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VeriFone says mobile card reader from Square easily hacked

[Saturday, March 26th, 2011]

A few months ago the Smartphone was in news because it was being considered as a safer alternative to the swiping machines at various outlets. But, now the story seems to be slightly different. Paying through the credit card using your Smartphone may not be as safe as it is presumed to be, especially if you are using the Square mobile credit card reader, as per an open letter by VeriFone posted on Monday.

According to the letter, the setup provided by Square can be easily hacked. It requests the company based in San Francisco to recall all the card readers released in the market to prevent misuse of critical data.

Doug Bergeron, the CEO of VeriFone, wrote that this letter is not only a wake-up call to the payment industry, but also to customers. The Square device, which is known as the “dongle”, can prove to be an asset to criminals who could easily develop applications that could pilferage the personal and financial information from credit cards.

Bergeron also wrote that the primary concern was the poor construction of Square’s hardware that does not have the ability to encrypt the personal information of customers, thereby transforming the Smartphone from a safe payment device to a skimming machine that feeds criminals with data that can be easily misused.

In addition to sending out the letter, VeriFone, one of the world’s secure payment systems has also posted a skimming application sample and has informed other payment agencies such as JP Morgan Chase, Discover, American Express, MasterCard and Visa about this concern.

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[April 18th, 2018]

There are two new rewards credit cards available for travelers who want to collect extra points when checking in to their favorite hotels. The IHG Rewards Club Premier card and the IHG Rewards Club Traveler card from Chase Card Services offer reward points, free anniversary nights, elite membership stats, no foreign transaction fees, and more.

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Costa Rica, Rome, And Vietnam Among Top Destinations For Travelers In 2018
[January 19th, 2018]

One of the best things about credit cards is being able to accrue frequent flyer miles and other travel perks, just by making purchases you’d be making anyway. And American Express, which offers many popular travel rewards credit cards, recently released a report on the most popular travel destinations for travelers looking forward to adventures in 2018.

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Many Americans In Credit Card Debt Have Been In Debt For Over Two Years
[November 7th, 2017]

If you are carrying credit card debt and feel like you’ve been carrying it forever, you might be right. Well, maybe not forever, but for a while.

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