Patent ID: 8365988

Claim:
A method for preventing fraud associated with a credit card, comprising: receiving, by a user at a mobile device of the user, a first security code associated with a credit card account of the user; displaying, the first security code when a wireless communications receiver of the mobile device is able to sense a wireless communications transponder of the credit card; initiating, by the user, a credit card transaction using the first security code; receiving, by the user's mobile device, a second security code, from a credit card server, associated with the credit card account when the wireless communications receiver of the mobile device is able to sense the wireless communications transponder of the credit card and the user's mobile device sends confirmation to the credit card server that the mobile device is able to sense the wireless communications transponder of the credit card, wherein the second security code replaces the first security code and is encrypted with two layers of asymmetrical cryptography.