Systems and methods for utilizing magnetic fingerprints obtained using magnetic stripe card readers to derive transaction tokens

A method for authenticating a digital token used in a user authentication transaction comprising:

• receiving a digital token from a user authentication transaction terminal;
• extracting information from the digital token, wherein the information includes information describing a unique intrinsic characteristic of an electronically readable component of an identification card, user information, and session information, where:
• the information describing a unique intrinsic characteristic is a derived value differing from and correlating to a reference description of the unique intrinsic characteristic;
• the user information describes identifying information about a cardholder;
• and
• the session information describes information regarding a request for an authenticated communications session;
• comparing the extracted information describing the unique intrinsic characteristic to the reference description of the unique intrinsic characteristic to generate a correlation score;
• authorizing the user authentication transaction based on at least some of the extracted information from the digital token;
• and
• returning a user authentication transaction result to the user authentication transaction terminal, wherein:
• a positive result is returned, if the correlation score is at or above a threshold correlation value and the at least one other piece of information is valid;
• and
• a negative result is returned, if the correlation score is below the threshold correlation value or if the at least one other piece of information is not valid.