Coding formula for verifying checks and credit cards
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United States of America Patent
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-
May 19, 1998
Grant Date -
N/A
app pub date -
Jul 26, 1995
filing date -
Jul 26, 1995
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A method is disclosed for verifying that a check user, a credit card holder, or an account user is authorized to complete a transaction. The issuer of the check or credit card or the verifying entity assigns a security code formula to each user, consisting of two variables: a base code number separated into two parts; and one or more arithmetic modes. The authorized user will calculate a verification code number in a two step process using the two parts of the base code and the check number or transaction amount; he then places it on the check or the transaction slip. Verification can be performed by the issuer, who ensures that a correct verification code number has been entered on the check or transaction slip.
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