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April 29, 2011 07:40 am GMT
Yesterday was a big day for hot mobile payments startup Square. The company announced that it received a strategic investment from Visa, giving the company a big stamp approval. And it also announced something that got far less attention: Square will be releasing a new card reader (the thing you plug into your phone) this summer, and it will use encryption at the read head. The news was announcedwith little fanfare by Square Security Lead Sam Quigley during a panel at the Visa Security Summit. But it's important for a couple of reasons.First is the fact that just last month, rival (and much larger) payments company VeriFone lobbed a heated accusation at the startup: it said that Square should recall all of its readers because they didn't encrypt credit card data, making it easy for thieves to skim theinformation. Square CEO Jack Dorsey battled back, stating that VeriFone's accusation that their reader was insecure was "not a fair or accurate claim and [that] it overlooks all of the protections already built into your credit card." Dorsey also outlined all the ways that credit card fraud could still be committed, regardless of encryption, and explained that users aren't responsible for fraudulent charges regardless.But now we have Square doing almost exactly what VeriFone was crying foul on. So what gives?
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/i_Seqfn9uQ0/
Square To Beef Up Card Reader Security This Summer (And VeriFone Wasn't So Wrong, After All)
Yesterday was a big day for hot mobile payments startup Square. The company announced that it received a strategic investment from Visa, giving the company a big stamp approval. And it also announced something that got far less attention: Square will be releasing a new card reader (the thing you plug into your phone) this summer, and it will use encryption at the read head. The news was announcedwith little fanfare by Square Security Lead Sam Quigley during a panel at the Visa Security Summit. But it's important for a couple of reasons.First is the fact that just last month, rival (and much larger) payments company VeriFone lobbed a heated accusation at the startup: it said that Square should recall all of its readers because they didn't encrypt credit card data, making it easy for thieves to skim theinformation. Square CEO Jack Dorsey battled back, stating that VeriFone's accusation that their reader was insecure was "not a fair or accurate claim and [that] it overlooks all of the protections already built into your credit card." Dorsey also outlined all the ways that credit card fraud could still be committed, regardless of encryption, and explained that users aren't responsible for fraudulent charges regardless.But now we have Square doing almost exactly what VeriFone was crying foul on. So what gives?Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/i_Seqfn9uQ0/
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