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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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Despite a common conception that older people are more reluctant to trust technology, especially when it comes to money matters, it seems the so-called “Silent Generation,” or those in their 70s and 80s, are the most likely to save their payment information on websites or mobile apps.

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US Bank Now Offering Mobile Payments For Visa Commercial Cards
[April 15th, 2017]

US Bank corporate cardholders will be able to pay for transactions via Apple Pay, Android Pay, or Samsung Pay with their Visa cards, thanks to new functionality that makes US Bank the first financial institution to offer mobile payments for Visa commercial cards.

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FICO Wins Cybersecurity Award
[March 3rd, 2017]

Online security has been a hot button issue ever since the advent of the Internet. The impact of cyber crimes greatly affects not only consumers, who may lose their identities and/or their resources, but also retailers, who lose customers and employee hours to dealing with the aftereffects of these crimes.

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