BACKGROUND OF THE INVENTION

Field of the Invention

The present invention generally relates to methods and systems for conducting secure transactions, and more particularly to a method, system and computer program product for securing user information using encryption.

Discussion of the Background

Customers in today's world have unprecedented access to retailers and merchants selling goods and/or services of all types in stores, through vendors and vending machines, restaurants and the internet. Beyond the traditional shopping practice of buying goods and services in one's own neighborhood, town, city, and country, access to foreign goods and services is made possible through travel and/or the internet.

Once customers select their goods, they have several options to pay the retailer/merchant with. While cash is still “king,” customers have other payment options such as using credit cards, debit cards and payment service providers that act on behalf of customers as intermediaries between financial institutions and retailers to try and protect customer's financial and personal information. Other payment options also include, pre-paid credit/debit cards, stored value cards, bank checks, bank transfers, travelers checks, money order, demand drafts, money transfer using a third independent financial entity, E-mail payments, and mobile wallet applications that act as intermediaries or interfaces between a customer's financial institution (typically a bank or a credit card company) and the retailer/merchant. Certain computer based financial services software programs also provide transaction payment features.

However, all these payment options have their merits and demerits and various complexities. Customers are still weary about giving their credit card and personal information to pay for purchases on the internet, even at stores, restaurants and vending machines as fraud and identity theft cases have occurred and are on the rise. Given the surge in identity theft, one can't blame customers for fearing the worst. In addition, use of the other financial transaction instruments may be costly or sheer complex cumbersome.

Accordingly, customers are constantly looking to simplify their life and reduce complexities in any way possible as long as it doesn't jeopardize their personal or financial security. Given that security, fraud and identity theft are major concerns, it is imperative that customers are protected. Customers are also weary of unreasonable hidden costs that are additionally charged by credit cards, mobile wallets and other financial instruments that are above and beyond what the retailer is already charging.

Conventional systems of payment and methods using mobile phones have limitations, including requiring downloading of complex software, need to use hi-tech mobile phones, need for additional security codes, hidden costs, and additional charges by the customer's bank or credit card company. In addition, such complex mobile phone payment systems and other payment methods are also limited in their availability and usage for the world's population at large that purchases goods and services. The estimate for the world's population stands at 6.6 billion in 2008. Less than 30% of the world's population has credit cards. However, almost 70% of the world's population has a mobile phone and an active mobile account and a robust system and method to leverage this market has yet to be developed.

SUMMARY OF THE INVENTION

Accordingly, there is a need for a method and system that addresses the above and other problems with convention transaction and payment systems to leverage the opportunity for a mobile phone user, anywhere in the world, with the most basic mobile phone device, a mobile number/account, and a mobile phone service provider to be able to pay for goods and services locally as well as globally using their mobile phone number/account. The above and other needs are addressed by the exemplary method and system for conducting secure purchase payment transactions using a mobile (e.g., a cell phone) phone number (or e.g., a mobile phone account number) which, at the prompt of the retailer, via a payment processor and the customer's mobile phone service provider, is then approved and authenticated by the customer/user using their unique password or PIN Code, and hence their mobile phone account is debited by the mobile phone service provider (e.g., who may or may not include an additional charge) who then pays the payment processor who then pays the retailer.

Accordingly, in exemplary aspect of the present invention there is provided a novel system, method and computer program product for securing user information, including processing circuitry that receives an encrypted first request from a first party and that includes a unique identifier associated with an account of a user, sends, based on the encrypted first request, an encrypted authorization request to an operator servicing the account of the user, and receives, in response to the encrypted authorization request, an authorization from the operator based on a result of an authorization message exchange for authorizing or not authorizing the request sent by the operator to a device associated with the user over a network controlled by the operator. No pecuniary information of the user nor the personal identification number of the user is received by the processing circuitry thereby shielding the pecuniary information of the user from the first party. The authorization message exchange includes transmission of a personal identification number of the user associated with an identifier of the user to the operator in response to the authorization request for verification. If a response to the encrypted authorization request from the operator authorizes the request, the processing circuitry is further configured to satisfy a requirement of the first party from resources of the operator. If the response to the encrypted authorization request from the operator does not authorize the request or if the authorization message is not received by the operator over the network within a predetermined period of time, the processing circuitry is further configured to decline to satisfy the requirement of the first party.

The operator servicing the account of the user is configured to check protocols of the account of the user for processing the encrypted authorization request.

The encrypted authorization request includes details of the first party.

The first party is configured to send a message to the user including information regarding the processing of the encrypted authorization request.

Still other aspects, features, and advantages of the present invention are readily apparent from the following detailed description, by illustrating a number of exemplary embodiments and implementations, including the best mode contemplated for carrying out the present invention. The present invention is also capable of other and different embodiments, and its several details can be modified in various respects, all without departing from the spirit and scope of the present invention. Accordingly, the drawings and descriptions are to be regarded as illustrative in nature, and not as restrictive.

