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Will the PIN hacks be the end of Google Wallet?

Last week researchers found vulnerabilities in the Google Wallet payment system. The vulnerability was leveraged to display the current PIN number but required root access to the device. The very next day a new vulnerability was discovered in how application data is handled in the Wallet app requiring no root access. I expect these to be just the beginning of a scavenger hunt for Google Wallet vulnerabilities in the future. Read Full Article

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Thousands of European cards blocked following payment processor breach

Several Eastern European banks have started notifying their customers in the beginning of last week that their cards have been blocked and will be replaced with new ones. Most of the banks did not give out any more details about what happened, and in many cases even failed to notify their customers prior to actually blocking their cards. Is it just another day in the payment processing business? Based on the rushed response from banks and the lack of information surrounding the case, I would say no. Read Full Article