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Articles tagged with: payments

Startup Jumio Gets Funding From Facebook Co-Founder

Jumio, a startup that claims will revolutionize mobile payments, has received $6.5 million in funding from Facebook co-founder Eduardo Saverin along with a few other investors.

Daniel Mattes, the company CEO, founded the startup in 2010 and currently has a few products in development. Jumio claimed via a blog post that the product would launch soon.

The company has yet to launch so its hard to know for sure what they do. Their promotional video claims they will end cash as we know it.

Squaring It Off – VeriFone Tackles Mobile Payment Square

In an open letter to consumer and the credit card industry, VeriFone claims that Square, a startup that makes credit card readers for smart phones, is plagued by a “serious security flaw” that puts users’ data at risk.

According to VeriFone, the problem is not with the application but rather with the dongle that connects to the devices. This dongle reads credit card information off the magnetic strip and transfers it to the device unencrypted in clear text, allowing anyone to write a bogus skimming application to quickly collect all information from credit cards. This collected information could then be used to make purchases with your credit card via the web or through various merchants across the world.