Financial transactions with dynamic personal account numbers

US7580898B2 · kind B2 · utility

Assignee

• Qsecure, Inc. · US

Inventors

• Kerry D. Brown · Portola Valley, US
• David Kevin Pariseau · Los Altos, US

Key dates

• Filing date: Dec 30, 2006
• Grant date: Aug 25, 2009
• Expiry date: Jan 17, 2028

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F7/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for securing financial transactions involving payment cards includes associating a sixteen-digit personal account number (PAN) with a particular payment card and user, wherein are included fields for a system number, a bank/product number, a user account number, and a check digit. A four-digit expiration date (MMYY) associated with the PAN. A magnetic stripe on the payment card is encoded with the PAN for periodic reading by a magnetic card reader during a financial transaction. A table of cryptographic values associated with the PAN and the MMYY is stored on each user's payment card during personalization by an issuing bank. A next financial transaction being commenced with the payment card is sensed. A cryptographic value from the table of cryptographic values is selected for inclusion as a dynamic portion of the user account number with the PAN when a next financial transaction is sensed. Any cryptographic value from the table of cryptographic values will not be used again in another financial transaction after being used once. The issuing bank authorizes the next financial transaction only if the PAN includes a correct cryptographic value in the user account number fie…