System, Method And Computer Program Product For Authenticating A Client

Abstract

A system, method and computer program product are provided for authenticating a user. The method includes receiving, such as from an authenticator, a set of at least one label identifying at least one element of an authentication matrix. The authentication matrix includes a plurality of elements, each element capable of being identified by a label. Then, a passcode is formulated, such as by the client, based upon the element(s) identified by the received set of label(s). Thereafter, the client is authenticated based upon the formulated passcode, such as by the authenticator. The set of label(s) can be received, the passcode can be formulated, and the client can be authenticated a plurality of times. In such instances, to permit the passcode to dynamically change, each set of label(s) received can differ from each previously received set of label(s).

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]The present application claims priority from U.S. Provisional Patent Application Ser. No. 60 / 457,357, entitled: METHOD AND SYSTEM PROVIDING A MEANS OF IDENTIFICATION, filed on Mar. 26, 2003, the contents of which are incorporated herein by reference in its entirety.FIELD OF THE INVENTION[0002]The present invention generally relates to systems and methods for authenticating a client and, more particularly, to systems, methods and computer program products for authenticating a client via a dynamic passcode.BACKGROUND OF THE INVENTION[0003]Identity theft has been one of the fastest-growing crimes in the United States in recent years. Approximately every forty-five seconds an American falls victim to identity theft. In fact, the Federal Trade Commission (FTC) estimates that approximately ten million Americans were victims of identity theft in 2002. Reports of this crime were the chief consumer complaint made to the FTC in 2001 and 2002, accou...

AI Technical Summary

Benefits of technology

Effectively reduces instances of identity theft by providing a dynamic authentication process that is cost-neutral to organizations, enhancing security without negatively impacting market dynamics, and ensuring that each passcode can be used only a limited number of times to prevent unauthorized use.

Problems solved by technology

The FTC further estimates that fraud-related crimes cost the U.S. economy fifty-three billion dollars annually.

The intangible costs are much higher, including a ruined credit rating, inability to purchase large assets (e.g., home, car, etc.), denied employment, and emotional devastation.

The rampant spread of identity theft, such as that relating to credit application fraud, is primarily due to three reasons: (1) inadequate identification of applicants; (2) the lack of an economic incentive for various organizations to implement identity theft solutions; and (3) the widespread availability and ease of obtaining credit.

In this regard, conventional techniques for identifying applicants, including by name, address, Social Security number (SSN), date of birth or the like, are typically inadequate to avoid identity theft because of the overuse and ease with which this information can be obtained.

It has been shown that in many instances, a victim's personal information is stolen by a family member, coworker, housekeeper or other person personally known to the victim.

Regrettably, however, these over half-million people, as well as the others whose personal information is similarly stolen, have no recourse other than to sit back and wait to see if they become victims of identity theft.

In addition to the inadequate identification of applicants, as indicated above, the lack of an economic incentive for various organizations to implement identity theft solutions also typically plays a role in the rampant spread of identity theft.

As such, these organizations are typically reluctant to implement any measure that restricts such sales, even to make identity theft more difficult.

Further, from an economic standpoint, although the cost of identity theft to the U.S. economy and individual consumers far exceeds the cost of implementing identity theft solutions, the cost of implementing identity theft solutions for many organizations such as credit bureaus and credit issuers typically exceeds their cost of identity theft.

In this regard, it should be noted that the cost of preventing identity theft can exceed the cost of losses due to fraud since conventional techniques for reducing identity theft can have a negative impact on the overall market of credit issuers.

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