SECURE AND EFFICIENT PAYMENT PROCESSING SYSTEM

摘要

A method of processing secure transactions over unsecure computer networks (50) between account holders (30) and participating merchants (20) includes generating a number of separate periodically changing non-predictable codes, and assigning unique identifiers to a number of account holders (30) such that each identifier is associated with one of the separte periodically changing non-predictable codes. The account holders (30) are provided with tokens (230) that are each synchronized to generate the same periodically changing non-predictable code associated with the unique identifier assigned to the account holder (30) that was provided the token (230). The codes along with identifiers are then received over the unsecure computer network (50) from buyers involved in transactions. For each set of received codes and identifiers, the buyer is authenticated as the account holder (30) having the corresponding identifier when the received code matches the periodically changing non-predictable code for the identifier received.