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Electronic payment validation using transaction authorization tokens

A token and transaction technology, applied in the system field of authorizing electronic transactions, can solve the problem of easy theft of personal identification numbers

Inactive Publication Date: 2005-10-12
斯科特·桑普森
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Another form of protection is a personal identification number (PIN), but a PIN can be stolen almost as easily as an account number

Method used

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  • Electronic payment validation using transaction authorization tokens
  • Electronic payment validation using transaction authorization tokens
  • Electronic payment validation using transaction authorization tokens

Examples

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Embodiment Construction

[0027] In the following description, well-known structures, materials, or principles of operation are not shown or described in detail to avoid obscuring aspects of the invention. Furthermore, the described features, structures, or characteristics may be combined in any suitable manner in one or more embodiments.

[0028] FIG. 1 is a block diagram illustrating a system according to one embodiment of the present invention. In one embodiment, the account holder system 102 includes a token creation and editing module 104 which in turn is controlled by a user interface 106 . The term "account holder" used here may also refer to a user authorized by the account holder.

[0029] When a user begins to create or edit a token or token settings, the token log access module 108 stores the token and settings in the token log 110 . The token log 110 shown in FIG. 1 is separate from the account holder system 102 , the seller system 114 and the financial institution system 122 . However, ...

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PUM

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Abstract

An account holder initiates a transaction by providing a vendor both account information as well as a specific Transaction Authorization Token (TAT) that was previously stored in a Token Log. The vendor passes the account information and TAT with the transaction information to an institution responsible for authorizing one or more transactions involving the financial account. That institution determines whether or not to authorize the transaction by consulting the Token Log entry for the given TAT.

Description

technical field [0001] The present invention generally relates to payment systems. In particular, the present invention relates to a system and method for authorizing electronic transactions. Background technique [0002] In developed countries, most financial transactions are increasingly electronic. Compared with non-electronic transactions, electronic transactions have many advantages, such as high efficiency. But electronic transactions also present new opportunities for fraud. [0003] When hard currency is stolen, it is the hard currency itself that is stolen. However, in the case of electronic transactions, the thief needs only access to the victim's account number in order to use the victim's funds. This type of theft falls within the category of what is commonly referred to as "identity theft," in which the thief behaves as if he or she is the account holder by electronically using the identity of the account holder. funds. [0004] One form of protection is a...

Claims

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Application Information

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IPC IPC(8): G06F17/30G06Q20/00G06Q40/00
CPCG06Q20/385G06Q20/29G06Q20/389G06Q20/367G06F17/30067G06Q40/02G06Q20/12G06Q20/02G06Q20/04G06F16/10
Inventor 斯科特·桑普森
Owner 斯科特·桑普森