To be fair however the NFC systems are in place because of Google.
Actually it's been in place for a lot longer, way before Google. I want to say like 10 yrs. it was originally set up for cc's to use. Instead of having them swiped the traditional way it was to just tap the nfc scanner to process the payment. I think they called it "blink." Google wallet, & now apple pay have just tapped into that same technology to reach the masses.
but these haven't resulted in account or card info leaking out. Once a 3rd party takes on the role of storing card info and shopping profiles, they are taking on a huge responsibility and failing to measure up to that with adequate security will quickly turn off retailers and customers. Fortunately it was just email accounts this time for CurrentC but if they leak out card info or more customer details, it's over for them. Sadly, people who use both secure systems like ?Pay and weaker systems will be as vulnerable as the weakest one so I hope most retailers make the sensible choice to at least offer the most secure option.
Imagine if CurrentC was pitched on SharkTank right now:
"Yes, we access customers' bank accounts, yes we assess our members large fines if they use competitors, & yes we've been recently hacked, but trust me, it's a really good idea that will make everyone s lot of money in the long run!"
Once a 3rd party takes on the role of storing card info and shopping profiles, they are taking on a huge responsibility and failing to measure up to that with adequate security will quickly turn off retailers and customers.
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.
CurrentC just amplifies the risk. It is one stop shopping for the would be thief and has potentially thousands of entry points (one for each participant and many times more for those where any 3rd party has access to customer systems). And, apparently, it is as easy as misusing or stealing a password—hacking not required.
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Since people love this topic so much, why AI not just post another topic about the MXC conference call to dump the crap on Retailers?
http://www.macrumors.com/2014/10/29/mcx-challenging-status-quo/
Others might have already said it, but just in case...
BWAHAHAHAHAHAhahahahahahahahahahahahahaaaaaa!
I think it was foreshadowing that their 'security' page was a dead link.
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Actually it's been in place for a lot longer, way before Google. I want to say like 10 yrs. it was originally set up for cc's to use. Instead of having them swiped the traditional way it was to just tap the nfc scanner to process the payment. I think they called it "blink." Google wallet, & now apple pay have just tapped into that same technology to reach the masses.
While CVS and RiteAid appear to be doing their best to run away from the issue.
Just goes to show you what happens when you get into business with Walmart...
Unfortunately, it won't be the last time execs are blinded by the Walmart brand. (Or maybe Walmart spikes the water when they meet with other execs!)
Unfortunately, it won't be the last time execs are blinded by the Walmart brand. (Or maybe Walmart spikes the water when they meet with other execs!)
Well, if you read the macrumors link the MCX CEO is now throwing his investors under the bus ...
The third word was stored in the cloud but it got stolen.
Apple's system purposely doesn't store information so they will never be the security weak point. Banks are still a target and have been compromised:
http://lifehacker.com/chase-bank-hacked-info-stolen-for-83-million-accounts-1642063956
but these haven't resulted in account or card info leaking out. Once a 3rd party takes on the role of storing card info and shopping profiles, they are taking on a huge responsibility and failing to measure up to that with adequate security will quickly turn off retailers and customers. Fortunately it was just email accounts this time for CurrentC but if they leak out card info or more customer details, it's over for them. Sadly, people who use both secure systems like ?Pay and weaker systems will be as vulnerable as the weakest one so I hope most retailers make the sensible choice to at least offer the most secure option.
Well, if you read the macrumors link the MCX CEO is now throwing his investors under the bus ...
Nice!
Also, because "Challenging the status quo" !
"Yes, we access customers' bank accounts, yes we assess our members large fines if they use competitors, & yes we've been recently hacked, but trust me, it's a really good idea that will make everyone s lot of money in the long run!"
Once a 3rd party takes on the role of storing card info and shopping profiles, they are taking on a huge responsibility and failing to measure up to that with adequate security will quickly turn off retailers and customers.
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.
http://www.knoxnews.com/knoxville/food-and-dining/8-colorado-stores-among-216-nationwide-affected-by-jimmy-johns-data-breach
CurrentC just amplifies the risk. It is one stop shopping for the would be thief and has potentially thousands of entry points (one for each participant and many times more for those where any 3rd party has access to customer systems). And, apparently, it is as easy as misusing or stealing a password—hacking not required.
I don't think providing all our details to these services are safe now. I don't want to be part of such scam.