Patent ID: 8082575

Claim:
An apparatus comprising: a substrate; a magnetic field generator disposed within the substrate, wherein the magnetic field generator is normally inactive and comprises a magnetic stripe either mounted on the substrate or disposed within the substrate, one or more induction coils disposed within the substrate underneath a length of the magnetic stripe and a control circuit disposed within the substrate that is connected to the one or more induction coils, and generates a time-varying magnetic signal containing information stored in the apparatus and a time varying code by pulsing the one or more induction coils underneath the magnetic stripe when activated by a processor, wherein the time-varying magnetic signal is transmitted to a magnetic stripe reader and emulates a data stream generated by swiping a static magnetic stripe card through the magnetic stripe reader but is not created by swiping the magnetic stripe of the apparatus through the magnetic stripe reader or using an adapter to interface with the magnetic stripe reader; an initiator mounted on the substrate; a memory disposed within the substrate; the processor disposed within the substrate and communicably coupled to the magnetic field generator, the initiator and the memory, wherein the processor processes information received from the initiator, and whenever the user is successfully verified based on the received information: (a) accesses the information stored in the apparatus, (b) generates the time varying code using an algorithm, one or more static variables and one or more time-based dynamic variables, and (c) activates the magnetic field generator to transmit the information stored in the apparatus and the time varying code; and a power source disposed within the substrate and electrically connected to the magnetic field generator, the initiator and the processor.