Retailer Michaels Warns of Possible Credit Card Breach (plus a note re Google Wallet)

scott

Neiman Marcus, Target, Michaels and probably others.

http://www.reuters.com/article/2014/01/25/us-michaels-databreach-idUSBREA0O0N320140125



I just realized that when you use Google Wallet on your phone, you are using a common Mastercard, then your card is charged.

"Your Google Wallet app transaction is made using a virtual prepaid MasterCard card by The Bancorp Bank, Google Wallet's partnering bank. This account information is passed to the merchant at the time of a transaction. Google Wallet then charges your selected funding source for the full amount of the original purchase.

You may see the last four digits of your virtual prepaid MasterCard card on the receipt of your purchase. If the cashier asks for the last four digits used in the transaction, you should give the last four of your virtual prepaid MasterCard card that's powering your Google Wallet transactions."

https://support.google.com/wallet/answer/2676665?hl=en

So, using Google Wallet is actually safer, from the standpoint of it is not your card being charged by the retailer at point of sale.

Too bad Google Wallet can't be used at more places (CVS, Walgreens, 7-11 and anywhere there are NFC point of sale terminals.)

The whole thing of mobile payments using one common card and then charging the user after actually may become more appealing the more this kind of Target thing goes on.

JohnChisum

This is going to be the mainstream way of paying in a few years I predict. Smartphones having a bio-ID log in for example will make the process safer. Once the general consumer feels safe with the process it will take off. Smartphones that use a bio-ID log in for example will be the standard, i.e. iPhone 5s.

scott

Added to tiny mobile money co Monitise (MONIF.PK) Hedge fund Omega Advisors (Leon Cooperman) owns about 9.5%, Visa/Visa EU own about 13.5% combined.

Ted

Reply to @scott: Thought I'd show you my new super duper leather Edison ZZxC305 telephone and how it works. I'm the only one on MFO that has one. Hope your not to jealous !
Regards,
Ted

chip

Have you checked into the Google Wallet card? I believe it accesses the same service, but is a physical card that can be used anywhere a MasterCard debit card would be accepted.

https://support.google.com/wallet/answer/3529204?hl=en

cman

I am all for the technology but just don't want to share all my purchase information as well with Google. Don't like the idea of one company having access to such a broad spectrum of personal information from email to calls to browsing habits to location to purchase information, etc. Let alone a company whose business model depends on monetizing that information. Try to keep my data mining distributed in separate company silos.That is just me.