Electronic transaction verification system

Abstract

An electronic transaction verification system for use with transaction tokens such as checks, credit cards, debit cards, and smart cards, that gathers and transmits information about the transaction token and biometric data. The system preferably has the ability to read or scan transaction and account information printed or encoded on the transaction token, digitally encode biometric data, scan drivers' licenses or other identification cards, and take a signature of a customer, all at a transaction location for purposes of account verification. The electronic transaction verification system preferably digitizes various indicis of the token, such as the magnetic ink (MICR) line on a presented check or the magnetic strip on a credit card or debit card, and transmits the transaction information data to a central system, at which the central system compares the inputted data with an existing database of information to determine if the customer at the point of the transaction is in fact authorized to use the account, and if the account is in satisfactory condition for approval of the transaction. The electronic verification system includes a biometric data device for recording and / or transmitting biometric data taken at the point of the transaction. The device alternatively prints the biometric data on, or in conjunction with, the token, either in actual or digitally encoded form, such that the biometric data can be checked subsequently against a database at the time the token is processed at a financial institution. The system alternatively includes a device for scanning an information card which contains biometric data such as a proper fingerprint and / or a signature, and the remotely gathered data can be compared to the recorded data on the card, in addition to or instead of, transmission of the gathered data to the electronic, biometric and signature databases.

Description

technical field [0001] The present invention generally relates to credit and identity authentication systems. More particularly, the present invention relates to credit approval systems at the point of sale that utilize biometric data such as fingerprints, signatures, and / or other methods to determine ), credit cards, smart card tokens, whether the identity of the person who is authorized to pay for that particular checking account or credit account, and whether the account is in good standing. Background technique [0002] Devices are known in the art which collect biometric data from individuals for authentication purposes to be stored or compared with stored biometric data. An example of storing biometric data for authentication is US Patent No. 4,213,038 to Silverman et al. for an access security system. Silverman et al. disclose storing fingerprints on a card as a true imprint or "mircopattern" and the card is read by a control device. The fingerprint record assists ...

AI Technical Summary

Problems solved by technology

However, these alternative methods of reducing fraudulent behavior do not meet the needs of industry

For the least sophisticated forgers, the use of fingerprint stickers is a deterrent, but the process of identifying fingerprints on stickers in crime laboratories can take a long time due to their backlog and processing from incidents involving violence Obvious priority of fingerprints obtained at the crime scene of the crime

Smart cards with embedded biometric chips are used with credit or payment cards, but still do not protect against more sophisticated identity thieves

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