Dynamic Credit and Check Card

Abstract

A method is provided here that can make sure that account information used for a transaction at a given time can't be reused at a different time. The method attaches a dynamic information generator in place of some static information associated with the account. How the dynamic information can be interpreted at user end and processing end are also outlined here.

Description

LIST OF FIGURES

FIG. 1: Front side of a typical Credit Card

FIG. 2: Back Side of a typical Credit Card

FIG. 3: Front side of a proposed dynamic Credit Card

FIG. 4: Back Side of a proposed dynamic Credit Card.

FIG. 5: Typical Bank Check

FIG. 5: Proposed Dynamic Bank Check layout

DESCRIPTION OF FIGURES

Credit card description in FIG. 1-2 and bank check description in FIG. 5 is self explanatory. In FIG. 1, “GOOD THRU” means expiratory date which can be 4 digits or 6 digits in some cards. FIG. 3 shows a display unit next to “GOOD THRU” that display 4 digit number. This can be 6 digits as well based on card type. The unit can be added at different location keeping the static information intact. FIG. 4 shows a display unit in place of Card verification Code. The display unit can replace the static CVC or can exist side by side. One thing to note is that the magnetic strip keeps the static information, however it is possible to program back the dynamic information in some instances.

FIG. 6 shows a layout for proposed dynamic check. The only difference is there are few extra spaces between account number and check number. User can fill up those spaces with dynamic number that becomes part of the check number.

EXAMPLE EMBODIMENT OF THE SOLUTION

Let's assume a person Alex applies for a Credit card to a Bank called MyBank. My bank adopted the new proposed system where they can issue the new card with dynamic information. MyBank will create a new Credit card for Alex upon approval of the application. The new credit card will look like a regular credit card except it contains a slim display unit placed at the location of expiry date (or next to it). The display is powered by a think battery embedded in the unit. MyBank program the display unit in such a way so that it display a sequence of valid expire date within a particular range at an interval say 1 minute. Therefore at every one minute the date changes starting from a reference time. MyBank has a new verification unit that keep the card numbers and all the information the card was programmed with. Optionally MyBank can print the static expiry date so that Alex can use that card like a legacy card. Alex receives the card and activates the card just like a regular card. Alex can go to a gas station buy some gas with his new card. MyBank process that transaction as a regular transaction. Then Alex goes to internet site MyBook and tries to buy some book. Alex put all his card information on a form while making payment. In place of expiry date Alex put the date displayed on his card instead of static expiry date. MyBook site send those card information over the network and MyBank eventually receives the transaction authorization request. From the information MyBank knows that the expirer date is not the static date and the card is dynamic card. Then Mybank retrieve the information the card was programmed with. From the preprogrammed information MyBank generate the expected dynamic expiry date for the time transaction was posted. If the generated date matches the date that came through with the transaction request MyBank simply authorize the transaction. Sometimes there might be network latency between transaction was posted and MyBank receive the transaction in that case MyBank would generate few possible dates within a time windows around the transaction posted time and check if the provided information matches with any generated information within a range. It is also possible that Alex open a regular account with the bank and the back issue Alex a dynamic card attached to the account.

Alex also receives some checks from MyBank. Those checks were associated with his account. Checks come with check number with additional digits as blank to be filled out by Alex. When Ales write a check, we look at the display number on his card and put all those digits with the check number. Now the written digits along with old digits as a whole become new number. Alex put date on the check. When MyBank receives a copy of the check it retrieve Alex's account information and verify if the check number was supposed to be generated by the display unit on Alex's card on the date Alex signed the check. If that matches then check integrity was verified. If anyone else wants to fake as Alex writing the check then he must get hold of Alex's card 1^st to get the dynamic number. It is also possible that the check comes with number with few digits to be filled in as prefix which can be treated as dynamic information that might come from some numbers from a dynamic card associated with the account.

In the above example Merchant MyBook can't store the account information and process that at a later time. In the future, Card processing infrastructure can support to enter transaction origination time that can help to process the transaction at a later time provided merchant record the transaction origination time along with card information that might contains dynamic information.

The solution described in the previous section is completely compatible with current processing unit that is used to accept card or account information. The proposed solution doesn't introduce any new filed or new class of information to improve the current system. The only additional work need to be done are a) at the verification end, Bank or financial institution need to add this additional check b) on the user end, user need to understand the new numbers and its benefit and uses.

