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System and Method for Encoding Credit Card with Digit Substitution Rules

IP.com Disclosure Number: IPCOM000236814D
Publication Date: 2014-May-16
Document File: 2 page(s) / 40K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed are a system and method for encoding credit cards with digit substitution rules to provide increased security while performing transactions.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 57% of the total text.

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System and Method for Encoding Credit Card with Digit Substitution Rules

The usage of electronic payment cards (e.g., credit, debit, etc.) continues to grow as the cards provide convenience for end users. However, the risks also continue to grow. Passcodes, personal identification numbers, and security codes are vulnerable to discovery by third parties; therefore, the risk of identity theft or unauthorized purchases increases.

Disclosed are a system and method for encoding credit cards with digit substitution rules to provide increased security while performing transactions.

The components and process for implementing the system and method in a preferred embodiment follow.

1. A user defines the digit substitution rules for an electronic payment card (e.g., credit card, automated teller machine (ATM), debit cards, etc.). Such rules include (but are not limited to):

A. Can be applied to a security digits on a credit card (e.g., card code verification (CCV)

B. Can be applied to a debit/ATM card PIN

C. Can choose one or more digits for substitution D. A digit (or digits) can be replaced by rules i. replace/Add/subtract/multiple by/divide a digit by (but not limited to):
a) month,
b) date
c) day of the week
d) time (hour, minute)

ii.specialized by retailer/merchants/category, for example:
a) 1 for gas
b) 2 for gifts
c) 3 for groceries

          iii. any combination of above 2. Above configured rules are embedded on a credit/ATM/Debit card such that when the credit card is swiped the...