System and method for performing secure user account purchases

Abstract

A method and system of performing secure user account purchases in the context of a commercial transaction, such as over the telephone, wherein the customer communicates with a custodial authorizing entity, such as a credit card company or issuing bank wherein such entity has previous knowledge of the account number as well as custodial control of other account parameters such as interest rate, payment history, available credit limit etc. The customer supplies the custodial authorizing entity with the account identification data such as the credit card number and may select one or more of a possible plurality of predetermined payment categories for the transaction, such as which define the dollar amount for the purchase and specific, predetermined time parameters within which authorization by the custodial authorizing entity will remain in effect. The custodial authorizing entity then generates a transaction code which is communicated exclusively to the customer wherein the customer in turn communicates only the transaction code, which is different from their account number, to the merchant instead of a credit card number. The transaction code is indicative of merchant identification, account identification and a designated one of the plurality of predetermined payment categories, and is verifiable in a conventional manner by the merchant without providing the merchant with access to an established, continuing account.

Dependencies are inferred from the claim text.