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Security for electronic transactions and user authentication

A user and transaction technology, applied in data processing applications, payments involving neutral parties, instruments, etc., can solve problems such as aggravation

Inactive Publication Date: 2018-05-11
TENDER ARMOR LLC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

This exacerbates the proliferation of separate security codes that users must manage, remember, and keep secure (i.e., protect from loss and / or unauthorized access)

Method used

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  • Security for electronic transactions and user authentication
  • Security for electronic transactions and user authentication
  • Security for electronic transactions and user authentication

Examples

Experimental program
Comparison scheme
Effect test

Embodiment Construction

[0041] It is to be understood that details of the various aspects of the invention disclosed herein are expressly intended to be applicable to the broad concepts of the invention in the widest possible range and in all combinations, even if no specific language to that effect has been described herein.

[0042] For the purposes of this disclosure, the following definitions are generally contemplated as further modifications may be made herein.

[0043] An "account" is any financial relationship in which funds are stored and capable of being transferred for the purpose of purchasing and selling goods and services. Typically, accounts can include, but are not limited to: checking, savings, lines of credit, credit cards, debit cards, prepaid cards (including payroll, gifts & rewards), digital wallets, privately marked ACH cards, unbound debits Card, with or without a virtual or physical card or check used to make purchases, electronic funds transfer (EFT), or otherwise transfer f...

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PUM

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Abstract

System and method for generating, disseminating, controlling, and processing limited-life security codes used to authenticate users, particularly for electronic financial transactions, such as paymenttransactions. Providing a user with a single security code usable across multiple accounts or other secured systems is contemplated, each security code having a limited lifetime. Each security code is a random number from a random number generator. The respective security codes for each user correspond to a respective security code validity period of limited duration. Thus, a table or matrix thatassociates the plurality of users with the respective sets of randomly selected security codes (each having their respective validity periods) is generated, and that matrix is provided to the respective entities to which each user requires secured access. In parallel, at least a current security code is provided to each user, and this is how the respective entities being accessed can track whichcode from which user is currently valid.

Description

technical field [0001] The present invention generally relates to user authentication as a prelude to electronic transactions with entities to which some form of access is desired. More specifically, the present invention relates to systems and methods for securing electronic transactions or other secure electronic access through the use of security codes generated and managed as disclosed herein. Background technique [0002] One example where reliable user authentication is very important is in the field of electronic payment transactions. [0003] Online credit, debit, and prepaid card fraud is increasing with the increased use of online shopping and third-party bill payment. While new technology addresses "card present" fraud at merchant point-of-sale (POS) terminals through the use of EMV (Europay, Mastercard, and Visa—aka "chip" cards) and card terminal encryption, the current Security measures for online "Card Not Present" (CNP) fraud are still insufficient. [000...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q20/02G06Q20/38
CPCG06Q20/023G06Q20/3827G06Q20/385G06Q20/38215
Inventor R·J·斯坦曼L·F·迪亚兹M·K·奥夫塞西尔
Owner TENDER ARMOR LLC