System and method for providing temporal card verification value (CVV) for secure online transaction processing

A system that generates a temporal card verification value (CVV2) for secure transaction processing, the system comprising:

• a server that receives data from one or more customer channels, the customer channels comprising a tokenization channel, a servicing channel, an online channel, and a mobile apps channel;
• and
• a crypto system that comprises a computer processor, coupled to the server, the computer processor performs each of:
• in response to approving a customer for a new physical card that is not connected to an existing account and providing a card number and expiration date for the new physical card to the customer, receiving a request from the customer for a Temporal CVV2 to initiate a transaction with the card number and expiration date, wherein the card number is associated with a new account that is newly created for the new physical card,
• wherein a risk level is associated with the transaction;
• in response to determining that the new physical card has not yet been received or activated by the customer, generating, via a crypto generation processor, a unique Temporal CVV2 that is distinct from a CVV2 that is printed on the card and associated with the card number;
• applying a counter for the unique Temporal CVV2, wherein the counter is recalculated when a request for a new Temporal CVV2 is received,
• wherein the Temporal CVV2 comprises a validity parameter,
• wherein the Temporal CVV2 adds one or more parameters based on the risk level, and
• wherein the Temporal CVV2 includes one or more restrictions, the one or more restrictions comprising a valid time period and a time limit as well as one or more valid transaction types and one or more approved merchants;
• validating, via a crypto validation processor, the Temporal CVV2 to process the transaction, the validation including a determination that the CVV2 meets the one or more restrictions;
• communicating, via a secure encryption protocol, the Temporal CVV2 to one or more hardware security servers;
• in response to determining that the new physical card has been received or activated by the customer, automatically terminating the unique Temporal CVV2;
• and
• when the new physical card expires, reissuing another unique Temporal CVV2,
• wherein the unique Temporal CVV2 is crypto encrypted,
• wherein the unique Temporal CVV2 has a maximum number of usage greater than 1, and
• wherein both the unique Temporal CVV2 and the CVV2 that is printed on the physical card share same card number and expiration date.