Electronic payment system employing selectively activatable limited-use account number

Abstract

An account holder authorizes transfer of funds from an account using a limited-use account number. An account issuer establishes an account and associates a limited-use account number with the account. The limited-use account number remains inactive until the account holder requests activation thereof. The account holder uses a transactions card to initiate communication with the account issuer and to request activation of the limited-use account number. Upon receiving the request for activation, the account issuer activates the limited-use account number for either a specified period of time or a specified number of transactions. The account holder then uses the limited-use account number for the specified period of time or the specified number of transactions, after which the limited-use account number is deactivated until such time that the account holder again requests activation thereof. Deactivation of the limited-use account number substantially prevents unauthorized persons from gaining access to the account.

What is claimed and desired to be secured by United States Letters Patent is:  
     
         1 . In a computer system maintained by an account issuer, a method for executing a financial transaction using an account having an associated limited-use account number and an associated transaction card, comprising the acts of: 
 issuing a limited-use account number associated with the account, the limited-use account number remaining inactive until the account holder requests activation thereof;    in response to the account holder using the transaction card to initiate communication with the computer system, receiving said communication, wherein said communication represents a request for activation of the limited-use number;    activating the limited-use account number in response to said communication;    transferring finds from the account in response to the account holder making an authorization using the limited-use number; and    deactivating the limited-use account number such that the deactivated limited-use account number cannot be used to transfer funds until another request for activation is made by the account holder.    
     
     
         2 . A method as defined in    claim 1   , wherein the act of deactivating the limited-use account number is conducted upon expiration of a specified period of time that begins when the act of activating the limited-use account number is conducted.  
     
     
         3 . A method as defined in    claim 1   , wherein the act of deactivating the limited-use account number is conducted after the act of transferring funds from the account is repeated a specified number of times.  
     
     
         4 . A method as defined in    claim 1   , wherein the act of deactivating the limited-use account number is conducted after the act of executing a transaction of having a dollar amount specified by the account holder.  
     
     
         5 . A method as defined in    claim 1   , wherein the account information further includes a private identifier associated with the account holder, wherein the act of activating the account number is conducted only after the account holder transmits a copy of the private identifier to the account issuer.  
     
     
         6 . A method as defined in    claim 1   , further comprising the act of establishing the account, wherein the account represents a line of credit provided for the account holder.  
     
     
         7 . In a computer system maintained by an account issuer, a method for executing a financial transaction, comprising the acts of: 
 issuing a first account number associated with an account established by the account issuer, the first account number being activated such that an account holder associated with the account is capable of repeatedly authorizing funds to be transferred from the account using the first account number;    issuing a second account number associated with the account, the second account number remaining inactive until the account holder requests activation thereof;    activating the second account number in response to a request for activation that is communicated by the account holder to the account issuer using a transaction card;    transferring funds from the account in response to the account holder making an authorization using the second account number; and    deactivating the second account number.    
     
     
         8 . A method as defined in    claim 7   , further comprising the act of transferring funds from the account in response to the account holder making another authorization, wherein the other authorization is made using the first account number, the first account remaining activated after the funds have been transferred.  
     
     
         9 . A method as defined in    claim 7   , wherein the act of deactivating the second account number is conducted upon expiration of a specified period of time that begins when the act of activating the second account number is conducted.  
     
     
         10 . A method as defined in    claim 7   , wherein the act of deactivating the second account number is conducted when the act of transferring funds from the account has been conducted a specified number of times.  
     
     
         11 . A method as defined in    claim 7   , further comprising the act of establishing the account, wherein the account represents a line of credit provided for the account holder.  
     
     
         12 . A method as defined in    claim 7   , further comprising the act of establishing the account, wherein the account is a deposit account to which the account holder deposits funds.  
     
     
         13 . In a computer system maintained by an intermediary institution, a method for enabling an account number issued by another financial institution to be used to execute a financial transaction under limited conditions, comprising the acts of: 
 issuing a limited-use account number to an account holder, wherein the limited-use number is associated by the intermediary institution to a regular account number issued by the other financial institution to the account holder;    activating the limited-use account number in response to a request made by the account holder;    receiving a request from the account holder for the transfer of funds, the request from the account holder having been made using the limited-use account number;    in response to the request from the account holder, issuing a request for the transfer of funds to other financial institution using the associated regular account number, resulting in the other financial institution transferring funds; and    deactivating limited-use account number.    
     
     
         14 . A method as defined in    claim 13   , wherein the act of deactivating the limited-use account number is conducted upon expiration of a specified period of time that begins when the act of activating the limited-use account number is conducted.  
     
     
         15 . A method as defined in    claim 13   , wherein the act of deactivating the second account number is conducted when the act of issuing a request from the account holder for the transfer of funds has been conducted a specified number of times.  
     
     
         16 . A method as defined in    claim 13   , further comprising, prior to the act of receiving the request from the account holder for the transfer of funds, the acts of: 
 receiving a request from a merchant for verification of the availability of the funds using the limited-use account number;    issuing a request to the account issuer for verification of the funds using the associated regular account number;    receiving a response to the request to the account issuer; and    forwarding the response to the merchant.    
     
     
         17 . A method as defined in    claim 13   , wherein the act of receiving a request from the account holder for the transfer of funds is conducted after communication has been established with the computer system by the account holder using a transaction card.  
     
     
         18 . A method for executing a financial transaction using an account having an associated limited-use account number and an associated transaction card, comprising the acts of: 
 receiving a limited-use account number associated with an account established by an account issuer, the limited-use account number remaining inactive until the account holder requests activation thereof;    using the transaction card to initiate communication with the account issuer, requesting activation of the limited-use account number under a limited-use condition; and    after activation of the limited-use account number, authorizing a transfer of funds using the limited-use account number under the limited-use condition, wherein the limited-use account number is deactivated after the limited-use condition is satisfied.    
     
     
         19 . A method as defined in    claim 18   , wherein the act of initiating communication is conducted in response to the account holder activating a card reader using the transaction card.  
     
     
         20 . A method as defined in    claim 18   , wherein the act of requesting activation of the limited-use account number further comprises the act of selecting, by the account holder, a specific time after which the limited-use number will become deactivated.  
     
     
         21 . A method as defined in    claim 18   , wherein the act of requesting activation of the limited-use account number further comprises the act of selecting, by the account holder, a number a specific number of transactions after which the limited-use account number will become deactivated.