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Author Topic: [2015-08-04]Square Reader Vulnerable to Card Skimming, Bitcoin A More S  (Read 358 times)
jdebunt
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August 04, 2015, 09:35:43 AM
Last edit: August 04, 2015, 12:40:29 PM by jdebunt
 #1

http://bitcoinist.net/square-reader-vulnerable-card-skimming-bitcoin-secure-payment-solution/

It is no secret that any type of card reader can be used for both legal and illegal activities. Making credit card payments in most countries involves either the customer or cashier to swipe the card through a card reader. Square, a company, known for its credit card payment processing capabilities, faces some security concerns as far as their Square Reader device is concerned.
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RustyNomad
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August 04, 2015, 12:32:25 PM
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This is one of the main concerns for me in regards to bitcoin debit cards (have 2 on order).

If your card is cloned and or somebody is able to access your card details through use of a skimmer or similar and they manage to do a couple of transactions you have no recourse, the funds are gone. With a bank you can reverse the charges and get your money back but with bitcoin there is no such option.

Also, with a bank you receive notifications for each transaction when your card is used so you are alerted if there are transactions taking place without you being present which gives you time to stop the card. With bitcoin there is no such option, yet, and you will in most cases only realise that your funds are all gone when your card is being declined and or when you check your wallet.

I initially thought that a Bitcoin debit card would be nice and convenient for the odd purchase here and there but have realised that one actually need to be even more security conscious with a bitcoin debit card than with a hot wallet on your phone.

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August 04, 2015, 12:41:15 PM
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Also, with a bank you receive notifications for each transaction when your card is used so you are alerted if there are transactions taking place without you being present which gives you time to stop the card. With bitcoin there is no such option, yet, and you will in most cases only realise that your funds are all gone when your card is being declined and or when you check your wallet.


Depending on which debit card you use, there are SMS notifications for every transaction if you want. Not all of them have it available though, that's true.
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