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Apple Pay Fraud Gives Us A New Reason To Hate Data Breaches And SSNs
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User Rank: Ninja
3/5/2015 | 4:46:10 PM
Re: I don't get the US Banks' mentality

I don't understand the chip/signature rationale either.  Is a signature supposed to be more secure than a pin # ?   The Banks need some serious help, and I have a group of experts willing for a fee (of course).

User Rank: Ninja
3/5/2015 | 4:41:52 PM
And Yet Another Reason To Hate Breeches .....

Recently read that Target is cutting thousands of jobs due in large part to their recent breech.     Same old story.  CEO keeps his or her job (not quite sure if they axed that pho CIO they had)  but as usual the focus is misplaced.


And as usual those who had nothing to do with it must pay for it.

User Rank: Ninja
3/5/2015 | 4:32:27 PM
Re: I don't get the US Banks' mentality
"....are US banks really stupid, or their systems so archaic?"


@Pablo   Both.   And you can add arrogant to that as well.   The World has become too complicated for Banks.  They must think whatever happen to the good old days ?  

When all they had to do is take your money.
User Rank: Ninja
3/5/2015 | 4:27:54 PM
Re: I don't get the US Banks' mentality

I was about to rant about Apple Pay until I read further, and it makes sense that the security shortcomings are due in large part to the banks' inability to understand and carry out security with these types of transactions.

I get the feeling many banks know they are in over there heads when it comes to these mobile payments, but since it was Apple they just couldn't admit it.

I did not realize SSN#'s were so ingrained into their authentication process, but as a result of breeches it is certainly time to rethink using this as a be all, end all. 

Those days are over.  Thanks big business.   What would we do without you ?


Probably still have our identities - But of course it is too late for that.

Pablo Valerio
Pablo Valerio,
User Rank: Strategist
3/5/2015 | 6:20:36 AM
I don't get the US Banks' mentality
@Sara, are US banks really stupid, or their systems so archaic?

In Europe, for many years, we need several special second authentication systems such as one-time security codes, coordinate cards, Chip+PIN.

Just the fact that the new EMV cards in the US will be Chip+Signature doesn't make sense. Are US banks implying that Americans won't use their cards becuase they have to enter a PIN? As you know we have that system here in Europe for many years and very few people complain.

They had the opportunity, with Apple Pay, to have a robust, secure, mobile payment system, and they are committed to blow it.
User Rank: Apprentice
3/5/2015 | 1:19:45 AM
Convenience improved by bringing down security
Apple is also expected do something about the vulnerability that their Touch ID brings:  Biometrics operated with a password in the OR/disjunction way (as in the case of iPhone) offers a lower security than when only the password is used.

Threats that can be thwarted by biometric products operated together with fallback/backup passwords can be thwarted more securely by passwords only.

We could be certain that biometrics would help for better security only when it is operated together with another factor by AND/Conjunction (we need to go through both of the two), not when operated with another factor by OR/Disjunction (we need only to go through either one of the two) as in the cases of Touch ID and many other biometric products on the market that require a backup/fallback password, which only increase the convenience by bringing down the security.

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