Transaction instruments with enhanced security PIN and expiration date generation
View Patent ↗The present invention generally relates to transaction instruments with enhanced expiration date and/or security personal identification number (PIN) generation. The enhanced security PIN generation may be usefully in connection with account information associated with the transaction instrument to verify and/or authenticate the transaction instrument. In certain aspects, the security PIN may be used in connection with account information associated with the transaction information to authenticate the transaction instrument via a synchronization-based authentication process or similar process. By way of example, the account information may be used as a static identifier to indicate identity of the transaction instrument, and the security PIN may be used to authenticate the identity of the transaction instrument.
1. A transaction instrument with enhanced expiration date generation, the transaction instrument comprising:
a card body;
an account identifying mechanism for providing account information associated with the transaction instrument; and
an enhanced expiration date generation mechanism, wherein a new expiration date is automatically generated at a predetermined interval for a predetermined duration of time, and provided via the enhanced expiration date mechanism;
wherein the enhanced expiration date generation mechanism is configured so as to be deactivated if fraudulent activity of the transaction instrument is reported or detected such that new expiration dates are not issued and the transaction instrument is allowed to expire at the end of the next predetermined interval.
2. The transaction instrument of claim 1 , further comprising a security personal identification number (PIN) generation mechanism, wherein a new security PIN is automatically generated at a predetermined interval and provided via the security PIN generation mechanism.
3. The transaction instrument of claim 1 , wherein the expiration date is automatically generated at a predetermined interval selected from the group consisting of: every 24 hours, every seven days, and every 30 days, for a predetermined duration of time selected from the group consisting of: up to about five years, up to about six years, up to about seven years, and up to about 10 years.
4. The transaction instrument of claim 2 , wherein the security PIN generation mechanism comprises a random number generator.
5. The transaction instrument of claim 2 , wherein the security PIN generation mechanism automatically generates a new security PIN at a predetermined interval between about 60 seconds and seven days.
6. The transaction instrument of claim 2 , wherein the security PIN generation mechanism comprises a liquid crystal display (LCD) for displaying the security PIN.
7. The transaction instrument of claim 2 , wherein the security PIN generation mechanism comprises at least one machine readable mechanism for providing the security PIN.
8. The transaction instrument of claim 7 , wherein the at least one machine readable mechanism is selected from the group consisting of: a smart chip, a RFID tag, and combinations thereof.
9. The transaction instrument of claim 1 , wherein the transaction instrument is selected from the group consisting of: credit cards, debit cards, automated teller machine (ATM) cards, phone cards, and stored value cards.
10. The transaction instrument of claim 1 , wherein the account identifying mechanism comprises printed account information.
11. The transaction instrument of claim 1 , wherein the account identifying mechanism comprises at least one machine readable mechanism.
12. The transaction instrument of claim 11 , wherein the at least one machine readable mechanism is selected from the group consisting of: a magnetic stripe, a smart chip, a RFID tag, a MICR line, and combinations thereof.
13. A method for providing enhanced security to financial transactions using transaction instruments, the method comprising:
initiating a financial transaction between a first party and a second party using a transaction instrument, wherein the transaction instrument comprises:
a card body;
an account identifying mechanism for providing financial account information associated with the transaction instrument;
an enhanced expiration date generation mechanism, wherein a new expiration date is automatically generated at a predetermined interval for a predetermined duration of time, and provided via the enhanced expiration date mechanism, and wherein the enhanced expiration date generation mechanism is configured so as to be deactivated if fraudulent activity of the transaction instrument is reported or detected such that new expiration dates are not issued and the transaction instrument is allowed to expire at the end of the next predetermined interval; and
a security personal identification number (PIN) generation mechanism, wherein a new security PIN is automatically generated at a predetermined interval and provided via the security PIN generation mechanism;
providing financial account information associated with the transaction instrument and transmitting the financial account information to a transaction facilitator service provider for verification of the financial account information;
providing a security PIN generated by the security PIN generation mechanism and transmitting the security PIN to the transaction facilitator service provider for authentication of the transaction instrument;
providing an expiration date generated by the enhanced expiration date generation mechanism and transmitting the expiration date to the transaction facilitator service provider for authentication of the transaction instrument; and
authorizing the financial transaction if the financial account information is verified and the transaction instrument is authenticated.
