A post relating to this item from Finextra:
11 January 2013 | 9083 views | 2
US Bank has chosen Salt Lake City and Portland as test sites for an iPhone case that turns the handset into a contactless payments device.
I am continually baffled by these people with fancy titles like Chief Innovations Officer who announce the deployment of "gimmicks" and say they are wonderful new technology breakthroughs, and oh yes... Secure.
Rubbish. NFC is not secure in it's present form. And tell me, what prevents someone else using my phone to "Pay and Run" ?
Just like what prevents someone else from taking my pay and go or wave and (all the same nonsense) and running rampant around town ?
The Banks preach security, however there is no consumer safety nor security in being able to wave a card or phone without any authentication mechanism. Encrypting a transaction is not security. It is just encrypting data that can come from anywhere and anyone.
It is just a Banking rort.
Mr Chief Innovations Officer, how about being innovative and doing something that actualy provides consumer security.