Patent ID: 8630907

Claim:
A method for providing secure transactions comprising: initiating a transaction via a point of sale (POS) device provided by a merchant or service provider wherein the merchant or service provider uses the POS device to receive or process a payment in connection with the transaction, and wherein the point of sale device includes a POS password generator; reading, by the POS device, information comprising at least a digital signature and a password associated with or generated by a form of payment selected by a user; generating one or more One Time POS passwords by the password generator of the point of sale device itself based on the information read from the form of payment selected by the user that includes the password associated with or generated by the form of payment selected by the user as well as unique information comprising one or more unique identifiers related to the merchant or the POS device itself; associating the One Time POS password(s) with account information; transmitting, by the POS device over a network, to a remote location, information comprising the password and the digital signature read from the form of payment selected by the user along with the One Time POS password(s) generated by the POS password generator of the POS device and a digital signature of the POS device associated with the account information; and if the transmitted information matches predetermined associated information maintained at the remote location, confirming the transaction, wherein the predetermined associated information further comprises one or more pre-registered unique identifiers comprising a primary account number (PAN), an address, a location, a time, a Secure Element number or identification (ID), an International Mobile Equipment Identity (IMEI) number of a client device, or a user-associated International Mobile Subscriber Identity (IMSI) unique number stored in a component inside the client device.