Electronic transaction security system

Details Electronic transaction security system Electronic transaction security system

1996-06-24

1998-08-11

Pitts, Harold

Registers

Systems controlled by data bearing records

Credit or identification card systems

235379, G06K 500

Patent

active

057930287

ABSTRACT:
The present invention relates to an electronic transaction security system for executing an electronic transaction between a transaction or having an individualized transaction identification code and a transactionee. A transaction initiation request is inputted into a transactionor computer associated with the transactionor. The transaction initiation request requests the electronic transaction and includes the transaction identification code. The transaction request is transmitted electronically from the transactionor computer to a transactionee computer associated with the transactionee. In response thereto, the transactionee computer transmits electronically a verification request requesting validation of the transaction initiation request to the transactionor computer. The transactionor computer receives the verification request and transmits electronically a verification response indicating one of a valid transaction and an invalid transaction to the transactionee computer. Finally, the transactionee computer receives the transaction verification response and executes the electronic transaction in response to receiving the verification response indicating a valid transaction, and denies the electronic transaction in response to receiving the verification response indicating an invalid transaction.

REFERENCES:
patent: 4614861 (1986-09-01), Paulov
patent: 5130519 (1992-07-01), Bush et al.
patent: 5237609 (1993-08-01), Kimura
patent: 5559887 (1996-09-01), Davis et al.

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