ZA202211085B - A method of securing a payment card transaction - Google Patents

A method of securing a payment card transaction

Info

Publication number
ZA202211085B
ZA202211085B ZA2022/11085A ZA202211085A ZA202211085B ZA 202211085 B ZA202211085 B ZA 202211085B ZA 2022/11085 A ZA2022/11085 A ZA 2022/11085A ZA 202211085 A ZA202211085 A ZA 202211085A ZA 202211085 B ZA202211085 B ZA 202211085B
Authority
ZA
South Africa
Prior art keywords
otdc
cardholder
issuing bank
payment card
transaction
Prior art date
Application number
ZA2022/11085A
Inventor
Antwaun Williams Dartanyon
Original Assignee
Duckpond Tech Inc
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Duckpond Tech Inc filed Critical Duckpond Tech Inc
Publication of ZA202211085B publication Critical patent/ZA202211085B/en

Links

Classifications

    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
    • H04L9/06—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols the encryption apparatus using shift registers or memories for block-wise or stream coding, e.g. DES systems or RC4; Hash functions; Pseudorandom sequence generators
    • H04L9/065—Encryption by serially and continuously modifying data stream elements, e.g. stream cipher systems, RC4, SEAL or A5/3
    • H04L9/0656—Pseudorandom key sequence combined element-for-element with data sequence, e.g. one-time-pad [OTP] or Vernam's cipher
    • H04L9/0662—Pseudorandom key sequence combined element-for-element with data sequence, e.g. one-time-pad [OTP] or Vernam's cipher with particular pseudorandom sequence generator
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/018—Certifying business or products
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/0601—Electronic shopping [e-shopping]
    • G06Q30/0609—Buyer or seller confidence or verification
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L63/00—Network architectures or network communication protocols for network security
    • H04L63/08—Network architectures or network communication protocols for network security for authentication of entities
    • H04L63/083—Network architectures or network communication protocols for network security for authentication of entities using passwords
    • H04L63/0838—Network architectures or network communication protocols for network security for authentication of entities using passwords using one-time-passwords
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
    • H04L9/08—Key distribution or management, e.g. generation, sharing or updating, of cryptographic keys or passwords
    • H04L9/0861—Generation of secret information including derivation or calculation of cryptographic keys or passwords
    • H04L9/0863—Generation of secret information including derivation or calculation of cryptographic keys or passwords involving passwords or one-time passwords
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L2209/00—Additional information or applications relating to cryptographic mechanisms or cryptographic arrangements for secret or secure communication H04L9/00
    • H04L2209/56—Financial cryptography, e.g. electronic payment or e-cash
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L63/00—Network architectures or network communication protocols for network security
    • H04L63/18—Network architectures or network communication protocols for network security using different networks or channels, e.g. using out of band channels

Abstract

A system for preventing or inhibiting Payment Card fraud. When a Payment Card transaction is initiated, the card network conveys cardholder identifying information to the bank that issued the Payment Card. The issuing bank generate a random, one time data code (OTDC) upon receipt of cardholder identifying information. Alternatively, the cardholder may request an OTDC, by directly messaging the issuing bank or via an automated communication between the cardholder's mobile device and the issuing bank. The issuing bank then sends the cardholder an OTDC, preferably via an encrypted, secured transmission. The cardholder provides the OTDC to the merchant. The OTDC is part of the issuing bank's transaction approval criteria. The transaction should not be approved unless the merchant provides the OTDC to the issuing bank. The OTDC will only work for the transaction in question, and it will preferably expire shortly after its generation, if it remains unused.
ZA2022/11085A 2020-03-10 2022-10-10 A method of securing a payment card transaction ZA202211085B (en)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US202062987402P 2020-03-10 2020-03-10
PCT/US2021/021774 WO2021183688A1 (en) 2020-03-10 2021-03-10 A method of securing a payment card transaction

Publications (1)

Publication Number Publication Date
ZA202211085B true ZA202211085B (en) 2024-02-28

Family

ID=77671962

Family Applications (1)

Application Number Title Priority Date Filing Date
ZA2022/11085A ZA202211085B (en) 2020-03-10 2022-10-10 A method of securing a payment card transaction

Country Status (8)

Country Link
EP (1) EP4118558A4 (en)
CN (1) CN115605900A (en)
AU (1) AU2021233841A1 (en)
BR (1) BR112022018239A2 (en)
CA (1) CA3170260A1 (en)
MX (1) MX2022011100A (en)
WO (1) WO2021183688A1 (en)
ZA (1) ZA202211085B (en)

Family Cites Families (7)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CA2528451A1 (en) * 2003-06-04 2005-01-06 Mastercard International Incorporated Customer authentication in e-commerce transactions
US7841523B2 (en) * 2007-05-17 2010-11-30 Shift4 Corporation Secure payment card transactions
US20090222383A1 (en) * 2008-03-03 2009-09-03 Broadcom Corporation Secure Financial Reader Architecture
US20100241571A1 (en) * 2009-03-20 2010-09-23 Mcdonald Greg System and method for cardless secure on-line credit card/debit card purchasing
US8527417B2 (en) * 2010-07-12 2013-09-03 Mastercard International Incorporated Methods and systems for authenticating an identity of a payer in a financial transaction
US20140279499A1 (en) * 2013-03-12 2014-09-18 Larry J. Kane Single use qr code authorization system
SG10201708440TA (en) * 2017-10-12 2019-05-30 Mastercard International Inc Computer system and computer-implemented method for processing payment card transactions

Also Published As

Publication number Publication date
MX2022011100A (en) 2023-01-11
AU2021233841A1 (en) 2022-11-03
CA3170260A1 (en) 2021-09-16
EP4118558A4 (en) 2024-03-27
EP4118558A1 (en) 2023-01-18
BR112022018239A2 (en) 2022-10-25
WO2021183688A1 (en) 2021-09-16
CN115605900A (en) 2023-01-13

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