Method and system for generating a dynamic verification value
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United States of America Patent
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Jul 20, 2010
Grant Date -
Feb 24, 2005
app pub date -
Aug 18, 2003
filing date -
Aug 18, 2003
priority date (Note) -
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status (Latency Note)
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Abstract
Methods and systems for dynamically generating a verification value for a transaction and for utilizing such value to verify the authenticity of the payment service application. The dynamically created verification value may be generated on a payment device, such as an integrated circuit credit card or smart card, embedded into the payment data, and transmitted to a point of sale terminal. Alternatively, payment data is sent by a payment device to a point of sale terminal, which generates a verification value and embeds it into the payment data. The embedded verification value is used by a service provider to verify the authenticity of the transaction. The methods and systems may be used in a contactless (wireless) environment or a non-wireless environment.
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