Fraud resistant personally activated transaction card
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
May 25, 1999
Issued Date -
N/A
app pub date -
May 28, 1996
filing date -
Dec 12, 1995
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A method and apparatus for preventing transaction card fraud. A transaction card has a keypad display, and a microprocessor for receiving and processing numbers and symbols entered through the keypad. A transaction access code and a corresponding transaction approval code are provided by the card issuer to the seller at the time of a transaction. The cardholder entering the transaction access code into the keypad of the card causes an authentically used card to display a symbol identical to the transaction approval code provided by the issuer. Comparison of the symbol and the transaction approval code can thus be used to authenticate a card transaction. The access code and corresponding approval code are changed by the issuer after each transaction to further aid in fraud prevention.
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