Although Chip and PIN was marketed as a security product, we all know by now that it was really about If we can do more transactions per second we can get more money. Now Visa is offering up another Let’s do it faster product that looks like it will virtually hand out financial information to the bad guys that want it, just like the other “contactless payment” technology.
In partnership with Nokia and Google, Visa is rolling out contactless payments, remote payments, and money transfers by cell phone. That’s right, wave your Nokia 6212 phone near a POS reader and you’ve made a payment by credit card; or given your account information to a thief under the moniker of Near-Field Communications.
Don’t take my word for it. Read more about it here and
and here.
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Funny, I can remember back around 2000 being asked by my processor to hang up and call back on a land line because cell phone transmissions could be intercepted.
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