Our Passion is Focused on the Advancement of Payment Processing and Point-of-Sale Technology
Clinkle the stealth payments service app that will use high-frequency sound to interact with POS systems managed to raise $30 million... hacked before launching anything. A anonymous PasteBin user leaked a list of the only 33 Clinkle users, user IDs, profile photos, and phone numbers to PasteBin. Based on the data provided, it seems as though these users are Clinkle employees who are testing the app.
Continue ReadingMint.com now offers Coinbase digital-wallet integration for Bitcoins management alongside traditional funds & features. Mainstream appeal of the virtual currency has developed to a point & "we felt like it was something we couldn’t ignore anymore," said Vince Maniago, Sr. Product Mgr. of Intuit. Zynga, Overstock & TigerDirect also began accepting Bitcoin in the past month which further legitimizes the “crypto-currency” as it continues to shakes things up in the tech & financial worlds. Is Bitcoin the future of money or a future-flop?
Continue ReadingOne of David Marcus’s biggest challenges when taking on the role of President of PayPal was extending the platform into point of sale, and making it easier to pay with PayPal than swiping your credit card. But changing consumer behavior is an enormously difficult task. So he thought that the only thing more alluring than swiping a card is simply doing nothing when you check out of a store. PayPal Beacon, the new add-on hardware device for merchants that leverages bluetooth technology to enable consumers to pay at stores completely hands-free.
Continue ReadingApple has been coy in revealing its plans for a touchless payment solution, but a patent filing discovered gives clues as to where the company is headed. The tech-giant has filed patents related to mobile payments before, but this one describes a fairly complete, fully POS integrated system for conducting real-world transactions without compromising user data.
Continue ReadingMakers of digital-wallet app Bridgewalker, have been exploring the idea of using Bitcoin, the network as a payment mechanism, but avoiding the use of Bitcoin, the currency. By using the Bitcoin network in this way, it then becomes a technical solution similar to the ACH network or credit card networks, in that it provides a payment backbone which allows the electronic transfer of funds denominated in fiat (e.g. euro or dollar). This appears to be a payment network which has no barrier of entry, as anyone can plug in, as long as they speak the 'Bitcoin Protocol'. This concept has also been described as 'money over IP' or an IP address for money.
Continue ReadingPOS News | In a lengthy demi-diatribe Carmel Deamics & Michael Carney of Pando.com declares, "Everything about Stripes financing screams go 'big or go home'". Their beef: The problem remains the payments ecosystem likely can only support one 'big' player. PayPal & Braintree seem better positioned than ever to claim that crown.
Continue ReadingThe Random Access Memory (RAM) scraping menace dubbed Decebal, surfaced more mutated & much more effective than its predecessors. It shows the increasingly determined efforts underway to continue exploiting widely deployed off-the-shelf point-of-sale systems. The latest of four different strains of PoS RAM scraping malware developed in 12 months, Decebal executes 400 lines of virtually indiscernible Visual Basic Scripting say Cisco Systems Security experts.
Continue ReadingStripe, an online payments startup raised over $80 million in new funding this week from venture-capital investors including Khosla Ventures, Sequoia Capital, and Founders Fund, Stripe, at just over four years old, is now valued at $1.75 billion. Stripe provides easy-to-use computer code that any merchant can plug into their website or mobile app to begin accepting credit-card payments. The company takes 2.9% of most transactions in addition to a flat commission of 30 cents per charge—the exact same rate set by PayPal.
Continue ReadingPOS NEWS | Malware identified as Black POS used by cyber-criminals to steal 110 million plus Target customer credit card details was an off-the-shelf product. It was designed & deployed by a 17 year-old St. Petersburg-based Russian programmer, claims US security firm IntelCrawler. What is more, the accused and his work was reported to US banks summer 2013. Does placing blame change the new age of malware emerging almost daily? The Reality: threats are aimed directly at the largest global discount & exclusive luxury retailers in the world. The widely-deployed POS systems have even comprised major US banks. Ever-mounting evidence continues to reveal industry compliant, one-size-fits-all POS products enable the vulnerabilities at the core recent transaction-focused attacks. Can at risk players in the payments ecosystem do anything but assess damaging fallout while waiting for the next breach? Alternatives to ineffective off-the-shelf POS software like newly announced Oceanside POS N3XMOD feature code that far surpasses PCI Compliance. It's engineered to thwart hacks dreamt up by cyber-crooks & secures sales data in the ever-changing retail, restaurant & quick casual businesses.
Continue ReadingFor quite some time, cyber criminals have been targeting consumer data entered in POS systems. In the past criminals attach a physical device to a POS to collect card data (skimming). Now, cyber criminals are delivering malware which acquires card data as it passes through a POS system, eventually exfiltrating desired data back to the bad-guys. Once cyber-criminals such data, it is often trafficked to other suspects who use the data to create fraudulent credit and debit cards. POS systems often are enabled to access the internet & email services. Therefore malicious links or attachments in emails as well as malicious websites can be accessed & malware may subsequently be downloaded by an end user of a POS system unknowingly. A recent & urgent alert from US-CERT outlines the risks & steps to take to mitigate the return on investment for criminals to compromise your POS system... which is much higher for a criminal to infect one POS system that will yield card data from multiple consumers.
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