14. The method of claim 13 , wherein the transaction facilitator service provider uses the financial account information as a static identifier to indicate identity of the first party and the security PIN to authenticate identity of the first party via a synchronization-based authentication process.
15. The method of claim 14 , wherein the security PIN generation mechanism is configured so as to be recognized as identifiable with the financial account information by the synchronization-based authentication process.
16. The method of claim 13 , wherein the transaction instrument is selected from the group consisting of: credit cards, debit cards, automated teller machine (ATM) cards, and stored value cards.
17. The method of claim 13 , wherein the account identifying mechanism comprises at least one machine readable mechanism.
18. The method of claim 17 , wherein the at least one machine readable mechanism is selected from the group consisting of: a magnetic stripe, a smart chip, a RFID tag, a MICR line, and combinations thereof.
19. The method of claim 13 , wherein the security PIN generation mechanism comprises a random number generator.
20. The method of claim 13 , wherein the security PIN generation mechanism automatically generates a new security PIN at a predetermined interval between about 60 seconds and seven days.
21. The method of claim 13 , wherein the security PIN generation mechanism comprises a liquid crystal display (LCD) for displaying the security PIN.
22. The method of claim 13 , wherein the security PIN generation mechanism comprises at least one machine readable mechanism for providing the security PIN.
23. The method of claim 22 , wherein the at least one machine readable mechanism is selected from the group consisting of: a smart chip, a RFID tag, and combinations thereof.
24. The method of claim 13 , wherein said financial transaction is a card not present type transaction via telephone or the internet.
25. The method of claim 13 , wherein the financial transaction is a face-to-face type transaction, and the financial account information and security PIN are transmitted to the transaction facilitator service provider via a point-of-sale device.
26. The method of claim 25 , wherein the security PIN is transmitted to the transaction facilitator service provider automatically via the point-of-sale device or entered by hand via the key pad of the point-of-sale device.
27. A system for providing enhanced security to financial transactions using transaction instruments, the system comprising:
transaction facilitator service provider central control in communication with a telecommunication network;
wherein the transaction facilitator service provider central control includes a processing system, at least one associated database, and an optional Interactive Voice Response (IVR) unit; and
wherein said at least one associated database comprises account information and expiration date generation information associated with identifiable transaction instruments for verification and authentication of the transaction instruments;
and wherein when fraudulent activity relating to a particular transaction instrument is reported or detected, new expiration dates are not issued and the transaction instrument is allowed to expire at the end of the next predetermined interval.
28. The system of claim 27 , wherein the processing system is in communication with at least one Point-of-Sale (POS) device via the telecommunication network.
29. The system of claim 27 , wherein the processing system is in communication with at least one consumer personal computer via the telecommunication network.
30. A method for providing enhanced security to financial transactions using transaction instruments, the method comprising:
initiating a financial transaction between a first party and a second party using a transaction instrument, wherein the transaction instrument comprises:
a card body;
an account identifying mechanism for providing financial account information associated with the transaction instrument;
an enhanced expiration date generation mechanism, wherein a new expiration date is automatically generated at a predetermined interval for a predetermined duration of time, and provided via the enhanced expiration date mechanism, and wherein the enhanced expiration date generation mechanism is configured so as to be deactivated if fraudulent activity of the transaction instrument is reported or detected such that new expiration dates are not issued and the transaction instrument is allowed to expire at the end of the next predetermined interval; and
providing financial account information associated with the transaction instrument and transmitting the financial account information to a transaction facilitator service provider for verification of the financial account information;
providing an expiration date generated by the enhanced expiration date generation mechanism and transmitting the expiration date to the transaction facilitator service provider for authentication of the transaction instrument; and
authorizing the financial transaction of the financial account information is verified and the transaction instrument is authenticated.
31. The method of claim 30 , wherein the transaction facilitator service provider uses the financial account information as a static identifier to indicate identity of the first party and the expiration date to authenticate identity of the first party via a synchronization-based authentication process.
32. The method of claim 31 , wherein the enhanced expiration date generation mechanism is configured so as to be recognized as identifiable with the financial account information by the synchronization-based authentication process.