8.13.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Mobile hack of sale
Researchers at the Black Hat conference have found security holes in mobile point of sale products from Square, SumUp, iZettle and PayPal that could allow dishonest merchants to steal from consumers.
ZDNet reports attackers can change the amount charged to a card and can also force consumers to use less safe payment methods such as magstripe.
The flaws also create vulnerabilities to eavesdropping, man-in-the-middle attacks and the transfer of code through Bluetooth to tamper with payments.
New blockchain network
Hydrogen has launched the Financial Industry Decentralization Initiative, a global network for payments and other financial transactions supported by public blockchains.
FINDI joins a market with other initiatives designed to decentralize financial services, such as R3, a bank-supported distributed ledger system, and Ripple, a cryptocurrency company that has contributed its technology to cross-border payments.
FINDI's initial focus will be authentication, identity verification, payment processing and machine learning.
McDonald's has a lot riding on its digital ordering system, enough for a card gimmick that promises decades of meal payments, but actually falls short of that.
CNBC reports the winner of an online ordering contest will receive a McGold Card, which is good for the next 50 years.
But the card doesn't cover every single meal. There's a two meal per week limit that brings the total value to about $52,000. The CNBC report panned that, quoting branding expert Rob Frankel saying that's less than what the company spends on its corporate Christmas party.
Funds for Appetize
Equity 32 has made an undisclosed investment in Appetize, bringing the the digital payment company's total valuation to more than $50 million.
Appetize has found demand among stadiums, arenas, zoos, campuses and live events that were looking to replace centralized hardware-based payment systems with mobile, software based transactions.
Its clients include Legends and the Los Angeles Coliseum.
From the Web
Bank of East Asia joins the mobile payments race as traditional lenders challenge tech firms
South China Morning Post | Mon August 13, 2018 - Bank of East Asia has become the latest lender to join the mobile payments fray in Hong Kong with the launch on Monday of the first all-in-one electronic payment platform for merchants. BEA is launching a consolidated platform called the i-Payment hub which allows the merchant to use a single device to accept all credit cards and electronic payments such as WeChat Pay, Alipay, Apple Pay, Google Pay and JETCO Pay.
Square Is Hungry for Success
The Motley Fool | Fri August 10, 2018 - The beautiful thing about Square is that it is more than just another payment processing company offering a commoditized service. It also offers dedicated and attractive features and services to its small-business clientele.
Thousands of customers affected by Butlins data breach
The Irish Times | Fri August 10, 2018 - Butlins has said up to 34,000 customer records may have been accessed by hackers. The holiday camp firm said the data at risk included names, home addresses, email addresses and telephone numbers, but that payment details were secure.
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