Systems and methods for credit card protection

A method for validating a purchase transaction comprising the steps of:

• a) using an electronic device to institute a purchase transaction transferring funds from an issuing bank account to an acquiring bank account, said electronic device having a unique hardware identification number associated therewith, and said issuing account having a unique account identification number;
• b) electronically transmitting said hardware identification number to said merchant computer;
• c) electronically transmitting said hardware identification number and said account identification number from a merchant computer to a verification computer, said verification computer having a database with a plurality of tables in a memory associated therewith;
• d) setting a first verification data to one of the group consisting of (i) a first state if at least one table entry in said database comprises each said hardware identification number and said account identification number, (ii) a second state if at least one table entry in said database comprises said hardware identification number and not said account identification number, and (iii) a third state if at least one table entry in said database comprises said account identification number and not said hardware identification number;
• and
• e) electronically transmitting said first verification data from said verification computer to said merchant computer.

A process for validating a credit card transaction comprising the steps of:

• a) establishing a user account with a validation service provider comprising providing said validation service provider with an approved credit card account number and an approved hardware identification number;
• b) from at least one electronic device having a challenge hardware identification number, accessing a website of a merchant and instituting a purchase transaction by providing a challenge credit card account number and transmitting said challenge hardware identification number;
• c) requesting said validation service provider to validate said purchase transaction comprising transmitting from said merchant to said validation service provider said challenge hardware identification number and said credit card account number;
• and
• d) if said challenge credit card account number is equal to said approved credit card account number and if said challenge hardware identification number is equal to said approved hardware identification number, validating said purchase transaction.