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Businesses The Almighty Buck

Chase and MasterCard Jump Into Mobile Payments (itworld.com) 56

itwbennett writes: JP Morgan Chase said Monday that it plans to launch its own smartphone payment platform in mid-2016. 'Chase Pay will be based on CurrentC, a retailer-led mobile payment system that has largely been written off by Silicon Valley techies for its reliance on barcodes rather than the more sophisticated NFC (near-field communications) technology adopted by its competitors,' writes Martyn Williams. CurrentC, and therefore Chase Pay, is compatible with a much larger number of smartphones than the rival services from Apple, Google and Samsung. Meanwhile, MasterCard announced a program that aims to turn any type of gadget into a payment device, from car keys to fitness trackers.
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Chase and MasterCard Jump Into Mobile Payments

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  • by rmdingler ( 1955220 ) on Tuesday October 27, 2015 @08:17AM (#50808711) Journal
    As if we needed any additional evidence that market share is more important to payment processors than security...

    Yes, the phone in your pocket is also a computer. No, it is not as secure as your desktop or laptop.

    Never trade security for convenience.

    • Re: (Score:1, Insightful)

      by Dog-Cow ( 21281 )

      Severe paranoia and delusional thinking are signs of neural impairment. You should see a doctor.

      A modern smartphone tends to be much more secure than the average PC. Unless you side-load Android apps from shady suppliers, you're rather unlikely to be running any software in a position to capture transaction details. This is not at all true on a PC.

      • Wow, you sound like an expert on the subject. Do you suppose it comes down to the specifics of the platforms?
      • I took your advice and contacted my physician.

        She said to cut back on the internet-sourced advice, and advised keeping the healthy skepticism that everything is safe... especially in the face of contrarian evidence.

        Thank you caring, though.

    • by AmiMoJo ( 196126 ) <mojoNO@SPAMworld3.net> on Tuesday October 27, 2015 @09:31AM (#50809191) Homepage

      A phone is probably at least as secure as the average person's desktop. All three major phone operating systems offer a walled garden and by default run apps in a heavily restricted sandbox. Most users never break out of that. We don't see vast phone based botnets, suggesting that those operating systems compare quite well to the most common desktop OS, Windows.

      • A phone is probably at least as secure as the average person's desktop. All three major phone operating systems offer a walled garden and by default run apps in a heavily restricted sandbox. Most users never break out of that. We don't see vast phone based botnets, suggesting that those operating systems compare quite well to the most common desktop OS, Windows.

        I've read the arguments for and against. I think the phone is still uniquely a security issue because of the ability it provides interested parties to track your location.

        Also: We are probably not too many years away from widespread use of Stingray-like devices outside of law enforcement.

        • Re: (Score:3, Insightful)

          by Anonymous Coward

          You're using a general "less secure" instead of "less secure against". There's more risk for your location being tracked if you are compromised, but the walled garden is more secure against the device being compromised in the first place. If you're doing mobile banking, you're less worried about being tracked than you are of losing your money.

    • No, it is not as secure as your desktop or laptop.

      That statement could not be more wrong. The typical mobile device is significantly more secure than the typical desktop or laptop. Desktops (and laptops; I'm going to stop distinguishing) aren't quite as bad in 2015 as they were a few years ago, but they're still hugely more likely to be infected with various sorts of malware, to be part of a botnet, etc.

      Fundamentally, this is because desktop OSes were designed before security really became a significant concern, and mobile OSes were designed after. Mobil

    • Yes, the phone in your pocket is also a computer. No, it is not as secure as your desktop or laptop.

      My desktop and laptop are still running Windows XP, you insensitive clod!

  • The Mastercard CC 'online banking' website where you can check your withdrawals etc. is a pile of shit:
    - lousy security (password A-Za-z0-9 only and with a maximum of 10 characters)
    - the information reported on each purchase is often useless, with an entirely different company listed than the place you actually purchased from, with limited-length fields chopping off half the name etc.
    - unnecessary jumping-through-hoops to download monthly statements (and no, you shouldn't name them all "download.pdf")
    - no w

  • by SvnLyrBrto ( 62138 ) on Tuesday October 27, 2015 @02:52PM (#50812085)

    The main problem with CurrentC is not the QR-codes, though that is kind of ridiculous and old-timey. The main problem is the direct line into your banking account with no credit card intermediary; which strips you of much fraud protections you enjoy with ApplePay, or even just by swiping plastic. That means instead of being on the hook for no more than $50 in the event of fraud (And many cards waive this these days.), your bank account can simply be emptied. Good luck getting that money back. And even if you succeed, it's still gone for the duration, when you may have needed it for other purchases and bills.

    CurrentC needs to die. And the retailers trying to push it need to be made to suffer.

He keeps differentiating, flying off on a tangent.

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