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Posts by TheOtherGeoff

 The problem with credit cards has always been the final miles or central aggregators (Processors).  the point where your card leaves your hand and walks to the PoS device it's ripe for the taking, and all the 'secrets' are on it. Getting a smart card, where the transaction is one time only readable by the sender (you) and the receiver (bank... pay retailer X $Y.YY...  for transaction X.TXid...Retailer X... here is your money/approval for Transaction X.TXid... you'll get...
In fact 'easy' and 'secure' in same sentence is the panacea we are all looking for (real people, and us security types).   This is pretty darn close to what the internet has been possible to do since X.50x was dreamed (nightmared) up. The issue has always been one of establishing trust of the endpoint and the delegation of trust from there.  Apple is the first to build a HW/OS/Infrastructure that can deliver that level of trust.  Add in a fingerprint reader, now you've...
Apple isn't doing that. (yet*) Apple will merely charge the credit card issuers passed on to the retailers who really pay for everything, that the phone in front of them is owned by the person who is holding it, and that the card information in that phone (more like the token sent by MC/Visa/AMEX) has not been tampered with. That reduces card fraud immensely.If your fraud loss as a Merchant is 1% and you're a million dollar a year store ($5,000 a day and $50 in CC fraud a...
The card never was necessary. just proof of 'trust' by the issuing bank. It used to be 'knowledge' of your bank account number and your signature was enough (check).Diners club was a cardboard card originally.  No raised numbers.... that was a request of the retailers to avoid transcription errors. you can still transact with just the number and the exp date, and CVV, and the exact name.    That's the problem.  None of that is secret. Using signed (and trusted)  encryption...
Code:The connection isn't the issue. It's been the dumb card. Replace the card with an encryption engine and even if the transaction was tapped, they will see some of the transaction (amount datE time stuff) , but not the token that validates the payor to the bank)The 'key' will be the private encryption key security and the initial instantiation of cardholder to bank. Secure enclave fixes that pretty well on the phone side. Apple can act as a trusted agent (it has...
Guessing. But my guess is that hi security mode is bidirectional trust with retailers and consumers and transactions fully tokenized. Your credit card info name etc. isn't transmitted in the clear, and likely tokenized ( think one time transaction. A new number is used for each transaction, and can't be reused, ever)It doesn't prevent a hacker from stealing the info from your bank, but it reduces it's exposure in untrusted (everywhere else) placesYes. At the back end...
I'm travelling now, but I think the this phase is not about credit card COMPANIES but CARD PAYMENT PROCESSORS (the guys that put the phone line and the swipe device in the retailer location)Apple disintermediates them. Internet and secure enclave. And one time transactions. Bidirectional trust. End to end tokenization. PCI the way it should be done.Then the CC companiesThen... The banksters.More later
slim and none.  I doubt the M7 would be that dual purpose (although it's really a dumbed down ARM processor), and you wouldn't want someone to hack into your motion detection to get to your bank account.  Single purpose chip seems a better path. If I'm reading correctly, the additional Secure enclave would be the central enabling technology (all your credit card info are encrypted in HW).So the real question is whether the A7 secure enclave is extensible to support this....
.... and if the iPhone 6 family has special hardware that optimizes the experience....  If you're pimping your product, and you have special sauce for the iWatch, then you say, and we added a cool little capability to do X... Why? For those people who like to keep their phone in their pocket.  and yet be connected. to get information from your phone, and give information TO your phone. Why would we do that? ;-)   Well, we have a little thing we think you might be...
are you sure your name isn't herbperboule'? but it's market is much more capped by the phone at the bottom, and the laptop at the top. While we are moving into the Post-PC world, it will take 10 years to iterate through the laggards.   in Phones, it's 6 years. And I do think that we still have to address the real growth market, which is AppleID/CreditCard ("I spend money in the app store and in app purchases").  Unlike HW market share, buyers club market share and the...
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