System and method for facilitating a financial transaction with a dynamically generated identifier

Abstract

Instead of a PIN which is associated with an account and provides access to an account, a dynamically generated card identifier (dynamic CID) is used to verify that the consumer currently possesses the transaction card at the time of purchase and/or is the true card owner. At the time of purchase, a token generates a dynamic CID, which changes with each transaction. A consumer enters the dynamic CID into a pre-existing CID field in an electronic order form. The merchant then sends the dynamic CID to a card authorization system within an authorization request. The card authorization system issues a response to a merchant system via a pre-existing authorization message indicating that the transaction card and dynamic CID have been validated, thereby adjusting the fraud risk associated with the transaction.

1 . A method comprising:
 transmitting, by a merchant transaction computer system, a request for authorization for a transaction; and   receiving, by said merchant transaction computer system, a response to said request, wherein said response includes an authorization code related to said transaction and indicative of said authorization being based on validation of a dynamically generated code, and wherein said response is indicative of an allocation to an issuer of a fraud risk associated with said transaction.   
     
     
         2 . The method of  claim 1 , wherein said request includes a code in a data message. 
     
     
         3 . The method of  claim 1 , wherein said request includes a code in a data message indicating that said authorization code is a valid dynamically generated code. 
     
     
         4 . The method of  claim 1 , wherein said request includes a code in a data message indicating that said authorization code is a valid dynamically generated code, wherein said valid dynamically generated code comprises a four digit batch code (4DBC). 
     
     
         5 . The method of  claim 1 , wherein said request includes a code in a data message, wherein said authorization system authenticates said code. 
     
     
         6 . The method of  claim 1 , further comprising completing, by said merchant computer system, said transaction. 
     
     
         7 . The method of  claim 2 , wherein said data message is at least one of: a four digit card security code (4CSC), or a three digit card security code (3CSC). 
     
     
         8 . The method of  claim 2 , wherein said code is entered into a card identifier (CID) field of an electronic payment form. 
     
     
         9 . The method of  claim 2 , wherein said merchant computer system does not know a type of said code within said request, upon said merchant computer system receiving said request from a computing device. 
     
     
         10 . The method of  claim 2 , wherein said code is generated by using a token. 
     
     
         11 . The method of  claim 2 , wherein said code is generated using a token, wherein said token includes at least one of: software, a USB device, fob, transaction card reader or pin pad. 
     
     
         12 . The method of  claim 2 , wherein said code is generated based on interaction between at least one of a transaction card, biometric and a token. 
     
     
         13 . The method of  claim 2 , wherein said code is automatically captured by a point of sale system. 
     
     
         14 . The method of  claim 2 , wherein said code is created based on at least one of: transaction account data, entered Personal Identification Number (PIN), private key, password, profile data, card reader data, and time. 
     
     
         15 . The method of  claim 2 , wherein said code is retrieved from a preexisting field of an electronic payment form. 
     
     
         16 . A method comprising:
 receiving, by an authorization computer having a processor and non-transitory memory, a request to authorize a transaction;   authorizing, by said authorization computer, said transaction; and   transmitting, by said authorization computer, said authorization, wherein said authorization includes an authorization code related to said transaction and based on a dynamically generated code being valid, and wherein said authorization code is indicative of an allocation to an issuer of a fraud risk associated with said transaction.   
     
     
         17 . The method of  claim 16 , wherein said authorizing said transaction comprises authenticating a code in a data message in said request. 
     
     
         18 . The method of  claim 17 , wherein said code in said data message indicates that said authorization code is a valid dynamically generated code. 
     
     
         19 . The method of  claim 18 , wherein said valid dynamically generated code comprises a four digit batch code (4DBC). 
     
     
         20 . The method of  claim 16 , wherein a merchant computer system receives said authorization, and wherein said merchant computer system does not know a type of said code within said request upon said merchant computer system receiving said request from a computing device. 
     
     
         21 . A method comprising:
 generating a code, by a computing device for completing a transaction, wherein said computing device includes a processor and non-transitory memory; and   sending, by said computing device, a request in a data message to a merchant computer system for a transaction, wherein said request includes said code, and wherein said merchant computer system transmits at least a portion of said request to an authorization system and receives a response from said authorization system, and wherein said response includes an authorization code related to said transaction and a dynamically generated code being valid, and indicative of said authorization being based on said dynamically generated code, and wherein said authorization code is indicative of an allocation to an issuer of a fraud risk associated with said transaction.