System and method for point of sale payment data credentials management using out-of-band authentication

Abstract

The invention provides an easy to use credential management mechanism for multi-factor out-of-band multi-channel authentication process to protect payment credentials without the risk of malware and skimming attacks. When opened, the secure payment application generates a multi-dimensional transitory key. The user authenticates the multi-dimensional transitory key and validates the secure payment application, triggering an out-of-band outbound mechanism. The portable mobile device invokes the authentication server and the authentication server authenticates the user based on the authenticated transitory key. After authentication, the merchant is allowed access to the payment credentials to complete the transaction. The process of the invention includes an authentication server, a secure payment application to generate an authentication vehicle or an embodiment (i.e. multi-dimensional transitory key) and handle incoming requests, and a portable communication device with a smartphone application.