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Smart mobile payment - Well, how secure is it?

posted Apr 28, 2011, 3:34 PM by io Wint   [ updated Apr 28, 2011, 8:46 PM ]
I just read an article on the usage of an almost economical reader which could be plugged into the headphone jack to perform Credit card transactions! Nice Square, its a cool gadget!
http://www.pcworld.com/businesscenter/article/226632/visa_gets_behind_mobile_payment_startup_square.html#tk.hp_new

BUT... Of course anything has a BUT to it!

Well, immediate thought to me! How secure is it! Havent i seen FBI CIA Top Notch spy movies where you are having wonderful gadgets to track the voice of the target almost miles away! How difficult is it to read/sniff the audio transmitted from the card reader to the phone through the audio jack?! i think it is possible!! though i dont have the high end gadgets to sniff and the computing power to crack open the data transmitted by the audio jack transmitter device! I wish i could! But Overall -> Isnt it a serious security threat!?

Shouldnt you guys be transmitting data through something that doesnt leak and that isnt easy to sniff?!

On the other hand: So now all you need to hack/steal money from a persons card is a smartphone with audio jack and the card reader!? Ziiip! an extra transaction on your account by those talented smart credit card fraudsters! be careful when you give your card to some one!

-ioWint
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