Secured Mobile Transaction Device
a mobile transaction and secure technology, applied in the field of mobile communications, can solve the problems of counterfeiting, theft or robbery, and the difficulty of both buyers and sellers to handle a large amount of cash, and achieve the effect of reducing the risk of counterfeiting, theft or robbery, and reducing the risk of parties being exposed to the risk of th
Inactive Publication Date: 2017-02-16
DAI XIA
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- Description
- Claims
- Application Information
AI Technical Summary
Benefits of technology
The system provides a secure, efficient, and convenient method for transactions by reducing the risk of fraud and theft, enhancing security through dynamic account IDs and location-based verification, and simplifying record keeping with unique transaction timestamps.
Problems solved by technology
There are several problems with this payment method.
First, if a transaction is large, it would be hard for both the buyer and seller to handle a large amount of cash, for example for transactions over a few thousand dollars.
In addition, the parties may be exposed to the risk of counterfeiting as well as theft or robbery.
However, this method of payment also has several drawbacks.
First, it is inconvenient for the buyer to carry a check around, and it is also inconvenient for the seller to deposit the check to a bank every time he receives a check.
In addition, the buyer may be concerned with the risk of lost checks and the seller may be exposed to the risk of counterfeit checks.
If a check has bounced, which means insufficient fund in the buyer's bank, it may cost additional money and effort for both the buyer and seller to fix the problem.
However, there are numerous problems associated with this payment method.
To the buyer, it is inconvenient to carry multiple cards and many merchants do not accept credit cards if the transaction amount is relatively small, such as less than $20.
In addition, if the credit cards are lost or stolen, it would cause stress and effort for the card holder to inform the issuing bank and have the cards replaced, and it would cost the issuing bank to create and mail a replacement card to the card holder.
Such static card numbers may be stolen during online transactions without card owner's knowledge.
Furthermore, a record breach at merchant sites or at issuing banks would create tremendous financial risks to the card holders, merchants, and / or the issuing banks.
Method used
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[0027]Method and system are provided for handling secured transactions. The following descriptions are presented to enable any person skilled in the art to make and use the invention. Descriptions of specific embodiments and applications are provided only as examples. Various modifications and combinations of the examples described herein will be readily apparent to those skilled in the art, and the general principles defined herein may be applied to other examples and applications without departing from the spirit and scope of the invention. Thus, the present invention is not intended to be limited to the examples described and shown, but is to be accorded the widest scope consistent with the principles and features disclosed herein.
[0028]Some portions of the detailed description that follows are presented in terms of flowcharts, logic blocks, and other symbolic representations of operations on information that can be performed on a computer system. A procedure, computer-executed s...
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The present invention relates to a secured transaction system. In one embodiment, a computer implemented method for generating a transaction at a mobile device includes receiving a transaction type selected by a user and a user password via a touch screen display of the mobile device; forming, by a processor of the mobile device, a unique transaction description using the transaction type, the user password, a transaction amount, and a transaction time stamp; generating dynamically, by the processor of the mobile device, a scrambled two dimensional bit map representing the unique transaction description; displaying, by the touch screen display of the mobile device, the scrambled two dimensional bit map; and transmitting, by a transceiver of the mobile device, the scrambled two dimensional bit map to a mobile transaction processing agent for processing.
Description
CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application is a continuation of U.S. application Ser. No. 13 / 018,375, “A Secured Transaction System” filed Jan. 31, 2011, which claims the benefit of U.S. provisional application No. 61 / 300,679, “A Secured Transaction System” filed Feb. 2, 2010. The aforementioned United States applications are hereby incorporated by reference in their entirety.FIELD OF THE INVENTION[0002]The present invention relates to the field of mobile communications. In particular, the present invention relates to apparatuses and methods for generating a transaction at a mobile device.BACKGROUND OF THE INVENTION[0003]There are numerous ways for buyers and sellers to exchange money for goods and services. One commonly used conventional method is that a buyer pays cash to a seller. There are several problems with this payment method. First, if a transaction is large, it would be hard for both the buyer and seller to handle a large amount of cash, for example for...
Claims
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IPC IPC(8): G06Q20/40H04W12/12G06Q20/20H04W4/00G06Q20/32H04W12/06H04W4/02H04W4/021H04W4/80
CPCG06Q20/4016H04W12/06H04W12/12G06Q20/204H04W4/008G06Q20/3224G06Q20/209H04W4/021G06F21/64H04W4/80G06Q20/40H04W12/77H04W12/63H04W12/126
InventorDAI, XIA
OwnerDAI XIA