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Method and System for Verifying Physical Possession of a Card for a Financial Transaction

IP.com Disclosure Number: IPCOM000235490D
Publication Date: 2014-Mar-04
Document File: 2 page(s) / 21K

Publishing Venue

The IP.com Prior Art Database

Abstract

A method and system is disclosed for verifying physical possession of a card for a financial transaction is disclosed.

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This is the abbreviated version, containing approximately 51% of the total text.

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Method and System for Verifying Physical Possession of a Card for a Financial Transaction

Disclosed is a method and system for verifying physical possession of a card for a financial transaction. The method verifies if a user utilizing a card for the financial transaction by phone or internet actually has the card in possession.

Consider a scenario, wherein a unique and complicated pattern is added to the front or back of a card. The pattern can be a combination of long string of letters and digits or a large set of groups of letters and digits such as for example "RJDSJFLFHSW3JFF83739FGK" or "HSG YST 628 JCI 821 AZX 862 KOP 944 NFU 828 900 JTT 766 MAN 911 CAT 123 FOB 112 OIU". In accordance with the scenario, the pattern added to the card is not limited to a decorative photo containing minute variations to recognize, among portions of the photo or pattern.

In a scenario, a remote verification system such as a computer system, stores the patterns that are provided on each individual card allocated to each individual. Every pattern stored is combined with a list of questions that are to be provided to the corresponding user while performing an internet or phone transaction. The system authorizes the card by matching the appropriate answers from the user by comparing printed pattern on the card with the stored pattern in the system.

In an exemplary scenario, the user calls a store to order flowers. The call-taker answers the call and make note of details of the order from the user and eventually completes taking the order. Thereafter, the call-taker accesses the verification system intended to verify the card...