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Posts by plovell

A huge responsibility but unfortunately not that much liability. If they're breached then they just tell you that it's your problem to solve. Sorry for the identity theft. Ninety-nine-percent security sounds great until you realize that for every million customers, ten thousand are compromised. That's a "seriously bad" number.
Maybe, but I'm not so sure. Apple has major deals with suppliers and builders such as Foxconn and these have worked well. The difference with this case is that the public sees some of the details which are usually confidential. Apple will take risks on groundbreaking technology that has risk. But they develop and validate in a measured way to see if it will be viable. Some turn out well and others are shut down.  What I think we have with GTAT is a case where  the deal was...
... and PayPass/paywave. I am not sure just when but I think these came first.
And that is a HUGE vote of confidence in Apple Pay. 
Popcorn is started !!
No - EMV does not require NFC. Many merchants are including NFC in the new terminals they're getting but it is separate from chip+PIN or chip+signature. In fact, NFC transactions such as PayPass/paywave are NOT "chip+PIN" transactions. If they're contactless then there's no PIN. That's why in Europe they're limited to $20 or so and you can't do more than about four without an actual put-in-the-chip-slot-and-enter-your-PIN transaction. You have to do it once every four or...
But they won't copy Apple Pay because they want to avoid the credit card companies, and to not pay the fee. So they'll still require access to my bank account (via ACH or debit card). And I am not about to give them that. Or my SSN. Or my driver license info. Doing NFC would be smart but that's nowhere near enough. Apple doesn't allow that (direct access to NFC) but probably will later on.
Minor detail: I believe that the Apple Pay stuff is stored in a part of the NFC chip (secure element"). The fingerprint data is in a different place and is in the CPU - if I remember correctly.  Same effect though - you need a fingerprint or device password to get at the payment token.
I'm not so sure about the wheels.
"secure cloud-hosted network"   Yeah. Right. I guess he wants us to forget about the recent hacks on Target, Home Depot and JP Morgan Chase.   Let's see - the MCX database will contain - bank debit details and authorization - social security number - driver license info (presumably including birthdate)   Am I alone in thinking that this database would be a big, fat, juicy target for hackers bent on identity theft?
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