Electronic pickpocket apps

Thieves can steal your credit card information without ever touching you. 

They use a device that can scan your credit card up to 25 feet away. Anyone can buy the scanner online for under $100. And now they're even a smartphone app that could be used to steal your credit card information. All it takes is about 30 seconds to download information from the card. 

So what can you do to protect yourself from this? Well there is a new device called Signal Vault and basically it forms an electronic safety shield around all of the credit and debit cards in your wallet. You can buy it online for under $15 or if you prefer the cheaper method, just wrap your credit card in aluminum foil ^_^.

Source:

http://www.click2houston.com/news/thieves-easily-stealing-credit-card-info-by-electronic-pickpocketing/25026758

http://www.cbc.ca/news/canada/newfoundland-labrador/credit-card-data-can-be-stolen-with-a-wave-and-an-app-1.1386262

https://www.youtube.com/watch?v=J1NgCDYNhgA

https://www.youtube.com/watch?v=7fVuX7Pl4-Q

T2 systems

As we can see, we use digital payment technologies everywhere in the world. It is easier and more convenience than the traditional way to pay something. I found some articles talk about T2 system. T2 system is software for parking lots in pay stations.

Burnaby Company which developed software and hardware for pay parking found in 1977. It makes about 11,000 pay stations and installed it in North America.

 I also found there is a company provides mobile parking payment that combine with T2 systems. This corporation allows implementing QP QuickPay mobile parking payment. Why T2 systems are popular to use in a lot of pay stations for parking lots? T2 systems give people easily to see and check the status of a space. The form of payment is not only all in one application but also on a single device.

 

Source
http://www.biv.com/article/20140130/BIV0112/140139994/-1/BIV/us-company-acquires-burnaby-8217-s-digital-payment-technologies
http://www.techvibes.com/blog/t2-systems-acquires-vancouvers-digital-payment-technologies-2014-01-08
http://www.t2systems.com/news-and-events/news-and-press-releases/25/t2-systems-and-quickpay-corp-integrate-for-easy-enforcement-of-mobile-parking-payments.aspx

Starbucks Squareup'd. Have you?

In 2012, Starbucks teamed up with Square, a merchant service company built in 2009 by twitter creators Jack Dorsey and Jim McKelvey. The idea of merging was to advertise the company services such as a digital wallet called "Square Wallet" as well as it's advanced technology to process all credit and debit card transactions. Over time, Square's vision is to build a cashless society. Starbucks teaming up with Square, will allow it's customers as well as Square users to take advantage of the Square technology, eliminating having to take your phone out of your pocket to pay by mobile or even signing a receipt. Square has a full GPS technology allowing the customer's phone to notify the store when a customer has entered the store and their name and photo will pop up on the cashier's screen. All the customer has to do is give the cashier his or her name and the payment will be complete once it is confirmed.

Of course, digital payments are still on the rise. It's not widely used yet but that's the obstacle that Square just has to tackle. Square was introduced in 2010 and the idea of it is related to how you may use Google (Google Wallet) and Paypal. Mobile payments of course are offered by more companies and services now. But because not every store, retailer or company are willing to cooperate or update with the technology, it's hard for Square to become more popular.

I feel that for this technology, I would love to try it out and hopefully more businesses will adopt the idea of digital payments. But, as the US is slow with technology as well, it can be very doubtful that the technology will be updated anytime soon. We'll just have to see, wont we? :)
What about you guys? Would you try out Square? What are your thoughts?
Be sure to check out the articles below as well as the website for Square to learn more.

http://www.nytimes.com/2012/08/08/technology/starbucks-and-square-to-team-up.html?_r=0
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=83920810
https://squareup.com

Target hack is a wake-up call on privacy

Credit card thieves hacked a database of 70 million customers of Target is a wake-up call. Target (TGT, Fortune 500) said the greatest risk it faces is the negative impact on its reputation "and loss of confidence" of its customers.

The event has put pressure on Target to accelerate implementation of advanced chip-based credit card technology that is considered safer than the magnetic stripes common in the United States. Mulligan said Target will update its system by early next year.

Similar to Target's case, several other retailers have acknowledged breaches of their own, including Neiman Marcus and the arts and crafts store Michaels.

Neiman Marcus chief information officer Michael Kingston, who said hackers installed malware on the company's network and stole payment card data for 1.1 million customers from July until October at 77 of its 85 U.S. stores. It immediately notified customers individually, but didn't make a public announcement for another two weeks.

Card is easy to hack even it is kept in your purse. 2 weeks ago, I am very surprised when receiving the email of fraud alert from Bank of America that I spent USD700 at Walmart and USD600 at Bestbuy while I was sleeping. Funny! Every time going to shopping, restaurants, or pumping gas, I have been asked for my zip code when checking out. Can I refuse to give the stores my zip code and telephone number? Aren't those prerequisites of the transaction? Will they complete the transaction even without that information?

How about you? Should you start using prepaid cards to limited losses rather than debit or credit card for sure especially online?

Sources:
http://money.cnn.com/2014/01/11/technology/security/target-hack-privacy/index.html?iid=EL
http://money.cnn.com/2014/02/04/technology/security/target-senate/?iid=EL
http://money.cnn.com/2014/03/14/news/companies/target-breach/
http://www.nytimes.com/2014/03/14/business/target-missed-signs-of-a-data-breach.html?_r=0
http://www.cnbc.com/id/101496127

Bitcoins: Secure or Not?

Mt. Gox is one of the first bitcoin exchanges, and historically the most popular one. It was launched in 2010, and was handling 80% of the world Bitcoin transactions. Unfortunately, on Feb 24th 2014, the same day our group did the presentation about digital payments, Mt. Gox suspended trading and filed for a form of bankruptcy in both Japan and US. The company claimed that 850,000 Bitcoins had been lost or stolen from its exchange, including 750,000 belonging to customers. That amount is worth $477 million!

So how can half a billion dollars vanish into air in a flash? According to Mark Karpeles, founder of the Mt. Gox, saying the Bitcoins was lost "due to weaknesses in the system". The coins is missing because of a long-known security flaw called transaction malleability that can enable fraudulent withdrawals in some cases. Bitcoins transaction is really hard to trace. There is no identifying information attached to a bit coin address showing who is transferring the coins. Mt. Gox is facing some serious problems now and the long-term impact of its downfall on the Bitcoin industry remains to be seen. 

The big question, what is the future for Bitcoins? Do you think Bitcoins will still have a future? What do you think about Mt. Gox or of Bitcoins?


Sources:
http://money.cnn.com/2014/02/25/technology/security/mtgox-bitcoin/

http://www.usatoday.com/story/money/business/2014/02/26/secondmarket-bitcoin-exchange-trading/5840593/

http://www.marketwatch.com/story/to-secure-your-bitcoins-print-them-out-2014-02-26
http://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/
http://www.pcworld.com/article/2105280/10-questions-on-the-mt-gox-implosion.html