Foregoing embodiment uses expiry date and check numbers as a dynamic information. However any information associated with existing account can be used as dynamic information with or without some modifications. Such dynamic information can be used in many form, can be integrated with computer software, check writing devices, web services, online transaction processor etc. Some services can be created that can implement the similar system keeping the display unit as a separate unit. The display unit can move on a key ring, different account can be attached to the same display units. The verification process can be separated out from the back and another independent entity can manage the display unit and the verification process. The numbers in the display unit can be programmed in many ways to assist the need. It is possible to adopt the similar system in many possible combinations not outlined in this document.

Claims

1. A dynamic card system comprising: a. a dynamic card consisting of a regular card with a means to produce non-static information that changes over time,b. a Creation method to create dynamic card,c. a validation method to validate the information coming from dynamic card, thus providing a way to conduct Card transaction making sure that information associated with the card posted for a transaction can't be re-used for doing another transaction at a later time.

2. Dynamic card as recited in claim 1 will have at least one user readable display unit.

3. Display unit(s) as recited in claim 2 will generate dynamic information defined as information that changes over time where such dynamic information will be used in place of at least one of the following static information associated with the card to conduct card transaction: a. Card expiration date,b. Card Verification code,c. Few digits in the account number,d. Any information readable on the card.

4. Dynamic card as recited in claim 1 will consist of a static credit card along with a separate detached unit or separate means that can generate dynamic information that can change over time.

5. Display unit as recited in claim 2 can be pre-programmed with some dynamic characteristics that would allow the unit to display numbers or information that changes over time at a predefined interval.

6. Display unit as recited in claim 2 can display numbers based on manual set where information changes after each manual intervention rather than being changed automatically.

7. Display unit as recited in claim 2 will display number from an internal table that store valid set of information or numbers using some parameters such as starting index, time period to keep information to display, starting time will be part of dynamic properties where another verification method can generate displayed information on the unit using dynamic properties without having the display unit.

8. Display unit as recited in claim 2, can generate number using any electronic circuit which was build using some dynamic properties where another verification method can generate the displayed information separately using the dynamic properties without having the display unit.

9. Creation method as recited in claim 1 will program the display unit by uploading some specific dynamic properties that would uniquely identify the display unit where a separate verification unit having access to those dynamic properties can generate displayed information on the display unit.

10. Creation method as recited in claim 1 will maintain or create another master table that would store table information or circuit properties of all the cards it creates.

11. Creation method as recited in claim 1 might create or import dynamic properties of a card based on some serial number.

12. Validation method as recited in claim 1 will retrieve table or circuit information or dynamic properties for any display unit embedded on a card using card number from a table.

13. Validation method as recited in claim 1 will generate the information displayed on the card display unit(s) at any given time using dynamic properties for the display unit which is called generated dynamic information.

14. After receiving a transaction request, Validation method as recited in claim 1 isolate dynamic information from the transaction info that will include one or more of a) expiration date b) Card verification Code or c) account number or d) any other info on the card, as posted dynamic information.

15. Verification method as recited in claim 1 will match generated dynamic information and posted dynamic information for a transaction and authorize the transaction if they match or decline the transaction if they do not match.

16. Verification method as recited in claim 1, will generate few sets of dynamic information within a specific time window the transaction is about to occur to allow some grace period where any set of generated dynamic information can be matched with the posted dynamic information to allow transaction that can't be routed to verification method immediately due to network latency or any other reason.

17. A method to use of element of static account information associated with a regular card or bank account comprising uses of: a. expire date that changes over time,b. card verification Code that changes over time,c. portion of digits in account number that changes over time,d. portion of check number that is not fixed, to complete financial transaction in such a way to make sure that portion or all information

18. A bank check writing and processing system where some information on the check is filled up with some dynamic information or number coming from another device or source, where such device or source is registered with the account, where integrity of the check information can be verified by a verification method at a later time on the basis that filled information was generated by the device or came from the source on the date the check was signed or written or created.

19. filled up information as recited in claim 18 can be part of account number check numbers or any other information user can legitimately put on the check.

20. Another device or source as recited in claim 18 will represent a dynamic card associated with the account capable of generating numbers where set of generated numbers on a day is different from another day within a specific period or any separate device that can generate dynamic information.