Comments on: Visa Creates Another Fraud Monster http://www.merchant911.org/blog/index.php/2008/10/07/visa-creates-another-fraud-monster/ Comments on credit card fraud from the E-Commerce Merchant point of view by Tom Mahoney, Founder and Director of Merchant911.org Fri, 13 Jan 2012 06:40:43 +0000 hourly 1 http://wordpress.org/?v= By: JS http://www.merchant911.org/blog/index.php/2008/10/07/visa-creates-another-fraud-monster/comment-page-1/#comment-1507 JS Mon, 20 Oct 2008 13:39:21 +0000 http://www.merchant911.org/blog/?p=155#comment-1507 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. 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.

]]> By: Tom Mahoney http://www.merchant911.org/blog/index.php/2008/10/07/visa-creates-another-fraud-monster/comment-page-1/#comment-1478 Tom Mahoney Thu, 09 Oct 2008 11:25:46 +0000 http://www.merchant911.org/blog/?p=155#comment-1478 <b>@ Adrian</b>: That's possible. I think most security folks would tell you that security by obscurity isn't one of the better methods. It's also possible that since it was only under test, the bad guys haven't been working too hard at it. They look at things like return on investment. This could end up being very safe technology but the history of contactless payment is short and so far not very safe. The up side of the Visa/Nokia roll out is that they are also incorporating immediate notification of use of the account. That, in my mind, is a good thing. @ Adrian:

That’s possible. I think most security folks would tell you that security by obscurity isn’t one of the better methods. It’s also possible that since it was only under test, the bad guys haven’t been working too hard at it. They look at things like return on investment.

This could end up being very safe technology but the history of contactless payment is short and so far not very safe.

The up side of the Visa/Nokia roll out is that they are also incorporating immediate notification of use of the account. That, in my mind, is a good thing.

]]> By: Adrian http://www.merchant911.org/blog/index.php/2008/10/07/visa-creates-another-fraud-monster/comment-page-1/#comment-1477 Adrian Thu, 09 Oct 2008 03:47:42 +0000 http://www.merchant911.org/blog/?p=155#comment-1477 Nokia were testing this in Sweden, if my memory serves me well, since 1998. To date, I have not heard of any fraud related actions with this technology. Maybe the security aspect has not been publicly revealed in order to avoid letting the bad guys come up with a loophole? Nokia were testing this in Sweden, if my memory serves me well, since 1998. To date, I have not heard of any fraud related actions with this technology. Maybe the security aspect has not been publicly revealed in order to avoid letting the bad guys come up with a loophole?

]]> By: Tom Mahoney http://www.merchant911.org/blog/index.php/2008/10/07/visa-creates-another-fraud-monster/comment-page-1/#comment-1470 Tom Mahoney Tue, 07 Oct 2008 20:03:23 +0000 http://www.merchant911.org/blog/?p=155#comment-1470 I don't have any hard evidence one way or the other, but I refer you to a couple of my previous blog posts: http://www.merchant911.org/blog/index.php/2008/09/17/united-states-credit-card-fraud-is-about-to-increase/ http://www.merchant911.org/blog/index.php/2008/09/03/credit-card-companies-insecure-about-security/ http://www.merchant911.org/blog/index.php/2008/08/16/chip-and-pin-fraud/ What I'm seeing here is that contactless payment just isn't secure. Period. End of paragraph. This technology cold be different, but given Visa and MC's track record on security, I won't count on it. I don’t have any hard evidence one way or the other, but I refer you to a couple of my previous blog posts:

http://www.merchant911.org/blog/index.php/2008/09/17/united-states-credit-card-fraud-is-about-to-increase/

http://www.merchant911.org/blog/index.php/2008/09/03/credit-card-companies-insecure-about-security/

http://www.merchant911.org/blog/index.php/2008/08/16/chip-and-pin-fraud/

What I’m seeing here is that contactless payment just isn’t secure. Period. End of paragraph.

This technology cold be different, but given Visa and MC’s track record on security, I won’t count on it.

]]> By: Paresh http://www.merchant911.org/blog/index.php/2008/10/07/visa-creates-another-fraud-monster/comment-page-1/#comment-1469 Paresh Tue, 07 Oct 2008 19:33:57 +0000 http://www.merchant911.org/blog/?p=155#comment-1469 Payment by phone is big in Japan and they have been using it for quite a while now. I think South Korea as well. Do we know how secure it is over there? Payment by phone is big in Japan and they have been using it for quite a while now. I think South Korea as well. Do we know how secure it is over there?

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