VeriFone, a huge provider of credit card processing systems that's been around since time immemorial, has taken a huge swipe at upstart
Square today, branding its free, headphone jack-based credit card readers "skimming devices" and demanding their immediate removal from the market. Crazy, right? VeriFone's CEO has thrown up a YouTube video talking about the exploit its thrown together, and it's more of a social engineering hack than a technical one: a bad guy makes a fake Square app for his phone, plugs in the reader, and steals your unencrypted credit card details without running a "real" payment through Square's system. They're really going big with this, too -- not only is VeriFone's sample app available for download, but they've sent notices to Visa, MasterCard, American Express, and JP Morgan Chase, which handles Square's processing. Sounds like a possible problem, sure -- but when the "exploit" is being announced in such grand fashion by a company that's most threatened by Square's business model, you can't help but feel a little icky about it. Follow the break for video.
Continue reading VeriFone calls out Square for 'gaping security hole,' publishes sample app to demonstrate
VeriFone calls out Square for 'gaping security hole,' publishes sample app to demonstrate originally appeared on Engadget on Wed, 09 Mar 2011 11:30:00 EDT. Please see our terms for use of feeds.
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CommentsSource: http://www.engadget.com/2011/03/09/verifone-calls-out-square-for-gaping-security-hole-publishes/
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