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This Week in Payments 8-29-2014
By John Heggestuen via Business Insider
NFC, a technology already used in apps like Google Wallet, allows people to pay with their phones by tapping a payment register at a store. But this is an unfamiliar shopping behavior, and even if it has advantages (like helping shoppers rack up loyalty points for repeat purchases), it is unlikely to see mass adoption without a catalyst.
But that catalyst cas arrived. Contactless cards, which interact with readers that are NFC compatible, will act as a bridge for getting consumers to pay with their phones, especially as more public transit systems adopt them instead of traditional tickets and fare cards.
By Cat Zakrzewski via TechCrunch
Although it’s easy to make online purchases or order food on your phone for delivery, the way you pay for a meal when you’re inside a restaurant has relatively stayed the same. But with its iOS app that launched today, Downtown allows you to make in-store orders and purchases directly from your iPhone.
By Jordan Robertson and Michael Riley via Bloomberg
Hackers burrowed into the databanks of JPMorgan Chase & Co. and deftly dodged one of the world’s largest arrays of sophisticated detection systems for months.
The attack, an outline of which was provided by two people familiar with the firm’s investigation, started in June at the digital equivalent of JPMorgan’s front door, exploiting an overlooked flaw in one of the bank’s websites. From there, it quickly developed into any security team’s worst nightmare.
The hackers unleashed malicious programs that had been designed to penetrate the corporate network of JPMorgan — the largest U.S. bank, which had vowed two months before the attack began to spend a quarter-billion dollars a year on cybersecurity. With sophisticated tools, the intruders reached deep into the bank’s infrastructure, silently siphoning off gigabytes of information, including customer-account data, until mid-August.
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