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Articles tagged with: square

Visa And Square Partner Up To Buff Up Security

Since Visa’s investment with the mobile payment company, Square, we see that the two have announced a new version of the Square dongle that adds encryption and enhances security. Square has received much criticism in the past from Verifone, claiming that Square’s system is insecure and outdated.

Although Square has denied these allegations (who wouldn’t deny such allegations?), the company has introduced a new version of the Square reader that employs encryption, hinting that perhaps they did agree that security needed to be enhanced. Of course all this comes after Sony’s PlayStation Network gets hacked, is down for seven days, and has personal information of 70 million members stolen.

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.