Patent ID: 7543739
Filing Date: 2009-06-09
Classification: G06K,G06Q,G07F

Abstract:
1. A method for preventing payment card fraud, the method comprising: loading individual table values with a sequence of next valid values to crypto-tables within payment cards during manufacturing and before distribution to users; issuing to users a payment card that thereafter internally fetches next valid values in a sequence from said crypto-table a dynamic portion of a new account number on as part of the data readable on a magnetic stripe automatically and without user intervention each time such is used in a merchant transaction; connecting a merchant card reader or ATM to read said magnetic stripe on said payment card, and to report said new account number when a user initiates a merchant transaction; analyzing a report from said merchant card reader to determine if said new account number includes an expected next valid value in said crypto-table that was loaded in that particular payment card during manufacturing and before distribution its user; logging a merchant identification data associated with each said report from said merchant card reader into a database; and deciding whether to authorize said merchant transaction based on previous data logged into said database related to previous merchant transactions for said particular payment card.