Method for Replacing Traditional Payment and Identity Management Systems and Components to Provide Additional Security and a System Implementing Said Method

Abstract

An electronic wallet system that protects payment accounts, identification and other personal information found within a typical wallet with a secure electronic vault (first) device that can be part of a physical wallet, insert to a wallet, or in other embodiments, wearable/portable devices. A unique biometrically enabled multi-factor authentication process ensures only owners of the information can copy the information to the device or retrieve it thereafter. Authenticated users may then select payment, identification, medical or virtually any private information via touch display or voice command on the vault or on another (second) device that operates in conjunction with the vault. The second device comprises, for example, a programmable card with dynamic magnetic stripe, cell phone, or other wearable technology, that initiates and processes a payment and/or transfer of private information.

What is claimed is: 
     
         1 . A method for storing and using personal information, comprising:
 storing the personal information on a first device;   authenticating the first device to a second device; and   transferring the personal information from the first to the second device.   
     
     
         2 . The method of  claim 1  further comprising the second device conducting a transaction related to the personal information. 
     
     
         3 . The method of  claim 2  wherein the personal information comprises information associated with a payment card, the second device replicating the information associated with the payment card and the transaction comprises paying for an item or service using the second device. 
     
     
         4 . The method if  claim 1  wherein the transaction involves one or more of financial information, medical information and identity information. 
     
     
         5 . The method of  claim 1  further comprising authenticating a user to the first and second devices prior to transferring the personal information from the first device to the second device. 
     
     
         6 . The method of  claim 1  wherein the personal information is associated with a user-configured alias comprising at least one of a written or spoken word stored within a memory of the first device, the first device recognizing the alias and selecting the associated personal information. 
     
     
         7 . The method of  claim 6  wherein the alias comprises one or more keywords for configuring the second device according to a desired payment transaction method. 
     
     
         8 . The method of  claim 1  further comprising erasing an item of the personal information by randomly writing 1's and 0's over the personal information. 
     
     
         9 . The method of  claim 8  wherein the step of erasing is executed after the item of personal information has been accessed a predetermined number of times or after a predetermined time interval from storing the item of personal information on the first device. 
     
     
         10 . The method of  claim 1  further comprising at least one of the first device and the second device entering a sleep state after a period of inactivity. 
     
     
         11 . The method of  claim 10  further comprising awakening the first device by operation of a third device communicating with at least one of the first and second devices. 
     
     
         12 . The method of  claim 1  wherein the second device comprises a dynamically programmable magnet stripe. 
     
     
         13 . The method of  claim 1  wherein the step of transferring is executed over an encrypted communications link. 
     
     
         14 . The method of  claim 1  further comprising the second device using the personal information to perform a transaction or an action. 
     
     
         15 . The method of  claim 1  wherein a third device controls operation of at least one of the first and the second devices. 
     
     
         16 . The method of  claim 15  wherein the third device comprises one or more of a cell phone, a personal computer, a laptop computer, a notebook computer, and a device controlled by a microprocessor or microcomputer. 
     
     
         17 . A system for storing and using personal information, comprising:
 a first device for storing the personal information;   a second device authenticated to the first device, the personal information transferred from the first device to the second device after authentication between the first and the second devices, the second device using the personal information in a transaction or action by replicating the personal information in a format according to a desired transaction or action.   
     
     
         18 . The system of  claim 17  wherein a third device controls operation of at least one of the first and the second devices. 
     
     
         19 . The system of  claim 17  wherein the second device comprises a dynamically programmable magnet stripe. 
     
     
         20 . The system of  claim 17  wherein the personal information comprises one or more of financial information, medical information and identity information.