Apple, Google: Fraud Worries Obstacle To NFC, Says Morgan Keegan

One of the Secret Sauces that Make up Sqwizz includes the capability
to process real time transactions vs. ACH alleviating a major hurdle

Morgan Keeler wrote a 29 page report on NFC (subscription only) and like ALL payment methods (except PIN which is 3DES DUKPT "end to end" (for real) encrypted from the time the PIN is entered until it gets to the card companies for verification) fraud and security matters are being questioned.

What Morgan Keller,  Google and Apple may find interesting is that there is a company way ahead of the game when it comes to NFC security.  

NFC Data, Inc.has already been issued a patent (with several pending) on their PIN based encrypted solution to any NFC interaction. There is a tamper resistant crypto PIN Pad hardwired to the CPU. Oh, and that ACH problem whereby the money doesn't clear for a couple days?  They got that one solved to.  Sqwizz allows for "real time" transactions alleviating the insufficient funds threat.  It's new, it's cool and it's way ahead of it's time.  

Visit www.Squizz.com/sell.pdf to see the details. Questions? Sqwizz@ePINDebit.com
BARRON'S TECH TRADER DAILY 17 HOURS AGO

Excerpt: The authors offer the view that there is “substantial” potential for near-field communications (NFC) chips embedded in a phone as a mobile “digital wallet.” But the obstacle is that the status quo is likely to prevail, basically because of the risk of fraud. Merchants are likely to take awhile before they will move to NFC. Why? Because the most likely method of funding a mobile wallet, by tapping into a bank account, called “ACH,” doesn’t actually clear the funds till an overnight update happens, unlike traditional debit cards, where money is cleared right away. Which means merchants can be left hanging when there are insufficient funds. Unless the banks can underwrite/insure the funds to protect against fraud, in a cost-effective manner for merchants... FULL ARTICLE AT BARRON'S TECH TRADER DAILY

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