Hey guys check this out! You can now pay your friends for parts and/or bets with your CC if you don't have cash on you. Just swipe on my iphone...I just hope this doesn't fall into the wrong hands

http://www.nytimes.com/2010/04/29/te...WT.mc_ev=click

 

WOW! Cool, but I see A LOT of fraud coming from that.

 

That's crazy!! Lol

 

how do you see fraud coming from that?

the phone owner has to pay for the app (tracked payment)
and pay for each cc transaction (tracked)

they have had the app where you just in put your CC number for a long time

 

The exact same way a theif walks up to a ATM and swipes a fake card and takes money. It will be easier to modify the software and swipe a re-made card and take money from it to a Paypal account or something. Very easy to commit fraud and theft

 

yeah but everything you do is tracked with your phone.

you have to get the app which is linked to your itunes which is linked to your CC and your name and address.

and im very sure the app is make with alot of security.

ive seen this used many many many times at car shows/car washes/charity events/concerts/down town vendors.

even the locally owned pizza place uses it

 

I have seen it used with a moble car wash, he used the phone as the modem. I am saying if you have the scanner that can plug into a Head phone Jack and you have the software downloaded to a Jail broken Iphone, you can change the code identifiers in your phone and make all the "tracking" irrelivant.

 

I remember reading about these readers a while back. Apple store employees use ipod touch's with a similar device attached to them that scans barcodes and swipes your card. Dunno which app they use though.

I wouldn't mind using my card at a big store that uses these readers, but I won't be swiping my card on some random guy's phone that I'm buying something from.

 

damn they got apps for everything huh ..

 

the barcode reader is Red laser and it works supreme!!

We almost bought a nice set of pots and pans that were on "sale" for $300

pssh they are $225 on amazon shipped

 

The Apple Store doesn't use RedLaser, they use an actual barcode scanner that's attached to the ipod touch.

RedLaser is pretty cool though

 

I dunno but I'd be scurred to run my card on some random persons phone so no cash no transaction buddy lol

 

copy pasted from link in OP:


- Fraud protection offered by the credit card companies is the same as when the card is used at a cash register. Some of the new companies say security against fraud might even be improved because they provide e-mail receipts, and those from Square include photos and a map of where the transactions were made.

The death of cash has been predicted since the 1970s, when electronic transactions like direct deposit of checks were introduced. But most digital payment experiments, like one in 2006 by Visa, have focused on swiping cellphones, as is popular in countries like Japan, instead of credit cards. Mobile payments have not taken off in the United States because Americans are just as happy to reach into their pockets for a plastic card as for a cellphone. -

I would consider using this to give friends/family co-workers,etc money (or exchange money)... but I wouldn't use it for a vendors because of the added 1.7 - 3.5% (CA tax is already high enough as is)... I'll have to see if this is available for the Nexus One, seems like a good app to have.

 

^ Interesting input.

 

now drug dealers wont get caught with a bunch of cash in there pocket