Wednesday, January 28, 2009

Mobile Phone electronic payment systems

Comment: Most a just using credit card numbers! (Score 1) on Monday January 26, @01:31PM

by John Sokol on Monday January 26, @01:31PM (#26610143)
Attached to: Bickering Blocks US Mobile Phone Payments
These idiots are still tiring to just use credit card numbers stored in people phones.
Like this isn't a security disaster just waiting to happen. If someone get a CC number tied to some ones checking account, they could take 10's of 1000's of dollars from just one individual.
There is no way to limit ones exposure of the vulnerability like paper money does.
With paper money, if I loose my wallet, they only get the $200 or what ever I just took from my ATM and no more. But with the cards, sky's the limit, they can take it all, and even run up debt at 30% interest. .
If I have a CC card with a 10K limit they can take it all, and leave me on the hook for it! is my solution. my patent.
This limits one liability, not with legalize but technology, where cash is transferred to the phone like real money. It's done like you would with an ATM! If the phone is compromised, they only get the cash loaded onto the phone and more more.

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