System and method for secure transactions manageable by a transaction account provider
US7543738B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Jul 28, 2005 |
| Grant date | Jun 9, 2009 |
| Priority date | — |
| Expiry date | Apr 24, 2027 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06V40/14
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and method for securing a financial transaction using a proxy code, which is assigned a transaction account number. An account issuer permanently assigns the proxy code to a transaction account correlated to the transaction device. The proxy code is uploaded onto the transaction device for later use in completing a transaction request. During transaction completion, the proxy code is provided to a merchant system in lieu of any sensitive account information. Since the proxy code is permanently assigned, the number need not be changed or updated on the merchant system once uploaded into a payment device or merchant database. The account issuer may manipulate the sensitive account information without need to alter the information stored on the merchant database. Since the proxy code contains no sensitive information, the sensitive information related to the transaction account is secured from theft.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.