and

wherein the number comprises at least one digit that does not change.

16. The method of claim 15, wherein the account identifier and the number are unrelated.

17. The method of claim 15, wherein the device is provided by a party to the transaction.

18. The method of claim 15, further comprising:

the authenticating authority deriving an expected on-card clock value from the timestamp.

19. A non-transitory machine readable medium, executable by a machine, that includes program logic imprinted thereon for performing the method comprising:

displaying, on a display of a payment card having an account identifier, a number that changes based on a clock for use in a transaction, the number generated by a computer processor transforming a value associated with the clock using a key of the payment card; and

a device that receives only the account identifier and the number from the payment card and transmits the account identifier, the periodically changing number, and a timestamp of a transaction to an authenticating authority for authenticating the transaction;

wherein the account identifier and the periodically changing number are received as separate numbers, and

wherein the number comprises at least one digit that does not change.

20. The non-transitory machine readable medium of claim 19, wherein the account identifier and the number are unrelated.

21. The non-transitory machine readable medium of claim 19, wherein the device is provided by a party to the transaction.

22. The non-transitory machine readable medium of claim 19, wherein the authenticating authority derives an expected on-card clock value from the timestamp.