[TriLUG] OT: lack of security at BofA

[Tim Jowers]

ha! let's see if Apple Pay can do any better than Google Wallet!  One thing
you have to learn in business is to recognize the players. Do ingenico or
verifone have ANY benefit from chip-n-pin/nfc? :-)  Forester said in 2009
that by 2014 over 1/2 of the transactions in the USA would be nfc. visa I
think it was said in 2011 they would stop covering fraud for non-nfc
transactions in 2014. Neither has happened. Wiping or swiping. No impetus
for the major players. No industry strength in the POS vendors. In fact,
lots of laws making innovation illegal, in the USA. So, sadly everyone, we
live in a country where innovation is outlawed to protect large business
interests. Simply put: huge opportunity with lots of landmines. We went
through this in 2009. Basically, no VC was willing to take on the big boys.
I am surprised, however how well popmoney has done. They inserted
themselves into the mix for sure.

Tim


On Mon, Dec 22, 2014 at 10:27 AM, Heath Roberts <htroberts at gmail.com> wrote:

> On Mon, Dec 22, 2014 at 9:46 AM, Joseph Mack NA3T <jmack at austintek.com>
> wrote:
>
> Just wait till chip and pin is introduced and the costs will be pushed onto
> > the customers.
> >
>
> So, just to be pedantic, customers already pay the costs of fraud, it's
> just rolled into merchandise prices and bank fees....
>
> That said, what have you seen that suggests there's a change coming with
> chip-and-PIN?
>
> My understanding of the forthcoming change is that if a merchant doesn't
> upgrade to chip-and-PIN-capable payment terminals, the merchant will be
> forced to accept more of the cost of fraudulent transactions, but if they
> do upgrade, the card issuer holds most of the liability (as today, albeit
> with the real-world implications that Wes has suggested). I think (U.S.)
> consumers are protected under (U.S.) law (I'm always a little amused when
> my bank tells me it's doing something 'for my protection').
>
> One of the shortcomings, in my opinion, of the switch to cards with chips
> is that most US issuers won't be doing chip-and-PIN, but rather
> chip-and-signature.
>
> I think the total value of fraud goes way down when non-chip transactions
> are eliminated (the card has a chip and the merchant has a chip reader),
> but there's a transitional period when no-chip (mag stripe or number-only)
> transactions are allowed for compatibility's sake and the fraud is merely
> transferred to places that haven't adopted the chip readers (i.e. the U.S.)
>
> Someone mentioned shoveling goods into shopping carts as quickly as
> possible to get the most value out of a stolen number before it's disabled:
> they're probably buying gift cards, not merchandise.
>
> --
> Heath Roberts
> htroberts at gmail.com
> --
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