If you don't see the issue with some of the biggest retail victims of data hacking in recent times having all of your major personal information in their servers, I don't know what to tell you.
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Apple Pay vs Current C
- Thread starter ajiuo
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If you don't see the issue with some of the biggest retail victims of data hacking in recent times having all of your major personal information in their servers, I don't know what to tell you.
Stop overreacting.
It's only your Bank Account number (with permission to withdraw), your SS number, your address and you phone number all securely tucked away by all these merchants who specialize in data breaches....I mean protection. Also it will benefit me greatly for them to pass around all my shopping habits, health info and personal info while keeping this info secure in their proven systems.
Fair enough.
I really doubt that with CurrentC, the individual MCX retailers are all going to have your checking account number on-site.
Apple Pay has your real credit card account number stored in secure servers (token vaults) operated by other companies (at least one of whom was recently hacked, not unlike the retailers), who replace the token that your iPhone sends with your actual credit card number during the last legs any Apple Pay transaction.
I'd be extremely surprised if CurrentC works any differently. I'd imagine they'd identify customers with a token (like how Apple Pay does), and the token vault (containing the real checking account number)/payment authorization would be handled by MCX.
After being hacked, I don't think there's any way that Target and Home Depot would bring in a new payment type like MCX that didn't do tokenization like how Apple Pay does it. I can't imagine any retailer that is going to want liability for holding any customers financial information.
Considering the majority of the rest of the world has already adopted NFC payments, I'd say ApplePay/Google Wallet/other NFC payment services have already won. This CurrentC thing sounds like a waste of time. It's fighting a tide that has already come in.
Appleinsider reports that MCX merchants are required to pay a hefty fine if they accept any contactless payments other than CurrentC.
Honestly, I hope Apple removes CurrentC from the App Store.
Honestly, I hope Apple removes CurrentC from the App Store.
Reminds me a little of GSM v. CDMA. GSM was worldwide with a better set of features: 5-way conference calling, surf the net while on a call, but a small group of Americans just had to have their own standard to promote lock in: poorly crafted CDMA.
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Unless walmart/bestbuy/target is willing to provide double manufacture warranty on big ticket items, people are still going to swipe their credit cards to get such benefit. The transaction fee isn't going away.
So given that, the exclusivity clause is myopic, because there are many that don't trust the current swipe POS systems out there and its either a secure NFC transaction or I'll take my business elsewhere.
It get tiring having to get a new card every few months due to a data breach. Can you imagine having to close and reopen checking accounts when that happens to currentC?
So given that, the exclusivity clause is myopic, because there are many that don't trust the current swipe POS systems out there and its either a secure NFC transaction or I'll take my business elsewhere.
It get tiring having to get a new card every few months due to a data breach. Can you imagine having to close and reopen checking accounts when that happens to currentC?
When the final product for CurrentC is released it will probably include NFC. They apparently left in some wiggle room to maybe add that in the future if necessary.
But, with or without NFC, it doesn't appeal to me.
If CurrentC uses tokens (like Apple Pay), then your checking account number would be as secure from being hacked within the retail POS environment (i.e. Target/Home Depot) as your credit/debit card number is.
True, but I don't have much faith in retailers that (already have had their systems breached, target/HD) are running a system that stores the bank account numbers/other personal identifying numbers such as SSN.
Maybe I'm not in the know, but I haven't heard of Visa or MC or Amex systems being breached, just the retailers POS.
If the retailers can't protect their own POS system, how can they fortify the database that runs CurrentC
It can't be NFC because Apple doesn't allow 3ed party access to the iPhone's NFC chip.
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Incorrect.
Apple said:
This is from earlier this month:
Chase Bank Hacked, Info Stolen for 83 Million Accounts
My guess is that the card issuers (like Chase, above) are the the ones that hold the token vaults for Apple Pay (which is why Apple Pay didn't work with every VISA card from the get-go).
If that's the case, above is an example of a major card issuer being hacked.
Not to excuse them, but to me, it's sounds a little easier to protect a dedicated set of servers in a data center setup to process CurrentC transactions than it does to protected 50,000 different cash registers that are spread across 2,000 locations in all fifty states.
That would be pretty dam anti-competitive, and likely illegal. It would be like Microsoft preventing you from installing Firefox or Chrome in Windows.
That was not CC, bank account or even passwords. While egregious general customer info is far less protected than CC and bank account info.
Just the other day I got an email from Wells Fargo telling me they would give me $20 for trying Apple Pay with a Wells Fargo credit card or $10 if you use their debit card.
The incentives are already starting. Now I just need a phone (should be tomorrow!) to take advantage of their offer.
Yes, that was 6 years ago and only 2 months after the app store launched. There are certainly many podcasting applications in the app store today, including Podcaster, the one that was initially blocked back then. Apple has also certainly clarified the rules since then. Also, Apple was acting unilaterally then.
What the OP was suggesting is completely different. The OP suggested that Google and Apple work together to use their combined market muscle to prevent someone from launching a competing service. That is per se violation of the Sherman Act in my opinion.
Don't believe so since iOS is a closed and contained system that Apple owns. However Apple denying CurrentC NFC access and forcing them to use that convoluted QRC system combined with their 'the customer is OUR product to data mine as we wish' and 'give us all you personal/bank info' means CurrentC is going to be all but DOA (think goodness).
So CurrentC just having a ton of email addresses hacked shouldn't reflect poorly upon them, since emails are far less protected than CC and bank account info. But that's now how this is going to work... lol
CurrentC will have your SS number, bank account number, and address all stored on the same server. I would be concerned about this. If your CC info is stolen and used you are not liable. If your bank account number is stolen and your account is cleaned out who is liable? Certainly not the bank.
There is a big difference from someone buying a TV and tank of gas on your CC and you losing $5000 cash withdrawn from your bank account.
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Then the banks will be liable for any monies stolen and even has FDIC insurance. Who is liable if your bank account is cleaned out from a CurrentC hack?
Also you already have to have a bank account and info is there. How does adding anther online account make your bank info safer? If anything you then have 2x the chance of being hacked.
I look forward to a future where:
"The supermarket had a data breach, change your password"
Turns into
"The supermarket had a data breach, change your bank account number, phone all your utility companies to tell them about your new bank account, call the government and ask for a new SSN, call the driving license authority to ask them for a new licence number, and catch the first flight to Australia to escape the bailiffs who are tracking you down since you are responsible for fraudulent payments taken the way CurrentC does."
Apple Pay vs CurrentC
Apple Pay
CurrentC
Apple Pay
- Is fast and convenient
- Uses established industry protocols
- Is in co-operation with the financial sector
- Cards stored in Apple Pay can be used worldwide where NFC payments are accepted
- Keeps no actual card information on the phone, just an encrypted token
- Uses additional security to reduce fraud.
CurrentC
- Is inconvenient
- Isn't launched
- Is risky if hacked
- Will only ever work in the US.
- Will data mine the crap out of your purchases.