FINANCIAL TRANSACTION NETWORK SECURITY
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United States of America Patent
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N/A
Issued Date -
N/A
app pub date -
Dec 20, 2006
filing date -
Dec 17, 2003
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A business model for the manufacture and control of payment cards used in consumer financial transactions circulates a population of payments cards with user identification and account access codes. Each use of an individual card produces a variation of its user access code according to an encryption program seeded with encryption keys or initialization vectors. A portion of the magnetic stripe is made dynamic with a Q-Chip magnetic MEMS device. The job of personalizing payment cards with the user identification and account access codes is outsourced to a personalization company. The encryption keys and initialization vectors are kept private from the personalization company by using the encryption program to generate tables of computed results. Respective ones of the tables of computed results are sent for loading by the personalization company into new members of the population of payments cards. New payment cards are manufactured and distributed that include and operate with the tables of computed results.
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