Walmart's Answer To Apple Pay Has Already Been Compromised

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According to this article, Walmart's NFC mobile payment system might have been compromised already. Thanks to everyone that sent this one in.

CurrentC is sending emails to people who signed up for the beta version of the app warning them "that unauthorized third parties obtained the e-mail addresses of some of you." It doesn't sound as if it's the worst breach in the world, but it's definitely not good for CurrentC, which is just getting started.
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Hah, CurrentC. MCX really killed themselves when CVS and RiteAid decided to stop taking Google Wallet and Apple Pay. This will be remembered as the stupidest tech fail of the year. Have you ever been to one of those places that only accept AMEX cards and won't take Visa or Mastercard?
 
Looking through CurrentC it does everything for Merchants, and nothing for customers.

- Requires to be tied to checking account or debit card
- Customer assumes 100% of liability for fraud
- Retailer can gather all purchase data on a customer
- Requires multistep actions including scanning QR codes

What benefit is in there for the customer? You know people are going to freak out around the liability part. I know the retailers want to reduce their transaction fees and liability.

I'd like to reemphasize that bolded part. If CurrentC gets hacked (like now), you as the consumer are liable for fraudulent charges that result. For those that would say it's not a big deal - I don't think you realize how nearly impossible it is to reverse a fraudulent bank transfer. CurrentC won't be run by banks, it will be run by some of the largest retailers in the country - Walmart, etc. None of the political pressures that keep banks on the straight and narrow apply.
 
canna said:
Looking through CurrentC it does everything for Merchants, and nothing for customers.

- Requires to be tied to checking account or debit card
- Customer assumes 100% of liability for fraud
- Retailer can gather all purchase data on a customer
- Requires multistep actions including scanning QR codes
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data mining, seems that everything is like that now. still funny though knowing this we should be posting this on other forums so that people knwo they assume all liability of the fraud.
 
Too bad ApplePay only works on the new iPhone.

Google Wallet works on most/any phone with NFC.
 
evilsofa said:
Hah, CurrentC. MCX really killed themselves when CVS and RiteAid decided to stop taking Google Wallet and Apple Pay. This will be remembered as the stupidest tech fail of the year. Have you ever been to one of those places that only accept AMEX cards and won't take Visa or Mastercard?
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Costco? Yes, quite often. Though I pay debit.
 
the-one1 said:
Too bad ApplePay only works on the new iPhone.

Google Wallet works on most/any phone with NFC.
Click to expand...

To be fair apple pay does work with any iPhone with NFC, just so happens only the newest ones have it. Not like the iPhone 4 has NFC and apple just won't let them use it, apple was just late to the party.

CurrentC will have to offer discounts so deep to entice people to use their service just due to the whole "incredibly inconvenient to use" aspect that they'd end up losing far more than they gain from not paying CC fees, not to mention all the people that flat out say NEWP to the "customers assume 100% of the liability when we get hacked and your bank accounts are drained" bullshit. These companies are like a mother who just miscarried and are telling her doctor "just shove it back up there I'm sure it will be fine".
 
-Dragon- said:
To be fair apple pay does work with any iPhone with NFC, just so happens only the newest ones have it. Not like the iPhone 4 has NFC and apple just won't let them use it, apple was just late to the party.

CurrentC will have to offer discounts so deep to entice people to use their service just due to the whole "incredibly inconvenient to use" aspect that they'd end up losing far more than they gain from not paying CC fees, not to mention all the people that flat out say NEWP to the "customers assume 100% of the liability when we get hacked and your bank accounts are drained" bullshit. These companies are like a mother who just miscarried and are telling her doctor "just shove it back up there I'm sure it will be fine".
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Tons of people use a Targer Redcard for a 5% discount, I don't think CurrenC will have problems enticing people.
 
I would be willing to bet money that apple hired some hackers to do it so it would make current c look bad. Think about it Current C is what walmart was going to use and apple did not like that so they hire hackers to hack the system to make it look bad so walmart might switch to apple pay,
 
Wolf_Tech said:
I would be willing to bet money that apple hired some hackers to do it so it would make current c look bad. Think about it Current C is what walmart was going to use and apple did not like that so they hire hackers to hack the system to make it look bad so walmart might switch to apple pay,
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Nope. MCX doesn't need any help shooting itself in the foot. It was doing just fine at that before the hack.
 
every damn business will love this Crap C. Its a gold mine for big data in the commerce sector. Plus from the articles floating around, no more transaction fees that payment processors charge businesses.
 
Walmart's Treasurer is the chairman of the MCX, which is developing CurrentC. Walmart is definitely going to use CurrentC.

