Method of conducting anti-fraud electronic bank security transactions having price-date-time variables and calculating apparatus thereof
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United States of America Patent
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Jan 13, 2004
Grant Date -
N/A
app pub date -
Jun 5, 2000
filing date -
Jun 5, 2000
priority date (Note) -
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status (Latency Note)
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Abstract
A method of computing and verifying an authorization code for a transaction. The method includes creating an algebraic formula and storing the formula in a validation unit and a calculating apparatus. A calculation is made by entering values for variables of the formula into the calculating apparatus, which substitutes the values for the variables into the algebraic formula to calculate a value for an authorization code. The variables and calculated value for the authorization code are sent to the validation unit, which calculates the authorization code and determines a match between the values for the variables as determined by the calculating apparatus and the values as verified by the validation unit. The validation unit allows payment authorization only if a match exists between the values for the variables as determined by the calculating apparatus and as verified by the validation unit.
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