A system and method for securing a financial transaction using a proxy
code, which is assigned a transaction account number. An account issuer
permanently assigns the proxy code to a transaction account correlated to
the transaction device. The proxy code is uploaded onto the transaction
device for later use in completing a transaction request. During
transaction completion, the proxy code is provided to a merchant system
in lieu of any sensitive account information. Since the proxy code is
permanently assigned, the number need not be changed or updated on the
merchant system once uploaded into a payment device or merchant database.
The account issuer may manipulate the sensitive account information
without need to alter the information stored on the merchant database.
Since the proxy code contains no sensitive information, the sensitive
information related to the transaction account is secured from theft.