FYI, CurrentC does not use NFC. It uses Paydiant's mobile wallet technology and relies on a QR code to facilitate payment.
 
samm said:
every damn business will love this Crap C. Its a gold mine for big data in the commerce sector. Plus from the articles floating around, no more transaction fees that payment processors charge businesses.
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from what I read is, u have to do couple of steps with current c before you can even pay unlike google and apple where you just tap. also, they ask for your social and drivers license just to sign up :eek: with the transaction fees, what are they going to do If insist using my credit card:D
 
canna said:
Looking through CurrentC it does everything for Merchants, and nothing for customers.

- Requires to be tied to checking account or debit card
- Customer assumes 100% of liability for fraud
- Retailer can gather all purchase data on a customer
- Requires multistep actions including scanning QR codes

What benefit is in there for the customer? You know people are going to freak out around the liability part. I know the retailers want to reduce their transaction fees and liability.

I'd like to reemphasize that bolded part. If CurrentC gets hacked (like now), you as the consumer are liable for fraudulent charges that result. For those that would say it's not a big deal - I don't think you realize how nearly impossible it is to reverse a fraudulent bank transfer. CurrentC won't be run by banks, it will be run by some of the largest retailers in the country - Walmart, etc. None of the political pressures that keep banks on the straight and narrow apply.
Click to expand...


Not even a thought for that bolded part. Won't touch it. F those guys.
 
Spidey329 said:
Not even a thought for that bolded part. Won't touch it. F those guys.
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Yeah it rewlly sucks, but if you want wireless payments everyehere right nowm you have to use this. I just will continue using my card until they accept Google Wallet/Apple Pay.
 
Wolf_Tech said:
I would be willing to bet money that apple hired some hackers to do it so it would make current c look bad. Think about it Current C is what walmart was going to use and apple did not like that so they hire hackers to hack the system to make it look bad so walmart might switch to apple pay,
Click to expand...
The tin foil hat is strong in you, young one.
 
Erm. Am I the only one reading the article and noticing that it's only "e-mails". Even if the whole thing was active, how could this have anything to do with the payment system itself?
 
canna said:
I'd like to reemphasize that bolded part. If CurrentC gets hacked (like now), you as the consumer are liable for fraudulent charges that result. For those that would say it's not a big deal - I don't think you realize how nearly impossible it is to reverse a fraudulent bank transfer. CurrentC won't be run by banks, it will be run by some of the largest retailers in the country - Walmart, etc. None of the political pressures that keep banks on the straight and narrow apply.
Click to expand...

It's no big deal to me.... because I won't use it. I've been burned too many times for being an early adopter to new stuff. And I am very hesitant about stuff that puts my bank accounts at risk. Lets let other people stick their necks out first. The chipped credit cards is proven technology from Europe. Lets get that going first.

And, when it comes to CurrentC, there are so many negatives AGAINST the system including the violation of the KISS concept. Whats in it for me? Apparently nothing.
 
ocellaris said:
Tons of people use a Targer Redcard for a 5% discount, I don't think CurrenC will have problems enticing people.
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But the Target card is used just like a debit card, swipe and go. Sure there's still the issue of them having access to your bank account, but the ease of use is on their side.

CurrentC, ease of use, not so much.
 
sladesurfer said:
from what I read is, u have to do couple of steps with current c before you can even pay unlike google and apple where you just tap. also, they ask for your social and drivers license just to sign up :eek: with the transaction fees, what are they going to do If insist using my credit card:D
Click to expand...

I dont think Walmart would invest in a payment system that alienates the majority of their target demographic. Again I frankly dont mind this tech advances in payment, good ole greenbacks is the way to go if security is of any concern. Too many breaches, or worse too many breaches that businesses or banks dont report for a while.
 
Maybe stores should only deal in cash. They can't seem to handle the security for anything else.
 
BladeVenom said:
Maybe stores should only deal in cash. They can't seem to handle the security for anything else.
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First problem: you'd be going back to the armored car robberies that were all the rage in the 1970s. Notice how those stopped when credit cards went mainstream?

Second problem: it costs money to process cash. A lot of money. The health organization I'm associated with recently stopped accepting cash payments and now only takes checks and credit/debit cards for co-pays. They were taking in $15 million per year in cash, and spending $3 million processing that cash.
 
the-one1 said:
But the Target card is used just like a debit card, swipe and go. Sure there's still the issue of them having access to your bank account, but the ease of use is on their side.

CurrentC, ease of use, not so much.
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Yeah the Redcard is definitely easier to use compared to scanning two QR codes on different devices to complete the transaction. Target will need to switch over to CurrenC since they belong to the MCX group. That should piss off quite a few people who have been happily scanning their Redcards through the normal CC processing machine for a few years.
 
hopefully it dies before it ever becomes a 'thing'. I'm personally pretty excited about Apple pay with all the ridiculous retailer security breaches over the past couple years. Once my bank supports it, I'll certainly be more inclined to use a merchant that accepts Apple pay over one that will require me to swipe a plastic card.
 
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