Importance

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Abstract

For financial transactions requiring PIN verification, the customer can now select his or her own number at the time of applying for the financial transaction instrument or account. The customer enters the PIN which is then encrypted using a transaction unique encryption scheme. The customer then re-enters the PIN which is once again encrypted using a transaction unique encryption scheme. As a result, two blocks of data are created for the same PIN, yet the encrypted values of the blocks are different. These blocks are provided to a central security system which can reverse the encryption process to a point at which it can generate an offset based on the received blocks. If the PINs were identically entered, the offsets will be equal, otherwise the offsets will not be equal. Thus, this technique allows a customer to select and enter his or her own PIN code, and have the PIN code entry verified by the system without the system actually knowing the value of the PIN code.

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First Claim