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System and Method to prevent ATM card skimming

IP.com Disclosure Number: IPCOM000236020D
Publication Date: 2014-Apr-02
Document File: 3 page(s) / 179K

Publishing Venue

The IP.com Prior Art Database

Abstract

A Server side system which generates an ATM card pin for an ATM transaction for which has a finite life-time. The Server side system delivers the transaction PIN to a client device (e.g. mobile phone / Touch Pad etc. ). The delivery system can employ further obfuscation methods (e.g. Augmented Reality). When the transaction has been competed the PIN will expire.

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System and Method to prevent ATM card skimming


The availability to obtain cash from ATM outlets is becoming more and more prevalent. With more outlets being available the more there is a need to ensure each transaction is conducted securely. Some of the disadvantages of the way customers conduct transactions today are as follows :


1) A card user will use an ATM Card PIN which does not change, unless the card is reported lost, a new card is issued with a new PIN
2) If a card is PIN is compromised, and the card is stolen, until the card is reported stolen, any transactions that are conducted with the card are the responsibility of the card user.

3) Additionally, if there is a card skimming device fitted to an ATM, once the users card details and PIN have been recorded, the user's account can be "skimmed" at a future time without the prior knowledge of the card owner.

Therefore it is necessary to have a system and method in place which prevents the behavior discussed in 1) 2) and 3). In the subsequent sections, implementation of an anti-skimming method for ATM transactions will be discussed.

A number of prior art searches have been conducted, the most relevant match(es) have been listed below

Prior Art Search

Using Augmented Reality to prevent card skimming

IP.COM

Augmented Reality Money Transfer (http://ip.com/pat/US20110320290)

According to the invention, a system for performing a money transfer between a sender an a recipient through the use of an augmented reality enabled device is disclosed. The system may include a first mobile device associated with a first entity. The first mobile device may be configured to detect an indicator via an augmented reality subsystem. The indicator may include a characteristic and be associated with a second entity , as well as be configured to associate meta-information with the indicator. The first mobile device may further be configured to receive an input comprising an amount to be transferred from the first entity to the second entity and transmit a set of instructions to a money transfer network . The set of instructions may be based in part on the indicator and the input, and include instructions to perform a money transfer between the first entity and the second entity .


* A system and method which prevents the skimming of an ATM card by 1) the observation of the PIN and 2) an ATM skimming device.
* An ATM card requires a unique PIN for each transaction.

* The PIN is requested via an augmented reality (AR) application on a users mobile device.

* The PIN has a time-out period which can vary. Once the time-out period expires the PIN becomes invalid

John is a CTO for an IT business, John has been unfortunate in the past while using his ATM card to withdraw money, his PIN was observed unknown to him and then his card was stolen. It took John 10 minutes to get through to his 24 hour banking help desk to cancel his card. In that time the...