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Articles tagged with: transaction

NFC Hack For The iPhone 4

NFC is the newest way to pay for your stuff by allowing you to make transactions using your NFC equipped device. This feature is widely integrated in new Android devices but unfortunately, iPhone 4 doesn’t come pre-equipped with this technology.

Lack of a NFC chip hinders iPhone users from enjoying the blessings of near field communications and sometimes it becomes rather annoying for i-users when they see someone using an NFC equipped Android to make their payment (or so we assume). But as long as there is technology, there will always be those looking for ways to make the most out of it. Hopefully, making payments through your iPhone 4 are no more a problem.

Four Men Caught In $1.5 Million Skimming Operation

According to PCWorld, three Romanian men and one Austrian man were indicted on Monday by U.S. federal prosecutors. The four men stole over 1.5 Million U.S. dollars by cloning payment cards with stolen account information. The men are charged with skimming (recording account details from the magnetic stripe of payment cards while capturing a person’s PIN by using fake overlays on the number pads.

Accounts were targeted at Citibank, and JP Morgan Chase between March 2010 and May 2011. The affected cities included New York, Miami, and Chicago. The four stole about $110,000 per month over those fourteen months, perhaps splitting it four ways at about $27,000 each, per month ($324,000 individual ‘salary’).

Google Will Roll Out NFC For Android Phones

According to the WallStreet Journal, Google is teaming up with MasterCard and Citigroup to bring Near-Field Communications technology to Android mobile devices. This would allow consumers to pay for things by swiping their phone against a small reader at a checkout stand. The goal in using NFC technology is to speed up transaction times and make it easier for consumers to pay for things without whipping out their wallet or their purse to look for their credit cards. Google will not be getting any…