Method and system using candidate dynamic data elements

Abstract

A method and computer readable medium for conducting a transaction, comprising receiving a verification value and a portion of a dynamic data element, determining candidate dynamic data elements using the portion of the dynamic data element, calculating candidate verification values using candidate dynamic data elements, and determining if the received verification value matches any of the candidate verification values, wherein the transaction is thereafter authenticated if a candidate verification value matches a candidate verification value.

1 - 21 . (canceled) 
     
     
         22 . A method comprising:
 receiving, from a portable device, transaction data associated with a transaction conducted using the portable device and a first verification value, the first verification value generated based upon a first version of a dynamic data element stored on the portable device;   generating a second verification value based upon a second version of the dynamic data element and the transaction data;   comparing the second verification value to the first verification value to determine if the second verification value matches the first verification value; and   upon determining that the second verification value does not match the first verification value:   generating at least one third version of the dynamic data element within a predetermined range of the second version of the dynamic data element;   generating at least one third verification value based upon the third version of the dynamic data element and the transaction data;   comparing the at least one third verification value to the first verification value to determine if the at least one third verification value matches the first verification value; and   generating an authorization response for the transaction based on the comparison between the at least one third verification value and the first verification value.   
     
     
         23 . The method of  claim 22 , wherein the first verification value is generated based upon data included at a fixed position of the first version of the dynamic data element stored on the portable device. 
     
     
         24 . The method of  claim 22 , wherein each of the first verification value, second verification value, and at least one third verification value are generated based upon data included at a fixed position of the corresponding version of the dynamic data element. 
     
     
         25 . The method of  claim 22 , wherein the authorization response for the transaction indicates an approval of the transaction generated upon determining that the at least one third verification value matches the first verification value. 
     
     
         26 . The method of  claim 22 , wherein the authorization response for the transaction indicates a declination of the transaction generated upon determining that none of the at least one third verification value matches the first verification value. 
     
     
         27 . The method of  claim 22 , wherein the first version of the dynamic data element and the second version of the dynamic data element are updated independently each time that a transaction is performed using the portable device. 
     
     
         28 . The method of  claim 27 , wherein the dynamic data element is a counter value that tracks a number of transactions performed using the portable device. 
     
     
         29 . The method of  claim 27 , wherein the at least one third version of the dynamic data element comprises a plurality of dynamic data elements, each of which corresponds to a different number of transactions performed using the portable device. 
     
     
         30 . The method of  claim 22 , wherein the first verification value is generated using at least one static data element. 
     
     
         31 . The method of  claim 30 , wherein the static data element includes at least one of an expiration date, a phone number, a card number, a service code, or an account number. 
     
     
         32 . The method of  claim 22 , wherein the transaction conducted using the portable device comprises a payment transaction. 
     
     
         33 . A service provider computer comprising:
 a processor; and   a memory including instructions that, when executed with the processor, cause the service provider computer to, at least:   receive, from a portable device, transaction data associated with a transaction conducted using the portable device and a first verification value, the first verification value generated based upon a first version of a dynamic data element stored on the portable device;   generate a second verification value based upon a second version of the dynamic data element and the transaction data;   determine that the second verification value does not match the first verification value;   generate at least one third version of the dynamic data element within a predetermined range of the second version of the dynamic data element;   generate at least one third verification value based upon the third version of the dynamic data element and the transaction data;   compare the at least one third verification value to the first verification value to determine if the at least one third verification value matches the first verification value; and   generate an authorization response for the transaction based on the comparison between the at least one third verification value and the first verification value.   
     
     
         34 . The service provider computer of  claim 33 , wherein each of the verification values is derived using a PAN, an account sequence number, an inverse of the PAN, or an inverse of the account sequence number. 
     
     
         35 . The service provider computer of  claim 33 , wherein the first verification value is received from the portable device in Track data. 
     
     
         36 . The service provider computer of  claim 33 , wherein the first verification value is received from the portable device via a point-of-sale (POS) device. 
     
     
         37 . The service provider computer of  claim 36 , wherein the instructions further cause the service provider computer to transmit the authorization response is to the POS device. 
     
     
         38 . The service provider computer of  claim 33 , wherein the dynamic data element includes at least one of a time of day, current transaction amount, terminal ID, merchant ID, randomly generated number, counter, or pointer. 
     
     
         39 . The service provider computer of  claim 33 , wherein the first verification value and transaction data are received in an authorization request. 
     
     
         40 . The service provider computer of  claim 33 , wherein the service provider computer is affiliated with an issuer entity. 
     
     
         41 . The service provider computer of  claim 33 , wherein the first verification value and transaction data are received in an encrypted string.